A common misconception is that you are stuck with your health insurance for an entire year – Many people believe that if they have health insurance through their job, they are stuck with all of their choices for an entire year and can only make changes to their insurance during open enrollment. While some options may only be available to change during open enrollment, overall, this statement Is just not true. You do have options. You can change at any point during the year, one being your spouse’s and dependents’ coverage. Keep your mind open to new possibilities that may save you money for the rest of the year.
Most people with insurance think that getting insurance through their jobs is the only cost effective way to go– This may not be true for most people, unless you use your health insurance for chronic or terminal health issues. Those caring for chronic conditions may find that work or group insurance is the best way to go. However, for most health people and their families, you might be better off with private, individual coverage and you may want to talk to your insurance broker to see what your options are. This is because group plans usually have rated up premiums associated with their plans in order to cover the higher medical costs of employees who have to use their insurance more to treat chronic conditions and/or maternity procedures. Why should you pay the high cost of other people’s health?
You may be surprised to learn that traditional health insurance companies can and will decline any medical costs for injuries received while on the job. That’s because they’re anticipating you to utilize worker’s compensation claims and applications. However, if worker’s compensation doesn’t cover all or any of the medical costs you incurred through an on-the-job injury, that doesn’t mean your insurance will, as their policy is unrelated to whether or not you receive other assistance. The advantage to private health insurance is that it is unrelated to your work and will cover you wherever you receive an injury or illness. This also applies to entrepreneurs who travel from appointment to appointment or client to client on the road.
Fredrick Insurance Brokers is a team of independent insurance agents/brokers. We make the best recommendation for each individual instead of offering one size fits all plan. Our service is based on your circumstances, and we can mix and match the exact health coverage you need to put together the perfect plan for you and your family that will be the most cost-effective for your purposes.
Here are a few examples of how we can help:
Out of Pocket Protection – If you have chosen a plan with a high deductible for budget purposes or perhaps that is what is offered to you at your workplace, you can get a policy to cover that deductible.
HMA (Health Matching Account) – This carrier has a program that is similar to an HAS (Health Savings Account), but better. In that it does not expire, funds can be used for elective procedures and your money doubles. This is a product where you want to start sooner than later for the benefits. I personally have this product and believe everyone should.
Maternity – We have an awesome carrier that has a plan where you it will literally cost $250 co-pay for a vaginal delivery or $500 co-pay if it is a c-section. As always, you need this policy in place BEFORE you become pregnant. Most folks don’t understand that Pregnancy is considered a pre-existing condition both for Mom and Dad, meaning any expecting parent.
If you would like to have a conversation about your situation or learn more about any of the examples I mentioned, feel free to schedule a call. This will not be a sales call. The purpose is to educate and guide you. I may even validate that you are in a great place with your current policies. Click here for the calendar.