What is a deductible in health insurance?
A deductible is simply the first one to pay. If the insurance pays first (and you pay nothing) there is no deductible. If you pay some and the insurance pays some, you both contribute to the payment, which is a co-pay. If there is a deductible, the consumer pays first until you reach the amount in the contract.
If I pay more in premium, do I get better coverage?
If you pay more, there may be more doctors to choose from in your network, you may pay less at the point of service, and you may have a lower maximum out of pocket. In general, though, the more you pay, the more you pay. The insurance companies get more profitable. The service providers may be paid a more generous amount - but the consumer usually does not get that much more in exchange for higher premiums.
How can I lower my health insurance premium?
The simple answer is, embrace the deductible! If you figure out that you usually use less than $1,000 worth of prescriptions and doctors services during the year and a $1,000 deductible reduces the annual premium by $1,500 - go for the deductible! If you spend the full $1,000 you are still $500 ahead!
Instead of attempting to manage a problem that gets larger over time, we are providing a solution by educating consumers on how their daily health care choices impact their annual premium costs. Educated Decision Makers spend less money, are healthier and are more satisfied with their health insurance plans and choices.
If you own a company or manage a company benefit plan, you know that renewals are never fun.
Did you know that your employees can help you LOWER your annual renewals?
It can be a team effort! Your employees can help you control costs! The first step toward cost control is education and awareness. Until they know the rules, however, they can’t help you to help them!
Your health insurance broker shops and negotiates your health insurance each year. They may also be able (on a limited basis due to HIPPA regulations) to manage some help with claim issues.