In our current health insurance environment, gap or voluntary insurance has become increasingly prevalent and popular and rightly so.
Gap insurance can be defined as any policy designed to fill in the gaps that major medical does not cover, especially deductibles and coinsurance. These policies are increasingly popular as companies continue to raise deductibles and decrease benefits on their group policies. They are also an effective way to enhance benefits of individual policies while keeping premiums reasonable.
The most popular gap and voluntary policies are mainly for accident, critical illness, and disability. Accident policies are especially popular for people that are highly involved in sports and recreation or families with small children. Many of these policies cover all costs for anything accident or injury related with a $100 or $0 deductible! Critical illness is also popular because it can provide a lump sum benefit of up to $100,000 upon first diagnosis of a critical illness. This will not only pay all expenses that the health plan will not cover, but also provides additional funds to cover for other non-medical expenses such as lost work time, etc. The need for this is illustrated by the fact that a large percentage of medical bankruptcies throughout the country are filed by people that had major medical health insurance!
Most people don't realize that there are ways out there to save you money on your prescriptions without having to pay a ton for coverage. Here are 5 Ways in which you can save money.
1. Ask about Generic options
In most cases there is a Generic medication to go with the Name brand. This can save you lots on your prescriptions. Over 80% of drugs have cheaper Generic form. If it is a new drug you may have to wait at least 6 months for a Generic to come out, But do ask after you have been on it for awhile.
2. Look into Splitting Higher-Dose Pills
Pill splitting is based on the fact that many pills cost about the same even if they contain twice as much medication. Make sure to ask your physician if it is safe to split your medication and save.
3. Talk Openly with your Physician
Your Physician doesn't always know the costs and/or your healthcare plan. Make sure that you share the costs (if you know them...) and your healthcare plan with him/her so they can help prescribe which prescription is going to be best for you and your wallet.
4. Shop Around
Pharmacies don't all charge the same for prescriptions. Ask a few pharmacies and talk to your local one about the best price that you have found. Negotiate your price. Pharmacies want your business and want to keep you as a patient.
5. Look into Assistance Programs
Many if not all pharmaceutical companies provide their drugs at discounted prices and sometimes free. Check their websites or contact them directly. We have included one to help! It is Prescriptions United. Use the code on the flier below and receive 10% off your already discounted order!!! (30-60%)
Discount Code: PPU-1048-1000
I know that we all want and need to save money where we can. I hope that this helps us all out.
Most people worry that if you use a Broker or an Agent you are going to pay more.
There is no surcharge in using a broker or an agent. You will pay exactly the same price if you went directly through a company.
So, what is the difference between an Agent and a Broker?
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- Agent: An Agent is the representative of one company. A good agent will focus on helping you understand the insurance products of the company that he/she represents. He/she also will build a personal relationship with you. Something a big company cannot do due to the volume of business. He/she will be available to help you within the limits of the company that he/she is representing.
- Broker: A Broker represents YOU and not a specific company. Like Agents, Brokers also focus on helping you understand the insurance products available but are not limited to the company they represent. He/she will build a personal relationship with you and will be available to help you without being limited to any one company. He/She can best assess your needs and find the products best to fit those needs because he/she is not tied down to one company.
Marc and Ed are Brokers
and are ready and willing to help you find what products
will best help you and your family’s needs. Contact us
if you want a broker.