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COMMON MISTAKES IN CHOOSING A HEALTH INSURANCE PLAN

4/10/2012

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I have worked with hundreds of people in assisting them in choosing health insurance benefits.  Here are some of the most common mistakes and misconceptions that I have witnessed:

1-Many simply choose the plan with the highest deductible because of the lower premium because of a tight budget.  Don't get me wrong.  I am a big fan of high deductible plans.  However, in most cases they should be coupled with supplemental benefits such as accident, hospital, and critical illness insurance to curb the costs that would be incurred in any of these situations.  Remember that most medical bankruptcies happen to people WITH major medical health insurance.  Just ask yourself if you could easily handle the costs if something happened and you had to pay out your deductible and coinsurance.  How would it affect your family?  You may be surprised how inexpensive it can be to couple a high deductible plan with supplemental benefits as opposed to purchasing a lower deductible plan.  The other great thing is that most supplemental plans begin covering with DOLLAR ONE with NO deductible!

2-Another common misconception, and this goes right along with the first one, is that it is easier and better to buy all of your coverage from one company.  For example, some companies I work with offer health insurance with supplemental riders such as accident, dental, disability, and life insurance.  However, my clients can get much better coverage by purchasing those policies from other companies that SPECIALIZE in that type of coverage!  They get much better value for their dollar by having a few separate policies for each type of coverage and the total premium is usually about the same.  In many cases I have been able to lower client's premiums and cut their out-of-pocket risk in half at the same time!

For a free consultation on how to customize a policy specifically for you and your family's needs, please contact us at [email protected].

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    Marc & Ed

    We are a couple of insurance agents that want to help people.

    Crazy... we know!!! 
    Insurance Agents that actually want to help.  Sounds like a joke, right?  :-) 

    We noticed that most people we came in contact with do not have their finances in order and know nothing about insurance or what is out there.  We want to educate you and help you.  Please help us... help you.  If we don't hear from you... we wont know how to help. 

    Marc & Ed

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