Sometimes customers will decide to not get any health insurance. They take a look at the monthly premium and think that it is too expensive and they will be just throwing those premium dollars away.
I had a neighbor who decided not to purchase health insurance to save money. I was surprised at this thought, but was not able to change his mind. A few months later, he called me one morning and asked for help to take his children to school. When I arrived at his house he was getting put in an ambulance because he was having a heart attack. He ended up getting a stent put in, and his bills were in the $50,000 range for this issue.
The thought of not paying premium for health insurance is great if you do not have any medical emergencies, you will save money, the bad think is that you cannot predict when something will happen, like a heart attack, cancer, or an accidental injury. Not having coverage of any kind can cost you 100 times more than the premium you might have paid. For example a heat attack can cost you about $180,000 to $200,000 in medical bills and lead you into a debt that could have been reduced with medical insurance.
If you look at medical insurance as a limit to your costs in the event of an accident or illness. RF Insurance Masters always recommend you purchase the higher deductible plans to save you money on your monthly premiums and it will limit you medical liability to $5,000 – $20,000 depending on your deductible plus your coinsurance out of pocket.
I understand those numbers may seem high, but without it those number are much greater. RF Insurance Masters usually recommend supplemental policies to help cover your out of pocket in the event of an accidental injury or critical illness. These policies can be selected to match your deductible, $2,500, $5,000 or $10,000 of coverage. The supplemental accident will have a deductible per accident of $100-$250 and cover up to the face value of the policy. The critical illness plan will pay face value in the event of being diagnosed with a critical illness, such as a heart attack, cancer, stroke for example. The cost for the high deductible health insurance policy with the two supplemental policies are usually less total monthly premium than a lower deductible health plan alone.
If my neighbor had the 3 policies, for example a Health Insurance Policy with a $10,000 deductible, a 80%/20% coinsurance after deductible and an coinsurance out of pocket max of $3,000. And he had bought the supplemental policies such as an accident with a $10,000 coverage with a $100 deductible per accident with a $10,000 critical illness policy. For the same heart attack with the stent surgery, he would have had to pay a total of $3,000. This liability would be $47,000 less expensive for him.
We have found with the 3 policies, high deductible health insurance, supplemental accident and the critical illness policy you are very well covered. Though it does leave a gap in the event of other medical problems where you can be exposed to paying some money for an illness – i.e. kidney stones, gall badder, etc. However, you are far more protected than not having any health coverage at all.
If you need some help finding the best options for you to help you save if you have health insurance or if you have been living without health insurance give us a call or fill out the Free Quote form and we will work with you to build a plan that can meet your needs and budget. We are here to help and want to work with you.
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