What do I need to look for when I buy health insurance?
In our blog, we have been discussing the most important part of purchasing health benefits:
- TALK to a licensed agent with many years of experience
- DO NOT buy health insurance SIGHT UNSEEN!
- Buy from an agent who cares about you after the sale of a health insurance coverage policy. You need to be able to reach this person 24 hours a day, 7 days a week … someone who you can call on the way to the emergency room or from your hospital bed and get immediate attention and information.
Almost every health insurance telemarketer will open their sales pitch with … How much do you want to pay? What is the price range? What do you want to pay?
What do you think these questions are really saying about your health??? Answer: These questions limit you on the health care coverage options available. You become a price buyer.
Please do not misunderstand. Price is important but it should not be the only criteria that you have, with no concern for benefits and service.
You want a balance of price, quality benefits, and service.
“Price only buyers” do not get all three.
The reason health or medical insurance came to market well over 50 years ago was so people would get better medical care when it was needed, not when they could afford it. Think about that statement.
Medical insurance was designed to protect you just in case … not in every case. It’s designed to protect against financial ruin. It was not designed to pay for everything.
Ask yourself … What benefits do I actually need?
Urgent / emergency room care are very important … no matter your age.
One of our staff remembers playing tackle football one time without pads. It was a short game and lasted until one of the players broke a collar bone.
A simple fracture like that could cost $2500 or more at an urgent care facility (with no hospital admittance).
Life Flight (the helicopter ambulance) is expensive! If you’re a patient being airlifted, your life hangs in the balance. What will this quick flight cost you? According to Kaiser Health News, an air ambulance can run as low as $6,000 and into the six figures (depending on the destination).
A radiologist recently got hurt. He was air lifted from Southlake, Texas, to the nearest hospital. The total flight was 108 miles. The total bill for the air ambulance flight was $56,603.
The patient’s insurer, paid $11,972, after initially refusing altogether; the medevac company billed the patient for the remaining $44,631.
What if you were visiting Mexico and got hurt? If you were air lifted from Mexico to Houston (over 100 miles), you would be charged $70,000.
The most expensive component in a health policy is hospital benefits. Major surgeries happen in the hospital and drive up the costs each day that you are there.
Contrary to popular belief, every health care policy is different.
There are HMO’s, PPO’s, EPOs, POS’s, Indemnity’s, major medical plans, catastrophic plans, hybrid plans, high deductible plans and accident only plans.
Plans can have limits, like indemnities. Plans have deductibles: 90/10, 80/20, 70/30 even 60/40.
You can buy heath insurance with deductible split plans, where the co-insurance maximums can potentially make your out of pocket expenses reach $20,000 above your deductible. There are plans with deductible options from $1,000 to $20,000. There are plans that pay 100% after the deductible.
Hospital benefits do have life time limits, with an average of $1,000,000 to $5,000,000 or unlimited maximums.
After you decide what kind of health coverage that you need, speak to an agent and find out what is available to you.
Ask a licensed agent to do an internet-based webinar at your convenience. This agent should match benefits to your needs with what is available in the market.
We’re available to discuss your health care needs. Call 740.535.6440 or send us an email via our website to setup a day/time that’s convenient for you to review your health care options!