Put some money in YOUR pocket
Many people think that group health plans are less expensive than individual. That is FALSE i you were to compare the benefits and premiums apples to apples. California Assembly Bill 1672 says that any business group of two or more employees cannot be declined due to pre-existing health conditions. Since the passing of AB 1672 group health insurance carriers typically charge more for dependents because they are guaranteed issue. If your dependents are healthy you can save by having them apply for individual plans.
Ten years ago I was selling employer group plans that offered $5 office visit co-pay, $100 hospital co-pay, $5 prescription drugs co-pay, and lab and X-Ray were paid in full. Unfortunately, those days are gone. Since then premiums have increased about ten percent annually. We are left with two choices. Stay on the PPOs and HMOs that pay for everything while shelling out $800 or more a month for family coverage. Or, raise your deductible or decrease prescription coverage thus transferring more risk to you. Only a small percentage of people actually meet their deductible each year. If you are young and healthy you may want to purchase a higher deductible plan. Some of these high deductible plans can be paired with a Health Savings Accounts (HAS) which can actually let you save money pre tax that can be rolled over year to year. Before the deductible is met your health related expenses would be paid for with your HSA.
Honestly there are only a handful of plans that cover maternity these days. Take a look and see if your plan does. If you are not planning on having kids you do not need this benefit. This will be an easy way you can save immediately.
I’m not going to sugar coat this one. Stop smoking, eat a healthy diet, and exercise. You’ll be able to get the best rates available. Not to mention you will lose weight, lower cholesterol, and generally feel better.
Nathan Hedges is an independent insurance agent specializing in Health, Life, and Medicare supplements. Nathan delivers objective information to individuals, families and small businesses. Call today to make sure you are getting the most for your dollar. You can shop and apply online at www.nathanhedges.net or call 805-235-0913 for an appointment.