Health Insurance

If you're a healthy individual that visits your doctor once yearly for check ups, there really isn't any reason to purchase an expensive health plan. Pick a high deductible plan eg. $1000 to $3000+ Pick a deductible you know you can afford to dish out ASAP should you find yourself in dire need of emergency care. These plans may cost as little as $80/mo depending on your age, or even as little as $25 through your company. Remember, the cost doensn't end at the monthly fees. There are co-pays as well. When you choose a high deductible plan, choose to see a doctor on a cash basis. Most offices offer lower fees for not having to deal with insurance companies. You can ask for a superbill and submit the bill to your insurance company to help lower your deductible. Even though you're paying the full fee (possibly discounted fee) for the visit, by the end of the year the savings you've accumulate may be more than the higher monthly fees of a low deductible plan + its' co-pays.

I know most people are concerned about the 'what if I get hospitalized'. Once you step into the hospital and stay over night, your bill will most likely be over $1000. If you get the knife or any additional exams it'll be over $10,000 for sure. So here's another element to look at with your high deductible plan. What is your out of pocket maximum per year? and does your insurance cover at 100% after that? I had a plan with a $3000 deductible before the insurance covers a penny of my care. But after I spend $3000 (the same amount) out of my pocket, the insurance covers 100%. Which means if anything catastrophic happens the maximum I have to pay is $3000 for the year. That plan was $70/mo. Compare this to a plan that was catered to someone who requires lots of doctors visits and medication. This plan has a low deductible of $250, covers 80% of visits and drugs and an out of pocket maximum of $7000 then the insurance covers 80% as usual. Imagine if your procedure was $50,000. do the math....