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Health Savings Account Insurance Plans Question & Answers

2014 January 23
by Sarah Fields

Nancy asks…

What company is recommended for inexpensive, solo health insurance?

I am currently employed, but do not get health insurance through my employer. I am looking for a decent but fairly inexpensive health insurance company that will take me on. I’m single, 24 years-old and healthy. Any suggestions?

Sarah Fields answers:

Ultimately, you are the one who determines the affordability of your health insurance plan by deciding how much you will participate in sharing the cost of your health care with your insurance company.

If you choose a plan that covers everything i.e. Doctors office visits, prescription drugs, preventative health benefits, maternity coverage as well as low deductibles, low copays and optional vision and dental benefits your monthly premiums will be significant.

On the other hand because you are young and healthy and probably use the health care system sparingly you could consider a plan that covers only the major health catastrophe which will result in a relatively low monthly premium. You then can use the monthly premium savings to pay for the occasional doctor visit and still come out ahead.

You need a trusted adviser to help you through the process of purchasing health insurance so that you understand what you are purchasing. That adviser can answer questions as to what is and is not covered by the policy, explain deductibles and copays and show you the hospitals and doctors that participate in the network. Check with the agent that writes your home or auto insurance he/she can provide you a health insurance proposal that takes into account your budget and health situation.

Some may suggest going on line to get a quote but you probably already know that there is much more to health insurance than price. Some might even “pitch” a discount plan that is not insurance at all. Use the Internet to educate yourself but use an agent to purchase the coverage.

Joseph asks…

What reasons does a person have for refusing health care coverage from their employer?

Or refusing private health insurance if they can afford it?

I would like to know why some people outright refuse health care coverage in any form.

Sarah Fields answers:

All the answers thus far have covered most of the points: 20-35 year old, especially men, feel they are healthy and would rather spend the money on “other” things; self-insure via medical savings account and able to negotiate price with doctor/hospital without insurance company intervention; too costly for lower wage earners even with employer paying part of the cost; and others, regardless of age, look at the cost and decide to “take a risk”. It’s like once you get your car paid off, most drop the collision; pay off a house, drop the homeowners policy – all risk takers. Also, most employer insurance covers 50-100% of the employee and sometimes part of the spouse, but a family policy is very expensive for a low wage earner. My husband’s employer health plan is $800/month for family coverage. That’s a lot of money for someone making $15-$20/hour. The insurance companies do not take into consideration in establishing the premiums, the wages of the employees (affordability), so those that make $50/hr. Pay the same as someone making $15/hr.

Carol asks…

I need help in choosing a health insurance provider. Can someone help me sift through all the possible privat?

I need to purchase health insurance on my own. How do I choose? What (besides prices) do I look for? Can anyone make any recommendations for health insurance companies….and tell me why they feel that company is a good one?

Sarah Fields answers:

You need a trusted adviser to help you through the process of purchasing health insurance so that you understand what you are purchasing. Some may suggest going on line to get a quote but you probably already know that there is much more to health insurance than price. Some might even suggest a discount plan which is not insurance at all.

Ultimately, you are the one who determines the affordability of your health insurance plan by deciding how much you will participate in sharing the cost of your health care with your insurance company.

If you choose a plan that covers everything i.e. Doctors office visits, prescription drugs, preventative health benefits, maternity coverage as well as low deductibles and low copays your monthly premiums will be significant.

On the other hand if you are young, healthy and use the health care system rarely you could consider a plan that covers only the major health catastrophe which will result in a relatively low monthly premium. You then can use the monthly premium savings to pay for the occasional doctor visit and still come out ahead.

Check with the agent that writes your home or auto insurance he/she can provide you a health insurance proposal that takes into account your budget and health situation. They can answer questions as to what is and is not covered by the policy, explain deductibles and copays and show you the hospitals and doctors that participate in the network.

Use the Internet to educate yourself but use an agent to purchase the coverage.

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