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The Truth About Public Insurance
All of the talk when it comes to healthcare seems to be around the public insurance side. The most common healthcare option mentioned to people who are self employed or not offered health insurance through their jobs is Obamacare, and Medicaid. While there are populations where these two plans will have their purpose many insurance agents try to sell Obamacare to everyone that they meet with. Obamacare is not for everyone because it is priced at a really high rate for most people. Obamacare covers those who have preexisting conditions which means that there is no medical underwriting to get on of one of these plans. Obamacare also covers maternity, gender modification surgery's, and abortions. These are things that not everyone is going to use and they contribute to a lot higher prices on the plan as a result. Some people also have moral convictions against being on these plans and I offer alternatives to these to suit these people. The only times when I would recommend an Obamacare plan would be when someone has a low income, pre existing medical condition, have a higher weight, or when they are planning to have a child. Other than these situations if someone has at least a middle class income and are perfectly healthy then a private insurance plan would typically be the best option for them. If people are exceptionally healthy they may even be a preferred risk and get a lower monthly premium as a result. Private insurance plans cost a lot less but it is because they are medically underwritten and they take on lower risk people than the Obamacare plans do. If you can qualify on a private insurance plan I will typically recommend that you get one and I will even give you options to get riders which are additional fixed benefit plans that will cover your deductible in the case of an accident, Sickness in patient hospitalization such as the flu or pneumonia type illnesses, and critical illness such as cancer, heart attacks, strokes, etc. I typically build plans for my clients to have what we call catastrophic coverage as the base. This will be your short term medical policy that you would see on the private side or the major medical policy that you would see in an Obamacare plan. With the catastrophic coverage plans you are protected against the large medical expenses and there is typically a deductible that you are responsible for paying before insurance will pay a percentage of your medical bills. In private insurance plans I typically put my clients on the 100% coinsurance plans. This makes the deductible equal to the max out of pocket. However there are still some cases where you will have coinsurance until you meet your max out of pocket such as in Obamacare plans and even some short term medical plans. This is what the riders are designed to cover. I will typically write a rider benefit to match the amount of the deductible in a 100% coinsurance policy. But in the case where there is an out of pocket max I will match the benefit of the riders to the out of pocket max to protect my clients against those expenses as well. The policy riders will typically have a deductible of $250 which is extremely low compared to the possible $10,000 deductibles that can be seen on some plans. This means that with the way that I write the policy's if you had a $10,000 deductible in the event you are in an accident and your medical bills exceeded your $10,000 deductible you would pay $250 and receive $10,000 from the accident policy. You will then use that $10,000 to pay your deductible or out of pocket max on your insurance policy. At this point the rest of your medical bills until your total policy coverage limit, the maximum amount the policy will pay for your medical expenses, would be covered. This number is typically anywhere from $500,000 on some pivot health plans to $2,000,000 on United Healthcare plans. This means that unless your medical bills exceed the total policy coverage you will pay nothing after the out of pocket max. This makes it possible for you to actually profit off of the critical illness rider that covers cancer, heart attack, and strokes. Your payout will be more than the deductible often in the amounts of $25,000-$75,000 meaning that with a $10,000 deductible and a $75,000 critical illness rider you could profit $65,000. These benefits are usually higher because you would need extra money in these situations to cover other life expenses that would come up during this time due to the way that these events will alter your life. The last thing that I add on to the policies that I write is the dental and vision insurance which is crucial to any health insurance policy. To top off all of these benefits I can usually write all of this together for much cheaper than the Obamacare policy would be with no subsidy. |