Best insurancy company for high deductible coverage?
mcphelps7 said
08:27 PM Feb 12, 2010
It seems that most full timers out there have medicare or company retirement plan provided health care. We are planning to start up this Fall, losing our company health plan, and we're too young for Medicare.
We're in good shape and can afford monthly premiums similar to what H&L pay, but we're in Florida. I've gone to ehealthinsurance.com, and it seems there are many choices! Any tips about how to pick which company would be best?
Thanks all!!
Matt
Cindy T said
08:43 AM Feb 13, 2010
I had Blue Cross/Blue Shield thru www.ehealthinsurance.com The deductible was $10,000 so it was just catastrophic coverage. "Best" is a subjective term, I think you just need to compare the various plans & decide which company offers the coverage that fits your needs.
Cindy T
Howard said
10:18 AM Feb 13, 2010
Of course you have to start with coverage in the zip code where you will select your residence.
Then narrow it down by the premiums and the deductibles that fit your financial situation. The higher the deductible, the lower the premium, but you should be able to put at least the amount of the deductible into a Health Savings Account or be able to build up to it within the first few years.
Then, you'll want to make sure that the coverage you are considering has a nationwide network of "in network" health providers - not all of them do. That may require a phone call to the "Help Desk" at ehealthinsurance.com or to the actual insurance company.
Then, on ehealthinsurance.com, there is an AM Best Rating under the insurance company names that come up when you do your search.
"The objective of the A.M. Best rating system is to provide an opinion as to an insurer's financial strength and ability to meet ongoing obligations to policyholders."
A+ & A++ are "Superior".
A- & A are "Excellent".
B+ & B++ are "Very Good".
And so on. Just my opinion, but I wouldn't go with anything below an "A-".
Then, if it still looks like a tough choice, see which plans have "0% Co-insurance". That means you won't have to pay ANY additional amounts once you meet your deductible as opposed to you having to pay 10%, 20%, 30%, etc. of the costs after you meet the deductible.
Also, some plans have preventative care provisions where you can get annual physicals, etc. where the deductible is waived. In other words, you don't have to pay anything out of pocket for the covered preventative care visits.
Beyond that, it's sort of a shot in the dark. But don't be afraid to change plans or even companies down the road.
Racerguy said
10:22 AM Feb 13, 2010
I think Cindy said it best. Only you know what coverage you need and what you can afford to pay for that coverage. Stay with well known, reputable company's and you will be o.k. On edit Howard gave you very good information.
-- Edited by Racerguy on Saturday 13th of February 2010 10:24:13 AM
Cindy T said
11:57 AM Feb 13, 2010
I agree with the good info that Howard gave, especially regarding changing insurance companies down the road. I've been regularly checking with different membership groups & organizations that I belong to, to see if any of them offer group health insurance. So consider every type of organization you are a member of, & see if they offer group coverage.
Cindy T
mcphelps7 said
10:18 PM Feb 13, 2010
Thanks for the tips everyone. I've been putting it off waiting to see if the Feds change all the rules. I'm getting old in a hurry waiting on that!
We're in good shape and can afford monthly premiums similar to what H&L pay, but we're in Florida. I've gone to ehealthinsurance.com, and it seems there are many choices! Any tips about how to pick which company would be best?
Thanks all!!
Matt
Cindy T
Of course you have to start with coverage in the zip code where you will select your residence.
Then narrow it down by the premiums and the deductibles that fit your financial situation. The higher the deductible, the lower the premium, but you should be able to put at least the amount of the deductible into a Health Savings Account or be able to build up to it within the first few years.
Then, you'll want to make sure that the coverage you are considering has a nationwide network of "in network" health providers - not all of them do. That may require a phone call to the "Help Desk" at ehealthinsurance.com or to the actual insurance company.
Then, on ehealthinsurance.com, there is an AM Best Rating under the insurance company names that come up when you do your search.
"The objective of the A.M. Best rating system is to provide an opinion as to an insurer's financial strength and ability to meet ongoing obligations to policyholders."
A+ & A++ are "Superior".
A- & A are "Excellent".
B+ & B++ are "Very Good".
And so on. Just my opinion, but I wouldn't go with anything below an "A-".
Then, if it still looks like a tough choice, see which plans have "0% Co-insurance". That means you won't have to pay ANY additional amounts once you meet your deductible as opposed to you having to pay 10%, 20%, 30%, etc. of the costs after you meet the deductible.
Also, some plans have preventative care provisions where you can get annual physicals, etc. where the deductible is waived. In other words, you don't have to pay anything out of pocket for the covered preventative care visits.
Beyond that, it's sort of a shot in the dark. But don't be afraid to change plans or even companies down the road.
-- Edited by Racerguy on Saturday 13th of February 2010 10:24:13 AM
Cindy T