Every year health care costs seem to raise higher and higher. Whether it’s copays and premiums, doctor’s visits, or prescription drugs, medical costs can eat up your pay check pretty quickly.
Even though medical costs are rising and there is no perfect health insurance policy to ease the pain, you can still save money on health care by following these 5 simple steps.
Know what your health insurance plan covers
Shop around for medical prescriptions
Double check your bills and negotiate big ones
Use a flexible spending account
Prevent, Prevent, Prevent!
Take a Break Labor Day and Let Your Insurance do the Work
Our country was founded by hard working men and women who gave their blood, sweat, and tears so that we can enjoy the American Dream.
And it’s because of people like them that the American Dream lives on.
It’s our little contribution in keeping the American Dream alive.
Now it’s time to relax!
As we celebrate Labor Day, we want to thank all those who help achieve the strength, prosperity, and well-being of this country. You work hard to provide for your family, serve the work force, and give back to your community.
In celebration of Labor Day, our offices will be closed on September 7th. We want to give our hard-working team a much-deserved rest! Fear not, we’ll be back to serve you bright and early on the 8th!
Advantages to Hiring an Insurance Broker Over Buying Direct
In the age of online shopping, people want fast, easy, and convenient, even when it comes to their insurance policies. Most people are now purchasing their insurance coverage online, directly from the insurance company, versus going through an insurance agent or broker.
But there are still advantages to hiring an individual insurance agent over buying directly from the insurance company.
Here are just a few:
First of all, an insurance broker can save you money.
They are professionally trained to choose the best policy for their clients. Because they have access to hundreds of prices and coverages from different insurance companies, they are often able to snag a better deal than what you could get for yourself.
Secondly, purchasing insurance through a broker is easier than buying direct.
Not only do most agents offer and manage all types of insurance coverage, they are also easier to get in touch with. Agents are quicker to respond to emails and phone calls, and will respond personally, versus an insurance company that uses a call center and can take days to respond.
Another reason an insurance agent might prove better for the client than purchasing direct is that they can provide ease of mind.
Insurance is complicated and brokers are trained to understand the ins and outs and educate their customers. They will spend time explaining each policy so the insured can make an educated decision with peace of mind. When you buy direct the risk of making a mistake or misunderstanding a policy is larger than using an insurance broker to be your middle man.
While there is nothing wrong with purchasing insurance directly from an insurance company, there are certain services and protections you might forfeit.
Our recommendation is to trust a broker to shop and manage your insurance policies for you. There’s a good chance you’ll end up saving money and having more peace of mind!
Do I Really Need Health Insurance as a Young, Healthy Adult?
The last thing on the mind of a young, healthy 20 or 30-something is health insurance. Deemed the “young invincibles”, young adults who have no serious or ongoing medical concerns often try to justify not paying for health insurance.
It might seem like a waste of money to pay a monthly insurance premium when you only visit the doctor 1-2 times a year for a head cold or stomach bug. However, most people don’t realize the risk they are taking by not carrying a health insurance policy.
Here is why you should purchase health insurance coverage even if you are a young, healthy adult:
1. It’s the Law
With new Affordable Care Act, otherwise known as Obamacare, everyone is now required by law to carry health insurance. If you choose not to, you will be penalized and required to pay fines when you file your annual income tax. In 2015, the fine is $325/adult and $162.50 for each child or 2% of your family’s yearly taxable income. In 2016, these fines double.
2. It’s Financially Smart
There are countless stories of young adults who do not have health insurance being financially devastated by one little injury or illness. It doesn’t take much to rack up the costs. For example, a ride in an ambulance can cost up to $3,000, a single night in the hospital might be near $10,000, and an MRI up to $4,000. Even a quick trip to a doc-in-the-box can be upwards of $100. Not to mention the doctors fees, medicine, and income you’ll miss from not being at work.
3. No One is Invincible
At some point, everyone needs health insurance. Whether it’s the flu, a sprained ankle, or something more serious, health insurance can go a long way to cover some hefty bills.
If you have no significant, ongoing medical concerns, then it’s easy to feel invincible and justify not carrying a health insurance policy. But the truth is that life is unpredictable. You might be healthy and strong one day and bed-ridden the next.
In summary, don’t ever, ever, ever take the risk of not carrying health insurance.
As frustrating as it is to pay a monthly premium when you are young and healthy, it is financially, emotionally, and legally well worth it in the long run.
There are plenty of affordable health insurance plans available if you know where to look. Let us know if you need any guidance on a health insurance plan that’s right for you. We’ve helped countless young adults purchase low cost health insurance policies.