The Affordable Care Act open enrollment period is fast approaching; November 1, 2016 through January 31, 2017. Have you given any thought to changing the plan to something more affordable?
Consider these facts before making a decision. The cost of healthcare is going up at a rapid pace thus driving the cost of insurance up as well. As Americans we have been conditioned to believe Doctor Visits cost $35 to $40. Nothing could be further from the truth. That’s the copay insureds pay, not the cost of the visit. Those costs range from $100 to $400 depending upon what kind of Doctor you are seeing and what the Doctor is providing at that visit. The insurance picks up the rest of the actual bill.
There is another approach that actually works and saves the insured money. If you go to the Doctor a couple of times a year, why do you need a fixed inexpensive copay? The real issue is by buying a plan that has low copays, you are raising the cost of your insurance premiums. Those premiums keep rising annually and are at a point of becoming unaffordable. So switch to a high deductible plan that has no fixed copays for anything, just a high deductible plan. If you go to the Doctor a couple of times a year and pay $80-90 for that visit you’ve spent about $160-$180 on Doctor Visits. Then consider the cost of the premium. If you can save $40-$50 per month with this type of plan you’ve actually saved about $480-$600 on premium and pay the $160-$180 out of that savings.
Let’s be honest and say something catastrophic happens and you end up in the hospital. Your deductible and max out of pocket is reached the minute you arrive at the hospital.
Just something different to consider.
The Barend Agency Inc.
Len Barend, broker