Choosing health plans: how lower premiums might mean higher costs
What if we told you that the price you pay for your monthly premiums wasn’t the most important thing to pay attention to when choosing health plans?
That might sound a little crazy but the reality is that there are critical factors to look into besides premium.
Ever wonder why you were stuck with a fat bill of medical expenses that weren’t covered by your provider? Your broker promised to save you a bunch of money with your new plan, after all. Or why your claim took months to get processed and approved?
These factors are just as (if not more) important than the monthly premium when choosing health plans. Situations like this can cost you tens of thousands of dollars, as opposed to a few hundred bucks a month for your premium.
Having a broker who is dedicated to servicing your needs for the 12 months of the plan, and not just trying to get your business, can make a significant difference for your pockets. A broker who explains the nooks and crannies of a health plan, rather than just the price, is extremely important!
For example, a lot of people are unaware what co-insurance is on a health plan. This is the percentage that you pay versus the percentage the insurance carrier pays on claims (after meeting the deductible). Did you know that you could get a plan with 0% co-insurance? That means that, once you hit your deductible, your only responsibility would be co-pays!
In many cases, paying a little more money monthly could save you thousands of dollars down the line. We see it on a daily basis here at Founder Shield. The prime example: “my broker didn’t explain co-insurance while we were choosing health plans and now I’m stuck with a fat bill to pay.”
We strive to make sure that you know exactly what you are getting into when your plan starts. The last thing we want is for our clients to get hit with hidden bills later on. We take pride in our customer service and support for the entire lifetime of your plan rather than just getting you in the door to make a quick buck.
Talk to us for help choosing the best plan & benefits structure for yourself and your company.
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