Recently in Wellness Benefits Category

Insurance agents and health care advocates say many business owners and self employed remain unaware how to fund their health insurance properly

The following example shows how to take an expensive HMO, $800/month, and get the same benefits by taking a higher deductible HMO and bundling it with a mini med, or limited benefits program, which essentially funds the deductible, and save $200/month.

(Click on image to expand.)

Consider this standard HMO plan, with a low deductible of $1000.00, but an unaffordable monthly rate of $795.00.

(Click on the image to enlarge it.)

But $800 is just is too much to pay a month.  What you really want is something like this, and cut your monthly payments in half.

Now, you have a monthly payment that you can afford of $400.00 but that high deductible may prove an even harder nut to crack.  

Is there a combination of plans which would lower the monthly payments, but not increase the deductible?  

Yes.

The answer is that with some limited benefit plans you can bundle them to create a new HMO to create monthly rate, lower than $900, but higher than $400 and "not have to worry" about the high deductible.

For example, using the Trans Choice Gold limited benefit program, you can construct the following HMO.

(Click on image to enlarge it.)

By paying a small premium to the limited medical benefit program and bundling it with a major medical plan, you can fund most of the deductible with insurance dollars instead of your own dollars.

Assuming that all the other requirements are met, this plan would get the health care  tax credit - where the limited benefits program by itself would not.

Great way to lower your monthly payments, increase your benefits, and access the health care tax credit.

(This is the second in a 7 part series about Health Insurance Myths, for the first Myth on Prescription Plans, click here.)

For years, individuals and families that couldn’t afford a standard Medical Insurance Plan had a ‘limited’ program available to them and were not considered ‘insurance’. These programs were generally sparse and covered only a handful of needs.

Today’s Limited Liability Medical Programs still do not meet the standards of ‘medical insurance’, but they are more robust and a great alternative to taking care of the basic medical needs that an individual or family may have in any given year.

These programs do not have an enrollment date, a participation requirement and are guaranteed issue. They are portable and generally offer first dollar reimbursements. These plans can be extremely affordable.

Individuals who are fortunate enough to be able to afford standard ‘health insurance’ or are able to acquire insurance through an employer’s benefit plan, may still consider looking into purchasing a Limited Liability Program and raising their current deductible in order to limit ‘out of pocket’ expenses. These can work very well with Health Savings Accounts.

There are also a number of very creative options that can come with these programs including a 24/7 telephone option to speak to a physician. This is great for traveling, midnight concerns and situations that are practically self-diagnosable. These programs also frequently come with some very basic eye and dental benefits.

Solution 2: To limit your your out of pocket expense consider managing them with a Drug Discount card which contains other savings.

To Print out Immediately your Free Prescription Drug Discount Card, Click Here Now.   (Please limit yourself to (2) cards, thanks.)

1. Myth 1 - My Insurance Plan provides me with the best pricing for prescription drugs.

Most Insurance Plans provide adequate coverage for prescription drugs, but many of them use a 90 day mail in orders for maintenance medications. 

Some Plans have negotiated discount pricing with the Pharmacies, and they make their money, if they can convince you to participate in the mail order option.

Some Insurance Plans today still offer a ‘fixed’ co-pay amount for each prescription filled.

The co-pay could be $5, $10 $20 or higher. However not all pharmaceuticals cost what the co-pay amount is. If you are not careful, you could be paying a fixed cost of $15 for a prescription that only retails for $3.

If you have health insurance that provides for prescription drug coverage, chances are that the pharmacy or pharmacies you visit keep your information on file in a computer.

Solution 1: Check your prescription costs effortlessly.

Acquire a prescription ‘discount’ card and ask your pharmacist to keep that information on file as well. When you go to fill a prescription, simply ask the pharmacist to check the cost against both programs and go with the least expensive option.

It costs you little or nothing to have multiple options for the pricing of your medications.

To Print out Immediately your Free Prescription Drug Discount Card, Click Here Now.   (Please limit yourself to (2) cards, thanks.)