Florida Health Insurance Intelligent Buying Decisions
I have a ton of content on this site. But this article says it all. If you read only one piece of information on this web site, make it this article.
Throughout my website I keep bringing up the idea that high deductible plans are the intelligent choice and low deductible plans are, if you will excuse my phrase, are “sucker bets”.
Let me explain.
The chance you spending more than $5,000 in any given year are about 7% across the total population. Now, let’s throw out those 65 and over and those who already have a chronic illness.
Obviously, the odds have changed dramatically in your favor.
If this is the case, why are spending a lot of money on a health insurance plan with a low deductible? I hear a lot of answers that do not make any sense.
“I went to the doctor four times last year and had an MRI. I paid $25 per visit and with my $500 deductible, the MRI cost me only $250 out of pocket”
What you did not hear is that this individual could have bought a plan that costs $1,000 a year less with a $2,500 deductible. The doctor visits would be $35 and the MRI would have cost them $750. So, after you deduct the savings on health insurance, they would have spent less than the individual with the $500 deductible.
How about each and every year after that? What if they were healthy for the next five years? They would have saved more than $5,000 on premiums.
Want some real numbers? Fine, here are the premiums for a 40 year male and a 35 year old female couple living in Palm Beach County.
A $1,000 deductible PPO plan from a major carrier is $378.52 a month. The $5,000 deductible is $178.74. That is a difference of $2,400 a year in savings.
Over five years it is $12,000 in savings. That is a lot of money. Even if something happens one year, they make up the difference in deductible after 20 months on the plan.
If your company is paying for your health insurance, then what the hell, go for the lowest deductible they will support. But, if this is coming out of your pocket, use some common sense and some 4th grade arithmetic and save the money. You will not be any less covered in the event of something really bad happening.
By the way, as a commissioned salesman I would make more money if you bought a lower deductible. But, that is not what this site is all about.
Call me and get comparison quotes. We will work out the differences in premium together and decide what is best for your needs.
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