Plan 1 which we will call the "low deductible" is a PPO plan with a $30 doctor co- pay, $25 co-pay for generic medicines, a $200 deductible for brand name drugs and then they are a $50 co-pay. The deductible is $1,000 and the coinsurance is 20% of $10,000.
The cost of this health insurance plan is about $570 a month with a major health insurance company.
You can save money on this health insurance plan. There is absolutely no need to overpay for insurance. Affordable insurance coverage is what you need for yourself, as an individual, and for your family.
The key to affordable health insurance plan is having a high deductible on your coverage. That is it. That is what you have to do.
I can prove the logic of what I saying. You are going to contact me with your name and other information and within 60 minutes you will have a quote from various major Florida health insurance plans. You will examine the numbers from top to bottom and from side to side trying to figure out an edge.
Let me put some numbers up
Let us start with a typical family. We will use a male of 42, female of 37 and two kids, 13 and 11 years of age. All are healthy non-smokers.
The plan will not cover preexisting conditions. Each individual have to spend $200 per person before a brand name drug is covered and then the brand name drug still costs $50. If they are hospitalized or need major treatment, they are looking at an out of pocket expense of $3,000. All in all, this is the best value on the market for this type of health insurance.
When these affordable health insurance plans in Florida are quoted to potential clients I have often heard screams of disgust and shock. The man of family is often computing in his head the yearly costs and he thinks out loud for a few moments as to the possibility of not having a health insurance plan for his family. There must be something better on the market to alleviate this insurance plan sticker shock.
The other options when purchasing a Florida Health Insurance Policy
First, let us take a look at using a Heath Savings Account (HSA) plan.
Our typical family can buy a plan with a $6,000 deductible. This is a family deductible. The health insurance plan in Florida will not pay one red cent until they reach the $6,000 deductible with the exception of well care visits for the children. The well care visits being free is in compliance with Florida law.
The premium for the plan is $272 a month. This is $198 a month cheaper or about $2,376 a year. According the terms of an HSA account the $198 a month can go into an HSA savings account.
The U.S. federal government will let them take the $198 that they put into their HSA account directly as a tax deduction.
Let's say that they are in the 31% tax bracket and they will save $61.38 a month or $736.56 a year on taxes. Plus, they will be earning 4.5% interest on the savings on the money.
Folks, there is a decent chance that no one in the family will get sick and the family will spend less than $500 on medical expenses.
In just a few years the $6,000 deductible will be in the savings account of Mr. and Mrs. typical family and they will not have any additional exposure due to an illness.
Suddenly, Florida health insurance plans are not so expensive
"What is good for the geese is good for the gander." There are those who see the logic of a high deductible and now desire a really high deductible.
Florida health insurance plans can go as high as a $10,000 deductible with a maximum out of pocket as high as $15,000 per person. This health care plan would be $150 per month for the typical family. This plan is quite a bit more affordable than the $6,000 family deductible.
Please note that the deductible for this Florida health insurance plan is per person, so a family of four can really take a financial beating if illness strikes multiple family members.
This is a standard PPO plan with 5 million dollars worth of coverage.
Whichever Florida health insurance plan you choice for your family please be aware that many residents purchase Florida health insurance plans and when a rainy day occurs, the family sells their umbrella. This is a euphemism for canceling their Florida health insurance plan just before they get sick.
If the Florida health insurance plan is $500-$600 per month there is more of a likelihood that the health insurance plan will be cancelled as the years progress.
So when you purchase a Florida health insurance plan make sure that you will be able to afford it even if the rates increase.
Take your time and really analyze the various Florida health insurance plans that will be emailed to you. When you apply for a Florida health insurance plan this is the one opportunity that you have to make a good, stress free decision.
If, heaven forbid, an illness does occur then your family will be "stuck" with the decision that you are making as you analyze your various options.