Posts Tagged ‘Health Insurance’

I came across this article by an Assurant Health Insurance consultant that I thought I would share.
Making Health Insurance Affordable
by: Dennis Anthem

As health insurance costs are increasing we have to proactive in making our choices when it comes to choosing a health insurance plan. Health insurance companies are constantly coming out with new health insurance plans to stay competitive in the marketplace. New health plans offer you flexibility to customize your own health insurance plan. Most health plans in the past were packaged with features that some of use did not need and some features that we did not know we had. We know that car insurance offers us flexibility to where you can pick your coverage limits, deductibles and the types of coverage that you want. It is only when people could not afford their health insurance anymore that insurance companies had to come up with new ways to make health insurance affordable. The days packaged group plans that offered 5 dollar co-pays and pay for your gym memberships are over. Why pay for the plan features that you are never going to use. Most of us and our parents come from the world where large companies paid for their health insurance plans. Large companies do have advantage of numbers; more people are part of the group the more competitive monthly rates are.

First I want to address health insurance quote shopping. If you are looking for some great deal on a plan that covers everything for small monthly premium you are going to be very disappointed. Health insurance prices are health insurance prices no matter what insurance company you go with. The main difference in how insurance companies compete with offering more affordable health insurance rates is by being more creative in their plan designs. Stays away from “good deals” in health insurance, chances are the plans are not going to cover anything when you have a claim. Then you will end up with bills from the hospital and a bill from your health insurance company.

Health insurance companies like Assurant Health underwritten by Time Insurance offer health insurance plans where you have opportunity to design your own plan. It is one of the only large reputable health insurance companies to offer customizable health coverage plans. They offer five plan designs two of them are Health Savings Accounts qualified health plans and the other health plans are your standard PPO (Preferred Provider Organization). What makes Assurant Health unique is that every type of plan gives you opportunity to customize that plan by choosing your co-pay or no co-pay option, choice of deductible, prescription drug coverage deductible, dental discount plan or dental insurance and plan specific options. If you are looking for simple to use and simple to understand HSA plans, Assurant is one of the first companies you should consider. Assurant formerly knows as Fortis was the first medical insurance provider to offer HAS plans.

When designing your own health insurance plan keep in mind of your previous health insurance usage. Choosing higher deductible for your health insurance plans will make the largest difference in your monthly premium. Keep in mind in most cases deductible applies only to when you are hospitalized. That means when you are admitted to the hospital then you are responsible for your deductible. Most health insurance plans will cover your doctor visits, physical exams, prescriptions drugs and your lab work with a co-pay before you meet the deductible. If you choose a high deductible plan and something does happen to you that you end up in the hospital for something major and you do not have money at the time to cover your deductible. Every hospital will work with you by offering you payment plans. In some cases you can take as much as five years to pay off your deductible. There have been instances where hospitals even waived the deductible. Therefore it does not make any sense in choosing a plan with low deductible. Get health plans with high deductible and you are going to save thousands on your health insurance. Some companies like Assurant Health offer you option to where if you choose a health plans with deductible of thirty five hundred of higher you automatically qualify for two year rate guarantee. Save money monthly and avoid rate increases. Just with little knowledge and understanding of how health insurance works you can save thousands with the health coverage that is based on your needs.

About The Author
Dennis Anthem leading authority in individual and group healthcare industry. Consultant for Assurant health insurance and Anthem Blue Cross health insurance that provide individuals, familes and small group with access to affordable healthcare.

For affordable health insurance quotes, go to: www.cransonhealth.com

For Business Insurance quotes or Workers Compensation Insurance quotes go to: www.cransoninsurance.com

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I recently quoted some workers compensation insurance for a business owner in Oakland County Michigan that only had a few employees. After getting the quote back he decided that he wanted to exclude himself from the Workers Compensation benefits. Now this is a very common exclusion to put on, especially in certain industries where the insurance cost can be quite severe.  But you need to be sure you have medical insurance and disability insurance elsewhere so you don’t leave any gaps in coverage.  Since he had medical coverage through his wife’s medical insurance plan at work we began a discussion on whether he would be ok financially if he did not receive an income from the business. He said he would be ok financially if he went without a pay check for 90 days. So we quoted him some disability insurance with a 90 day waiting period (or as the call it in the industry, elimination period). Now the price to get the disability insurance was about 25% of the cost to get the Workers Compensation Insurance AND disability covers him if he got hurt on the job or off the job.

So a couple things to think about when excluding yourself from Workers Compensation Insurance.

• Do you have health insurance coverage?
• Do you have short term or long term disability insurance?
• Is the cost for Workers Compensation greater than the cost of disability insurance?

The best advice is to talk to an independent insurance agent that not only specializes in business insurance but also can help you with your health insurance, disability insurance and life insurance needs.

Bryan Cranson is the owner of Cranson Insurance Agency specializing in business insurance quotes, workers compensation insurance quotes, health insurance quotes, disability insurance quotes and life insurance quotes in Oakland County, Washtenaw County, Kent County, Cook County and Wayne County, plus the entire states of Michigan, California, Illinois, Indiana, Ohio, Oklahoma and Missouri.

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Being a business owner has a lot of responsibilities. One of those responsibilities is getting business insurance quotes. Now this may seem like a simple task, but with the wrong type of insurance coverage you could leave your business exposed to a financial loss. The best way to get the appropriate insurance coverage is talking to an independent insurance agent. An independent insurance agent has the ability to access multiple insurance companies to make sure you have the very best price for the appropriate coverage. Also make sure you are talking to an insurance agency that specializes in business insurance. There are many insurance agencies out there that can do your home and auto insurance but not many that only specialize in offering a business insurance quote.

In evaluating your business insurance needs there are a few things to consider. First you will need property and liability insurance. Liability will cover you in case someone gets hurt at your business by slipping and falling or an accident you cause in the course of your business. Property coverage is for everything the business owns. If you own a building you will need building insurance. For all of the businesses contents you will need business personal property insurance. The last part of this coverage is business income insurance coverage. This will cover you in case of something happening such as a fire that prevents you from operation a business. The lost business income from not being open would be covered under the business income coverage. This is especially important for restaurants. If a restaurant burns down, there will be a lot of time where the business is not operating before the restaurant is rebuilt and therefore a large loss for business income. So if are getting a restaurant insurance quote, make sure you have plenty of business income coverage.

The next thing you will need to consider if you have employees is workers compensation insurance. This will cover the medical bills in case an employee gets hurt on the job. The other part that workers compensation insurance covers is if there is a serious injury that an employee suffers, they may sue the employer and you would have coverage for this under your workers compensation insurance policy. When you get your workers compensation quote make sure you are reporting the payroll as accurate as possible to your insurance agent. At the end of the year you will get an audit to make sure that the workers compensation quote you were given matches up with the actual payroll at the end of the year. You may end up having to pay more or actual get a refund.

The last thing that has been on everyone’s mind is health insurance. When getting health insurance quotes make sure you first evaluate how you will be using the health insurance. Will you or a spouse be having kids? Are you currently on any prescription drugs? Do you have any serious health concerns? With Health Care reform around the corner, access to health care should improve but you will still need to evaluate your options with an informed health insurance agent to discuss your options.

Bryan Cranson, owner of Cranson Insurance Agency in Oakland County and Wayne County, Michigan,  provides business insurance quotes in Michigan, California,  Illinois, Indiana, Ohio, Oklahoma and Missouri.

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