July 27th, 2009
Competition in Oregon becoming better for the consumer. We are lucky to live in a state where there are so many options. Oregon health insurance plans are very comprehensive compared to most other states. All plans include maternity coverage and women’s wellness exams. Many carriers cover alternative care, such as, naturopath, chiropractors and acupuncture. Every health insurance carrier has strengths and weaknesses. Be sure to compare the maximum out of pocket when comparing health insurance plans. You can find the max out of pocket by adding the deductible and the coinsurance limit(the percentage you pay after you meet your deductible).
Rates change very often in Oregon. And they are usually increases. Our general rule of thumb is if you rate increase is less than 10% you probably do not need to shop around, but if it was greater than that, it would be wise to look at other plans. A good agent could send you over a plan comparison of the nine carriers in just a few minutes. You can compare the plans online as well at My Oregon Health Insurance. The premiums are regulated by the state, thus you will pay the same if you went through an agent or directly to the carrier. Most consumers are surprised to see the drastic difference in premiums. The whole process; calling an agent, comparing plans and applying for coverage for the consumer could take less than an hour. Even if you saved $30 a month, that is $360 a year for an hours worth of work. Take the pro-active approach and begin to save money. There is no reason a consumer should not be on the best plan available.
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July 23rd, 2009
Medication are becoming cheaper! The patents for common brand name drugs are expiring, allowing the generic version to become available. This will save you and the health insurance company a great deal of money. Generics are usually covered with a $10 or $15 copay on most plans, but you can save even more if you shop out the pharmacies too. Wal-Mart, Target, Safeway Corp or Fred Meyers and many other large chain pharmacies are offering common generics at only a $4 copay with or with out insurance coverage. Another option is to look in to mail order pharmacies, such as MedCo. They do not have the overhead as the retail pharmacies and offer medications at a lower price. Many mail order pharmacies will send you a three month supply as well, reducing your cost and hassle to and from the retail pharmacy.
Another excellent resource for medications is the Oregon Prescription Drug plan. You can find more information at www.opdp.org. You can enroll for a free drug card to receive discounts for your medications. The drug card is available for all Oregonians. There is a service that allows you find out the cost of a medication without insurance and determine if there are generics available.
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July 23rd, 2009
Are health savings accounts a good idea? The answer for most people is yes. HSA qualified plans are simply major medical health insurance plans that offer additional tax savings. The main benefit is the health insurance plan. They are the safest health insurance plan on the market. Your total out of pocket if federally regulated. For example, it is the only plan that will cap out at $5,000 for an individual. That number also includes prescription coverage. Most traditional plans offer a max out of pocket but it does not include copays and medications. Brand name medications could potentially cost you thousands a year if you are diagnosed with an illness.
The whole reason we have insurance is to protect us against catastrophic loss, right? So, why take a traditional plan that has large gaps in the coverage. The tax savings helps as well. You can deduct you health insurance premium fully off you taxes if you paying for your premium. This is the same with all health insurance plans. However, with an HSA, you will be able to deduct up to $3000 additional for an individual. This deduction includes any medical, dental or vision expense. Not only would you have a very secure plan with an HSA, but you will be able to deduct additional expenses incurred over the year.
Most consumers that have health insurance are over-insured. This means they have bought too much coverage. And I am saying this as a health insurance agent. There are many ways to lower your total healthcare cost without adding risk. Contact us if you would like to learn more. The insurance companies pay agency to help with your plan, thus it is free to use a health broker or agent. Take advantage of the services.
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July 23rd, 2009
Everyone loses if you have a doctor office copay option on your health insurance plan. They seem like a great idea, but the typical person does not visit the doctor more than four times a year. The consumer will pay for those copays whether they use them or not. One idea is to find a plan that does not have the copay option. Many carriers offer plans with and without copays. For example, plans that are HSA (health savings account) qualified do not offer copays. Meaning, you would pay for your doctor visits out of your own pocket. Now keep in mind that the copay only covers the doctor. You still will pay for the additional labs and xrays that are performed. However, you would save money in premium.
Health insurance plans without a copay are typically 20-30% less than with a copay. This way you can control where your money goes. You can find an easy illustration of the premium savings by running a free quote for yourself at My Oregon Health Insurance. You can select the filter for Assurant Time. They have plans that you can view with or without a copay. The only difference in the plans is the copay and premium. A family in their 40s will save about $140 by simply removing the copay option. A typical family does not visit the doctor 10-12 times a year. Thus, the family would save hundreds a year.
Health insurers and doctors lose as well. Doctors will charge three times or more than the cash price. I have a chiropractor that will charge me $65, but will charge my health insurer $150 if I use my copay. The physician needs to charge this due to the extra staff needed to bill the health insurance and it could take up to 90 days to be paid.
In a nut shell, we and our healthcare system lose when copays are added for our convenience. Let’s be more proactive and take control of our healthcare dollars. Compare your health plan to others available.
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