Benefit River

There are many reasons why you are now shopping for your own health insurance plan. Over the past few years, there has been a large increase in the number of people purchasing health insurance policies directly from the insurance companies. There are multiple reasons why: 

• Employers offering inadequate health coverage
• Employer coverage that is simply too expensive
• Employees losing their jobs
• A job reclassification means you are no longer eligible for health coverage
• Entrepreneurs launching a new business but are not yet able to afford a company health plan
• Sole proprietors who need good coverage for their family
• Other life changes 

If you are in one of these situations, you may be asking yourself, "can I purchase a high quality health plan on my own that is similar to my prior plan?"

The answer is yes. In fact, you can purchase both copay plans and health savings account (H.S.A.) plans directly from an insurance company. You may be also surprised that these plans can be much less expensive than your employer plan, and may even be more affordable than a COBRA subsidized health plan.

So what is a copay plan? If your prior health plan allowed you to pay a copay when you visited your doctor or when you filled a prescription, then you had a copay plan. Copay plans are available to purchase directly from the insurance company. Also, Colorado carriers offer modified copay plans that allow you to stay within your budget without giving up the major medical umbrella protection.

What is an H.S.A.? Health savings accounts offer you major medical protection but they are not allowed to offer any copays (per federal regulations). Covered medical expenses incurred by you during the year apply toward your calendar year deductible. Once the deductible is met for the year, most H.S.A. plans pay 100% of covered medical expenses. The attraction of an H.S.A. is the ability to set aside money into a savings account that can then be used to pay your pre-deductible expenses. There are many tax advantages and long-term health strategies that you can take advantage of with an H.S.A.

How are employer plans different from Individual (i.e. directly purchased) health plans? There are two important differences:

1. Health application
2. Maternity

If you think you may have a pre-existing condition, or you are pregnant or trying to start a family, please see my article on "Health History" for ways to find coverage.

Picking the right plan for you and your family is our specialty at BenefitRiver. Please contact us today for more information.

Copyright: BeneftiRiver, Golden, Colorado