Benefit River

"I rarely go to the doctor, but if I do become seriously sick or injured, I want to make sure I don't go bankrupt with medical bills."

To most people, the most important feature in a new insurance plan is the ability to provide solid financial protection.  The second most important feature is an affordable premium.

How do you find protection plans? Protection plans should not have any annual maximums on outpatient surgery, inpatient hospital stays, or brand name prescription drugs*. These maximums are anywhere from $3k to $200k per year. As you can see, if you have a serious illness requiring extensive hospitalization, you could be left with hundreds of thousands of dollars of medical bills after your health plan caps out in the year**.

Protection plans also let you "off the hook" after your deductible is met for a 100% plan, or after your deductible and coinsurance is met on on a 50%, 70%, or 80% plan.  

Purchasing a protection plan means you are responsible for budgeting for doctor visits and prescription drugs. Protection plans do not have copays for these services; you are responsible for all or a portion of the doctor's bill until your deductible or coinsurance is met. That said, the premium savings for plans without copays is significant and can work in your favor over time.

Examples of popular protection plans are all carrier's Health Savings Account (H.S.A.) plans and United's Plan 100 and Plan 80. For additional benefit information and prices of protection plans, please run the online Health Insurance Exchange or call BenefitRiver at 303-455-3414.

Copyright: BenefitRiver, Golden, Colorado 

*Annual maximums limit the amount of covered medical expenses that the health policy will cover during a year.

**Plans with annual maximums are relatively inexpensive and normally do not have the same underwriting requirements as other plans. But, buyer beware...if the plan is advertised as accepting everyone regardless of medical condition, and the premiums are too good to be true, then the plan will have annual maximums. I do not endorse or sell any health plan with annual outpatient and inpatient maximums (and you will not find these plans listed in the health exchange).