Deductible Disasters

Avoiding Deductible Disasters

What’s a deductible? Why are deductibles used and what are their benefits? Most importantly what can you do to protect yourself from your deductible?

Well for starters a deductible is the specified amount of money that the insured (you) must pay of their own healthcare costs for the year before the insurance company kicks in and pays any expenses. This includes all doctors visits, medications, surgeries, and ambulatory care. In a sense the higher your deductible is the lower the risk on the insurance company. Higher deductibles keep the insurance company from having to incur the costs of all the small healthcare needs of the insured which in return helps keep the costs of your monthly premium lower.

Many people have recently chosen to go with a high deductible plan for themselves or their family with the intentions of saving money immediately. There are also several other benefits of going with a high deductible health plan:

Your insurance company will negotiate a lower rate for all of your healthcare costs even before you hit your deductible.
In most cases preventive care is covered at 100% and not subject to your deductible, if you have an affordable care act compliant policy.
Depending on your plan there are varying levels of prescription coverage.
These plans act as a safety net to protect you against unplanned major medical expenses.

You have a high deductible health plan in place to protect you in the event of an untimely major medical catastrophe, but what happens when that unfortunate event becomes a reality? Luckily you have insurance which is going to kick in and help pay for major costs, after you’ve met your deductible. Nonetheless that still leaves you fiscally responsible for all the medical costs incurred up to the point that the insurance kicks in. What kind of plan do you have in place to protect your life’s savings?

Fortunately there is a perfect way keep a major medical event from affecting you financially. The best plan of action in order to give yourself that peace of mind and financial protection is to pair your health plan with a supplemental policy.

Supplemental policies are stand alone policies that work side by side with your medical insurance.These plans pay you upfront cash benefits in the event that the unthinkable does happen. Depending on the policy the benefit would either match your out of pocket expense amount or exceed that amount allowing you to have extra funds. Being diagnosed with a critical illness could mean you’re unable to work, choosing a policy with a higher benefit amount would make sure you were able to pay your bills in the meantime. We have supplemental plans to fit everyone’s needs or budget some even starting as low as $21 per month.

Don’t let yourself get stuck in a deductible disaster. Call Crosspointe today to speak with one of our skilled Health Benefits Advisor’s at no cost to you. A single phone call could potentially save you thousands of dollars.

If you’re ready to find a plan, give us a call at 888.788.1565 or submit a request for a quote online.