When it comes to the state of the health insurance marketplace, there is no doubt that the system is confusing. The Affordable Care Act/ObamaCare was introduced to give access to competitively priced insurance for every US citizen, but if your household income is more than $50,000 per annum, and you do not have any ongoing or pre-existing major health issues, then these policies are actually likely to be costing you more than they should.
There are other, less traditional routes you can take, however, and the impact of choosing between a traditional healthcare plan like those offered as part of ObamaCare or a more innovative fixed indemnity policy can be life-changing. Read on to find out more…
YOU ARE LOSING MONEY
If you are insured with an ObamaCare plan, major medical plan, or other standard-type health insurance policy, and you do not have a chronic illness, then you are losing money every single month.
To put it in the simplest possible terms – if you can save money on your health insurance coverage, without sacrificing coverage quality, then you have more money in your pocket. What you do with that money is, of course, up to you (it is your money after all!). Many of our clients choose to invest that money in themselves – by putting it back into their business or by saving it for a better retirement.
The savings you can make simply by changing the type of coverage you have can be significant – a defined benefit plan like the ones offered by Puresurance are typically in the region of 45% cheaper than a major medical plan like a Blue Cross Blue Shield Policy. So, if you would rather have that money available to you than in the pocket of an insurance company, then applying for a defined benefit plan is the way to go.
Need some numbers? The lowest level of care with an ObamaCare health insurance policy, which comes with limitations on prescriptions and networks (Bronze level coverage), without any subsidization is $440 per month. The highest level health care plans with enhanced accident coverage through Puresurance cost between $216.59 per month (25-year-old male) and $311.22 per month (45-year-old female). Better coverage + lower costs = money saved.
How would you like to retire earlier? Or enable your business to grow faster? That is the chief impact of choosing a different type of healthcare insurance.
Every year, deductibles get higher and higher – and they are already at ridiculous levels. This begs the question – what is your insurance good for? You pay higher premiums than ever before, and yet you still get a hefty bill if you have a health issue. The same goes with copays – even if your premiums are low, your coverage will likely have super-high copayments. Essentially, the deck is stacked against you – you pay high figures every month, or you pay high figures when you make a claim.
There is a better way though: Defined benefit health insurance.
WHAT IS DEFINED BENEFIT HEALTH INSURANCE?
Defined benefit insurance is a type of fixed indemnity plan – insurance coverage where you know at the outset how much you will be given for each specific situation. The key benefit to Puresurance policyholders is that there are zero deductibles and no copayments for any outpatient procedures or services (so, anything short of an overnight stay in hospital).
You also get the benefit of not being tied into a particular healthcare provider – your policy covers you for visits or procedures to any provider, with no penalties. So with Puresurance, you are saving money, getting higher quality coverage with no deductibles or copays, and you have a much bigger choice of providers, with no restrictions.
There must be a downside?
WHAT IS THE DOWNSIDE TO A DEFINED BENEFIT HEALTH PLAN?
These policies are a type of direct buy insurance – essentially, you are covered for medically necessary services only. This removes coverage for elective procedures (including pregnancy unless there is a medical issue). This kind of policy is designed for those leading fairly healthy lifestyles – those with chronic or critical health issues can often be covered at an increased cost.
WHAT ARE THE ACCEPTANCE CRITERIA?
Unlike a major medical plan, where you can simply enroll (and start paying) straight away, defined benefit health insurance plans are medically underwritten. This means that you have to apply and pass medical underwriting. This qualification certifies that you are not suffering from any chronic health issues (including but not limited to: cancer, heart disease, or diabetes). If you meet these criteria, and you are under 64 years old, then you will be positioned to reap the benefits when compared to a standard medical plan.
At Puresurance, we believe that healthcare insurance can be, and should be, better. If you have no serious chronic conditions and make more than a certain amount each year, you’re being financially punished by ObamaCare insurance plans – you pay high premiums, your copays are expensive, and your deductibles will all add up to a lot of money spent on your healthcare, even if you are not sick.
We offer affordable health insurance plans that make sense for you. You can save an average of 45% in premium alone, you can access any medical provider you choose, and keep the coverage until you turn 65 (Medicare age). Get in touch today to find out if a Defined Benefit Health Plan offered by Puresurance is the right option for you.