So, you got a job with health insurance options. Great! But, what happens if you later find out that you can’t afford the payments? Here’s what to do if you can’t afford the company health insurance…
If you feel like your employer health insurance is too expensive, it could be because premiums and deductibles for group health insurance policies are on the rise.
Here is some data from Health E Deals that further explains why health insurance is so expensive: “Over the past year, on average, worker wages increased 2.6% and inflation increased 2.5%. However, the average health insurance annual deductible for covered workers has increased 53% over the past 5 years, leaving a lot of people wondering how to afford their employer’s high deductible health plan.”
If your employer health insurance coverage is too expensive and you can’t afford it, here are some options for you:
1. Find a health insurance broker that can find a plan to match your budget. There are health benefits available to help with out-of-pocket medical expenses, including what you pay toward your major medical policy deductible as well as your coinsurance and co-payment responsibilities. Medical gap policies are a type of supplemental health insurance that pays a lump-sum benefit when you have a covered accident or critical illness. You can choose from different coverage levels to accommodate your budget. Plus, they are available any time of year—not just during open enrollment.
2. Consider add-ons to health insurance, to bring the extra costs down.
Prescription drugs and visits to the doctor’s office can result in both expected and unexpected out-of-pocket medical expenses throughout the year. There are supplemental non-insurance products that can help reduce the amount you pay. Prescription drug discount cards provide discounts on prescription drugs, both generic and brand name. Thousands of pharmacies accept them nationwide. You present the card when you pay for your prescription, and the associated discount is applied.
3. Use a Tele-Medicine Option, or Doctor On Call (Face-time a doctor)
Tele-medicine provides 24/7 access to board-certified physicians for a few dollars per visit. This service is useful for diagnosis and treatment of non-critical conditions such as urinary tract infections, ear infections, allergies, cold and flu—the physician can even prescribe medications, if needed. These virtual visits are available to you wherever you are, just call.
4. Consider a Health Savings Account (HSA)
A health savings account (HSA) allows you to save money and use it later to pay for qualified medical expenses. HSA funds carry over from year to year, and some earn interest. You can even save the funds and use them when you retire.
You can only enroll in an HSA if you have an HSA-compatible high-deductible health insurance plan. The deductible alone is not an indicator of an HSA-compatible HDHP, rather the plan will be marketed as “HSA-compatible”. If you’re not sure if your health insurance is HSA-compatible, you’ll want to contact your health insurance company to find out what type of policy you have.
With the cost of health insurance and medical expenses rising, you may be looking for ways to make healthcare more affordable in 2019. Gap insurance, add-ons to health insurance, and health savings accounts can be helpful ways to manage your out-of-pocket healthcare costs—you can choose one of these solutions or a combination.
Find a local agent to help you find the right products.
Call us to speak to Amy Kelley, The Insurance Nana, now.