high deductible plan Archives

Is The Cost Of Health Insurance Your Biggest Problem? Find An Affordable AND Comprehensive Plan With EZ

Looking for a comprehensive health insurance plan but working with a tight budget? You can absolutely find a plan that offers you the coverage you need, while still staying in your price range. But in order to find the plan that offers you the most bang for your buck, you’ll need to understand how much you’ll actually end up spending out-of-pocket for your policy. Don’t worry: that’s what EZ is here for! EZ understands how important it is to find a plan that fits in your budget, but also has the right coverage, so we’ll break down everything that determines the price of your health insurance plan, and we’ll show you how you can find an affordable, comprehensive plan. And we’ll do it all for free, so you can save even more money!

Monthly Premiums

calculator with the numbers 549 on it and paper behind it in the background — *Your monthly premiums will depend on the type of plan you have and other factors.*

One of the main expenses when it comes to your health insurance policy is the monthly premiums. This monthly rate partially depends on the size of your family, your age, and your location, but the amount you pay will also depend on what type of plan you choose. For example, when purchasing a plan on the ACA Marketplace, you’ll have to decide between Platinum, Gold, Silver and Bronze plans, which will affect how much you pay in premiums versus how much of your medical expenses the plan will cover. You’ll also have multiple options when it comes to policy type, like PPO or HMO, which will affect the type of network you have access to. Each type of plan offers different levels of coverage with different monthly premium prices, so the best way to find a policy with a premium that meets your budget but still covers your medical expenses is to work with an EZ agent. Our agents work with the top-rated insurance companies in the country, so we can find you an affordable plan with low monthly premiums.

Deductible

In order for your plan to start paying its share of costs, you will first have to pay a certain amount out-of-pocket for your care, otherwise known as your deductible. Meeting your deductible is generally where a lot of your money goes when it comes to your policy; for example, your plan might have a $2,500 deductible, which means you will have to pay this amount in medical bills before your insurance company will begin to pay your medical expenses.

When it comes to health insurance plans, you have the option to choose between a lower deductible or a higher deductible. High-deductible plans have low monthly premiums, so if you are looking to save money, these plans are tempting. But know that if you are in an accident or have a medical emergency, you will have to pay the high deductible before your plan begins to cover you. High-deductible plans are generally more suitable for healthy people who do not need to see the doctor very often; if this is the case for you, one of these plans can save you a lot of money, because your premiums will be lower. Our trained agents can help guide you in the right direction to make sure you are covered completely.

Copays & Coinsurance

persons hand with gloves on drawing blood from another person's arm — *After meeting your deductible, when you receive medical treatments, you will have to pay a coinsurance.*

When budgeting for your health insurance plan, you’ll also have to take into account other expenses in addition to your premiums and deductible: copays and coinsurance. Copays are a fixed amount you will pay when you see a doctor or specialist and for medications.

Once you meet your deductible, you will also most likely have coinsurance to pay. This is the amount of money your health insurance company expects you to pay towards your care once they begin contributing. Coinsurance is normally 20% after you meet your deductible.

Your EZ agent will not only look for plans with lower copays, but they will also go over each plan and break down how things like coinsurance will affect the price of your policy. This means you will know exactly what to expect when it comes to your actual healthcare expenses.

Out-Of-Pocket Maximum

Every plan has an out-of-pocket maximum, which means once you have reached a certain amount of out-of-pocket expenses, your plan will begin to cover everything. For example, if your out-of-pocket maximum is $5,000 and you reach that amount before the year is over, your health insurance plan will pay for all of your medical expenses until the new calendar year begins. We can help you find a plan that has a lower out-of-pocket maximum, so that you’re more likely to end up having your medical expenses fully covered by your plan. This is especially vital if you have a medical condition which requires ongoing treatment: having a plan with a lower deductible and a low out-of-pocket maximum could help you save hundreds of dollars. The key to finding a plan like this is comparing plans with an EZ agent!

We all want to save as much money as we can, especially when it comes to a health insurance plan. Health insurance can be quite expensive, but with professional, highly-trained agents on your side, you can find an affordable plan with the right coverage for your needs. Our agents work with the top-rated insurance companies in the nation, and will compare plans at no cost to you. Health insurance is expensive enough, which is why we offer our services for free. We genuinely want to help you find a great affordable plan, not make money off of you. To get free instant quotes, simply enter your zip code in the bar above, or to speak with a local agent, call 888-350-1890.

4 Reasons Your Employees Aren’t Enrolling in Your Healthcare Plan (and What to Do About It)

Any way you look at it, offering health insurance to your employees is a good thing to do. Not only does a healthcare plan keep your employees healthy and protect them from huge medical bills, but studies have also shown that it is the most desired benefit you can offer. Employers who offer healthcare are more likely to attract high quality job candidates and also to retain the employees that they already have. So, if you’ve carefully researched and chosen a plan and offered it to your employees, but only a few have decided to enroll, what could be the problem? Here are 4 common reasons why employees choose not to enroll in an employer-based healthcare plan, and what you can do about it.

1. Your Plan Doesn’t Match Your Employees

The first reason employees choose not to enroll in your healthcare plan is that they don’t like it.

The first reason employees may choose not to enroll in your healthcare plan may seem obvious: they just don’t like it. Even if you’ve done hours of research and you think you’ve found the perfect PPO plan with a low deductible, you may not be taking into account your employees’ ages, family size, and financial situation. If most of your workforce is young, healthy, and childless, then they might prefer a high deductible health plan. But, if you have a very diverse workforce, then they might all have different needs. In that case you might want to look into an la carte healthcare plan, like a cafeteria plan.

Since asking your employees about their healthcare is a pretty sticky subject, you may be unsure how to solve this particular problem. The answer is actually very simple and will only take a little bit of time: give your employees a healthcare survey. Ask them all the relevant questions to gauge what they are looking for in a healthcare plan, and be sure to keep it anonymous to encourage participation. Their answers will give you a much better idea of what they want and where you should be looking for a plan.

2. The Network Isn’t the Right Fit

Most healthcare plans have a set network of providers that the insured can see without incurring out-of-network charges. So, even if your employees are happy with the PPO plan you chose for them, they might be unhappy with the providers included in the plan’s network. Some employees may find that their trusted doctors are not included in the offered plan – and that could be a deal breaker for them.

The solution to this problem can be the same as above: ask about your employees’ provider and network preferences in a survey. Be as specific as possible, asking about what doctors, hospitals, facilities, and prescription drugs they would like covered.

3. The Total Costs Are Too High

Even if you’re contributing 50% of your employees’ premium costs, that cost can still take a big chunk out of their paychecks.

Premiums, deductibles, copays, coinsurance…there are a lot of costs to add up when it comes to a healthcare plan. Even if you’re contributing 50% of your employees’ premium costs, that cost can still take a big chunk out of their paychecks. And premiums aren’t the only thing they need to budget for: around 80% of covered workers have a deductible they need to meet before their healthcare costs are covered. The average deductible for covered workers in small businesses is over $2,000, which is a very significant sum for a working family.

One way to help offset these costs and encourage your employees to enroll in your plan is to consider putting money into a tax-advantaged account like a flexible spending account (FSA) or health savings account (HSA). Both you and your employees can make pre-tax contributions to these accounts, and your employees can use the funds in them to pay for qualified healthcare expenses. An FSA can be used with any kind of healthcare plan, but the contributions are “use it or lose it.” In contrast, an HSA must be combined with a qualified high deductible health plan but the contributions can roll over each year.

4. Your Employees Don’t Understand Their Options

There are some that believe that effectively explaining and communicating the importance of benefits to your employees is just as important as offering the right plan. As a business owner, you already know that people don’t buy what they don’t understand. Employees need to understand the benefits you’re offering them and how important they are to themselves and their families in order to want to spend their money on them.

A recent survey by Colonial Life found that one-third of employees spent less than 30 minutes looking at their benefits options, and another third spent less than an hour. And this doesn’t just affect them: the same survey found that the employees who sped through their benefits choices were 55% more likely to leave their jobs, 32% more likely to feel dissatisfied with their jobs, and 18% less likely to feel cared for by their employer.

The solution to this problem is simple: communication. As the employer, you need to find an effective communication strategy that works for your employees. In addition to the printed or digital material you offer, consider holding individual and/or group meetings to talk about benefits. And don’t assume that just because some of your workers are younger, they want everything to be done online. Another Colonial Life survey found that Gen Z and Millennial workers are actually slightly more likely to want human interaction when learning about or enrolling in benefits: 91% for Gen Z and 83% for Millennials, as compared to 76% of employees overall.

At EZ.Insure, we know that you’re working hard to find the best options for your employees, but sometimes you just need someone to point you in the right direction. That’s what we’re here for. When you come to us, you’ll get your own personal agent who will give you instant, accurate quotes, answer all of your questions, and never, ever hound you with endless calls. And we do it all for free. You’ve got your employees’ best interests at heart, and we’ve got yours at heart, so get started with us today. Simply call 888-998-2027, or enter your zip code above.

Catastrophic Plans Can Be Confusing, Let Us Help

The cost of health insurance is not one size fits all. If you’re healthy, under 30, and facing financial hardship, you could have some cheaper options available to you. For people in these categories, Catastrophic health insurance plans can provide essential health benefits without breaking the bank with monthly premiums. However, you should know that, while premiums on these plans are low, they have high deductibles. If you remain healthy, then your high deductible won’t be a problem, but if you have an accident or become ill, you could end up with huge medical bills. Before you decide if a catastrophic plan is right for you let’s take a look at how they work.

Who These Plans Are For

homeless person sitting outside with a black bag full of clothes — *Catastrophic plans are ideal for people dealing with hardships such as homelessness.*

Catastrophic plans are designed for individuals who are young or struggling to afford health insurance. Not everyone qualifies for these plans. They are only available to people who are:

Under 30 or are over 30 and meet the guidelines for a hardship exemption. This includes people whose plan was canceled by their insurer or small group employer.
Dealing with hardships such as homelessness, eviction, foreclosure or bankruptcy, domestic violence, or medical debt
Considered low-income and cannot afford insurance

These plans have the lowest premiums of any plans on the ACA exchanges, but they also have the highest out-of-pocket costs.These plans do not have a copayment or coinsurance and premiums will vary depending on where you live. Generally all plans have the same high deductible: deductibles were $7,900 for 2019, and they have risen to $8,150 in 2020. Once you meet your deductible, then the insurance company will pay for all covered services.

Who They Are Not For

weekly pill container filled with pills in it with Tuesday tab open. — *If you are unhealthy with a condition, then these plans are not right for you.*

Do you see the doctor often? Do you need a lot of coverage? Do you plan on starting a family in the next year? If you answered yes to any of these questions, then a catastrophic plan is probably not the best choice for you. Because of their high deductibles, these plans are not for people who have health conditions that need constant attention. In this case, you will probably want to look for a plan with a lower deductible, even if it means a higher premium.

If you are over 30 or do not qualify for a hardship, then you can look into getting a Bronze level plan on the ACA Marketplace. These plans are very similar to Catastrophic plans, but with slightly higher premiums and without the same qualification requirements of Catastrophic plans. Even if your income isn’t low enough for a Catastrophic plan, you may still be able to get subsidies for a Bronze plan.

Just The Essentials

Catastrophic plans must include all of the ACA’s benefits, and include some free preventive care. These plans cover:

Outpatient services
Catastrophic plans cover the 10 essential benefits such as lab work.
Emergency services
Hospitalization
Pregnancy, maternity, and newborn care
Mental health and substance use disorder services, including behavioral health treatment
Prescription drugs
Rehabilitative and habilitative services and devices
Lab work
Preventive and wellness services, and chronic disease management
Pediatric services, including oral and vision care

Catastrophic plans aren’t for everyone. If you’re unsure what plan is right for you, come to EZ.Insure for help. We understand how intricate the insurance world is, and because we have been in the industry for over 10 years, we can offer you free expert advice on which direction you should go in. To get free quotes, enter your zip code in the bar above, or to speak directly to one of our experienced agents, call 888-350-1890.

Making The Most Of Your High Deductible Health Plan

High deductible health plans are rising in popularity, with more companies offering them and even more people purchasing them individually. These plans definitely have benefits, like their lower premiums, and they can be great for healthy people on a budget. On the other hand the high deductibles of these plans can be a problem, because going to the doctor or hospital can mean being stuck with a big bill. Or knowing you have a high deductible to meet might make you think twice about seeking care, and you might end up ignoring symptoms until things get worse. However, there are ways to make the most of your high deductible health plan while getting the care you need and saving money.

Utilize Your Freebies

Under the ACA, all insurance plans must provide coverage for some preventive health services with no out-of-pocket costs- this applies to high deductible health plans. These free preventive services will not have a copay and do not count towards your deductible. You can expect to get free vaccines, cholesterol and blood pressure screenings, birth control, and some cancer screenings such as mammograms and colonoscopies.

Check with your insurance plan’s details and be sure to stay in-network to avoid unexpected costs; these services are free but you still have to stay within your plan’s network.

Ask For Discount

If you are sick and need to seek treatment, but are worried about a high medical bill, ask your provider if they offer any discounts. Some doctors’ offices will offer a discount if you pay with cash, or you can ask your doctor for a discount on a service that you will have to pay for entirely out-of-pocket. If they do not offer any discounts, then ask if they offer payment plans so you can avoid medical debt.

black silhouette of a piggy bank with a gold dollar sign in the middle — *HSA accounts have triple tax advantages which can help you save money for medical expenses.*

Triple Tax Advantages With HSA

One of the major benefits of having a high deductible health insurance plan is the ability to have a health savings account (HSA) alongside it. HSAs allow you to put money aside, pre-tax, to help you pay for qualified medical expenses. These accounts offer a triple tax advantage because:

Contributions are tax-deductible
Contributions roll over and can continue to grow tax-free into the following year
Withdrawals are not taxed if you use them for qualified medical expenses.

Take note that unqualified expenses incur a 20% penalty.

Stay In Network

This is said a lot, but it is worth repeating. In order to avoid major out-of-pocket expenses, you must stay within your plan’s network. When you have a high deductible plan, it is especially important to stay within the network to avoid extra charges. Only in-network services will count towards meeting your deductible; any care you get outside of your network will not count. Make sure to double check with your insurance company and doctor’s office that any specialists you are referred to are in your plan’s network.

Do you have a high deductible health insurance plan? Are you considering one? If you are in need of help, EZ.Insure is here for you. We provide accurate quotes on all plans in your area, and our trained agents will go over each plan and will find one that fits your needs and budget. To get free quotes, simply enter your zip code in the bar above, or to speak to an agent, call 888-350-1890.

Self-Employed? Here’s Your Guide To Getting Health Insurance

Nothing beats being your own boss! If you are self-employed, then you are probably wondering about your health insurance options. Don’t worry, you do not have to break the bank to get a plan for yourself. There are many affordable options.

silhouette of a man looking at a blackboard with 3 arrows pointing in different directions — *When you are self-employed, you have different options for health insurance.*

Health Insurance Coverage Options

Let’s talk about the options of health insurance for the self-employed. There are different routes to go when looking for the right plan.

Marketplace– If you work as a freelancer, run your own business, or self-employed without employees, then you qualify for the Individual Marketplace. There are a variety of different plans you can choose from, but you can only enroll during the annual Open Enrollment Period, unless you have a qualifying life event. When you fill out an application, you will find out if you qualify for premium tax credits and other savings, which we will further elaborate on later.
Private Insurance– Private insurance has plans that provide good coverage at an affordable rate. Private insurance companies have many plans to choose from with a variety of coverage and costs. You can find a plan tailored to your needs and budget.
SHOP Marketplace– If you own a business and are looking for coverage for yourself, a spouse, or have an employee, then Small Business Health Options Program (SHOP) Marketplace is the way to go. Enrolling in a SHOP plan offers small business or non-profit a Small Business Health Care Tax Credit.

Marketplace Savings

Now back to those savings we talked about earlier. When you fill out a health insurance Marketplace application, you will estimate your net self-employment income. The premium tax credit or reduction qualifications rely on the year you’re getting coverage, not the prior year’s income. You will have to estimate your household income for the year and submit it. During the year, you can change your estimated income if the income changes.

If you qualify for the tax credit, you are allowed to deduct 100% of your health insurance premiums for your adjusted gross income every year.

Tips On Choosing A Plan

caucasian woman n a sundress with a laptop on her lap and a notebook on the seat next to her. — *Before choosing a plan, make sure to do some research, so you pick the best plan for your situation.*

There are a lot of different plans you can choose from, both on the marketplace and through private health insurance companies. You can choose a high deductible plan with lower monthly premiums, and benefit from an HSA account. You can choose a low deductible plan with higher monthly premiums, or even a catastrophic plan. Whichever you choose, make sure to compare plans to choose the one that meets your needs and budget.

Comparing plans and their prices can take a long time, and can be frustrating. The most important tip when choosing a health insurance plan is getting expert advice from an insurance agent. EZ.Insure offers highly trained and knowledgeable agents all around the U.S. that specialize in their region. You can speak to one of our agents, and they will do all the comparing of available plans for you and provide you with the quotes. It comes at no cost to you, which is a win! You get free help, and get directed in the right path to save money, double win! To speak to an agent by emailing replies@ez.insure, or calling 888-998-2027. No gimmicks, no hassle, and no cost. Just simple, free health insurance quotes.