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INDIVIDUAL HEALTH INSURANCE |
Who should buy Health Insurance?
People buy Health Insurance for a variety of reasons. First, most of us can’t afford to write a check for a serious medical condition. A few days in the hospital could cost $50,000 to $100,000. With congress reforming the bankruptcy laws last year, the “out” many people had is no longer there. Second, people without insurance, who have a serious medical condition may find it difficult to find providers ready and willing to treat them. For example, I have seen Medi-Cal patients put on long waiting lists for certain types of care. When you have insurance, it is easy to find providers able to treat you. Additionally, you participate in the insurance company discounts, thus, the part you pay is severely discounted.
There are 140 plans on our web site: www.MillerInsuranceStrategies.com. To simplify the process, start with deciding if you want to pay a larger premium for maximized benefits or a smaller premium for fewer benefits. People who take the first approach and are hospitalized get what they paid for. However, if they don’t get sick the insurance company keeps the extra premium. Other people, such as me, prefer a higher deductible for the “big” things which has a much lower premium. For most people, this option makes them eligible to deposit some of the premium savings in a Health Savings Account (HSA). These are accounts that give you incredible tax savings.
How Health Savings Accounts work
Most banks now have health savings accounts. The money you deposit is federally tax deductible, even if you file 1040 short form. You are given a debit card and a check book to use when you have qualified expenses. When you spend HSA money it is not taxable income. Qualified expenses include dental and vision expenses even if your health insurance doesn’t cover these things. For more information contact us or go to the site of one of our vendors, www.americanhealthvalue.com.
What do I need to know before buying a Health Insurance policy?
After deciding on the type of plan you want, you need to be aware of one more thing. The insurance companies take a very meticulous look at your health history. Depending on your health history and Height/Weight ratio, they will either issue a policy at the quoted rate, charge a higher premium, or decline you. If you have any concerns about this, please give us a call. We would be happy to give you guidance in this area.
Where do I go to buy a policy?
You can go to www.MillerInsuranceStrategies.com or call our office. Our local number is 707-725-3316 in Fortuna and 530-365-2576 in Redding. Or you can call us toll free at 800-660-3316 from anywhere in California.