We had an individual call in earlier today and ask about some individual health insurance. He is currently 26 years old and lives in San Jose, CA. He is paying $400 through Kaiser for only himself. Now that’s a lot of money. I have signed up entire families on a plan for $420 a month, and he’s an individual!
I started by asking him a series of questions: name, email, zip code, date of birth. Once we get that information, we can run a quote. Since he already has individual medical insurance, he is aware of the application process and sometimes the amount of time a carrier needs to look over the plans and decide if he is a worthy risk for them to take.
“Worthy risk.” It sounds bad, but it is a business. We are paid through the health insurance carriers whether or not you use a broker. That’s the good part! We advise and get to see you through the tough parts, and then in return, the carriers pay us commission. Pretty soon healthcare reform will make it so that ANYONE can get insurance if they have the money to pay for it. And if you don’t have the money to buy any, they will make sure you get assistance and can afford some.
The other thing that this individual wanted was a high deductible plan. Really, for the price that he’s paying now, he could bank almost $300 a MONTH if he wanted into an HSA (Health Savings Account) account at a local bank. He could save that money and if some medical bills came up (maybe some unexpected lab tests or perhaps an emergency room visit), then he’d have money saved up to pay for them! Even on the $25 copay plan he is currently on through Kaiser in San Jose, you’d still have to pay out at least $200-300 a day to stay overnight in the hospital. That can get expensive if the visit is prolonged.
Most people get on the high deductible health insurance plans and then forget to save money in an HSA account. That’s where it can come back to bite you! If you have a health insurance plan, look to see if you can get an HSA account to go along side of it. It could really save you a lot of money down the line. And the best part is, if you don’t use the money in the year, IT STAYS WITH YOU! It’s like a savings account for anything medical. Oh, I forgot to mention, you can use it for: dental, medical, vision, over the counter drugs, and I believe chiropractic care as well!
Call us today with any questions about HSA’s! We can help!
Bonnie Shelton – (408) 421-5555 – 3150 Almaden Expressway Suite 203, San Jose, CA 95118