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When I first started out selling individual health insurance in 2002, most people would choose a $2500 deductible for their health insurance as representing the best combination of price and value. Many folks now are choosing $3500, $5000 or even higher deductibles. The deductible in health insurance is the amount you would have to pay [...] Coinsurance is the most difficult thing about a policy to explain to a client. Frankly, if the insurance companies eliminated this feature of their policies, they would do away with a lot of confusion, misunderstanding and resentment from their customers. Let’s see if I can explain it in simple terms: You select a deductible for [...] I have received quite a few calls this year from single men complaining about the large increases in premiums they have received from their health insurance companies. Some have said the cost has jumped from the mid $100’s to over $200! This is due to new federal and state requirements that insurance companies must include [...] It doesn’t make sense, does it? Logic tells us that buying in bulk is more cost-effective. So when you take the purchasing power of a group of people, you would expect to negotiate a better premium price per person for health insurance than that of an individual trying to purchase coverage. But health insurance doesn’t [...] Unfortunately, premiums for individuals go up every year due to the fact you are a year older and thus more expensive to cover. Additionally, it increases for something called “medical inflation.” This is higher than the general inflation trends because medical inflation covers all the expensive new procedures and prescriptions that come on line each [...] |
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