| In a time when health insurance rates continue to | | | | Blue Cross Blue Shield of Virginia recently issued two |
| rise, the consensus reaches the conclusion there is | | | | new plans, Premier and SmartSense, that replaced |
| nothing that can be done and that personal | | | | the older policies Flexible Choice and Keycare |
| healthcare costs will continue to skyrocket. However, | | | | Preferred. While the two older plans are still offered, |
| in an effort to "go against the grain," I want to offer | | | | the rates are considerably higher than Premier and |
| some advice and some strategies to take that can | | | | SmartSense. |
| help lower the burden of insurance expenses. | | | | Have you ever considered a high deductible health |
| When you have decided that it's time to drop your | | | | plan (HDHP)? Although the annual deductible is higher |
| old plan and are in the market for new coverage, | | | | (as the name implies), these health plans offer most |
| you must be sure to shop around. Depending on | | | | if not all the same benefits of a fully-loaded plan. |
| where you live, different insurance companies may | | | | HDHPs will still cover catastrophic accidents or serious |
| have different rates. Because insurers use your zip | | | | illnesses, which can potentially lead to huge medical |
| code as a factor in determining the monthly premium, | | | | expenses. In fact, some HDHPs will have the same |
| Plan X from ABC Company can vary in rates from | | | | maximum out-of-pocket limit as other insurance |
| city to city across the state. Therefore, you need to | | | | policies, so you won't pay any more out of your |
| shop and compare plans from all the major insurance | | | | pocket with a HDHP when the medical bill runs high. |
| carriers in your state to ensure you are getting the | | | | Best of all, high deductible health plans are usually |
| best price and benefits. This can be done easily with | | | | more affordable with lower monthly premiums than |
| the assistance of a trustful broker or through a | | | | cadillac plans. For more detailed information about |
| website of a broker. Having a broker with your | | | | HDHPs, check out a previous article I've written |
| interests in mind is critical and can help simplify the | | | | entitled "Using High Deductible Health Insurance Plans |
| plan-finding process. | | | | to Lower Cost of Health Insurance." |
| Another thing you want to be aware of when | | | | Lastly, but perhaps the most important factor in |
| searching the health insurance market is the relative | | | | finding affordable health insurance, is to live a healthy |
| age of the proposed plans. Generally, the older a | | | | lifestyle. This may appear obvious, but you never |
| specific plan is, the higher the monthly premium is. | | | | want to put your personal health on the back burner. |
| This is seen regularly when a certain health plan is | | | | Not only will it deteriorate your health, but it will |
| retired and is no longer offered by the insurer. | | | | become harder to find low cost health coverage with |
| Because the plan is no longer offered, only those | | | | an extensive medical and prescription drug history. |
| who previously held the policy can remain in that core | | | | By following these steps, finding health insurance you |
| group, which means the age and respective risks of | | | | can afford should become much easier. Remember to |
| the insureds will rise. In return, the rates on these | | | | always shop around and compare plans to ensure |
| policies will rise ever faster, and those stuck in the | | | | you have the best plan available that fits your needs |
| plan will be forced to pay the price. If you hold a | | | | and budget. Having a strong relationship with a broker |
| health policy that has been or will soon be retired, it is | | | | will help the process and can give you insight about |
| in your best interest to switch to a new plan if your | | | | alternatives you may have never thought. |
| medical history permits. To give an example, Anthem | | | | |