The “type” of policy that best fits you and your family is the keystone to having the proper insurance. Let me introduce you to the Greene family…
The Greeneʼs are newlyweds. Young, healthy and both still in college. They both work part time and are not offered group insurance through their employers. The Health Care Reform act requires all major medical insurance plans to include an annual checkup at no cost to the insured. Catastrophic high deductible health plans would be perfect for them. They will only pay for doctor visits they use and by selecting a PPO they will be entitled to network discounts for any medical services that they may need. High deductible health plans will also keep the health insurance premiums low.
Mr. and Mrs. Greene are now finished with college. They now have full time jobs, but were still not offered any employee insurance. They should keep their high deductible health plan and add some maternity coverage.
Now that the baby is born and they also have some brothers and sisters they will need a plan that is more suited for a young family. High deductible health plans will still work! They should select a plan that offers doctor visit copayments and prescription coverage.
Still working with our high deductible health plans, the Greenesʼ kids are now in school themselves. They can add some riders to the policy for first dollar coverage in case someone gets hurt in an accident or playing sports.
As the Greenes approach middle age (doesnʼt time fly?) they may keep their kids on their individual family plan until they are 26 years old. At this time in their life they might want to still keep the health insurance premiums low by sticking with one of the high deductible health plans available and possibly also hanging on to doctor visit copayments.
The services of a licensed insurance agent are free. Independent brokers will have the biggest variety of plans. It is always a good idea to let your broker shop your insurance every year for you.