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What the overwhelming majority of people are doing to save on their health insurance costs?

What the overwhelming majority of people are doing to save on their health insurance costs.

We share information on what the overwhelming majority of people are doing to save on their health insurance costs. 

In the health insurance arena, the new consumer-driven health plans with value-based benefits have allowed agents like us to help our clients drive down their health care costs.  In the case of individual plans, the buzzwords are HSA and Preventive Care. HSAs allow you to pay for health and dental expenses with pre-tax $$$ and Preventive Care under PPACA (OBAMACARE) delivers free health benefits. In the case of employee’s plans, lowering costs involve those employees participating in a CDHP to understand the link between their out-of-pocket costs and wellness related activities..  HSAs and CDHPs will continue to gain market share because they are proven to lower health insurance costs and improve the public’s health. Individuals and employers are looking to bend their cost curves through HSAs and CDHPs which will grow another 30% in the next few years. In working with a great number of individuals and employees covered by health insurance plans, they learn what the overwhelming majority of people are doing to save on their health care costs.  With all of the time and hard work that went into healthcare reform, clients have been watching premiums rise, benefits shrink and employer contributions dwindle. Since several clients say that they will drop their group health insurance by 2014, the public and employers will turn to consultants to navigate them through the changing health insurance system.

Oh yeah . . .by August 1st  of this year, insurance companies had to issue rebate checks based on their medical loss formulas. . . 15% or 20% of insurance expenses had to be spent on administrative costs.  If you think you might be entitled to a rebate check, let me know or if you like this blog, please recommend us!!  More information is available on how to save on your health insurance costs;  just shoot us an email. jim@brokersconsultantsinc.com. Thanks!!  The 24/7 Insurance Guy  

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Diana September 11, 2012 at 11:30 AM
Unfortunately what most of us are doing to reduce health costs is not having things taken care of. As an aside, I was recently told I should have 2 tests done to check my heart, etc. When I called the hospital to schedule I was told it would cost me $2300 after insurance pays their portion. That does not include the costs of the person reading the tests or performing the tests, etc. I learned this in the past when the other bills come rolling in. I make less than $20,000 a year. I pay close to $700 a month for insurance since I can't get it at work. My alternative. I am not having the tests done and will deal with what may happen or not. Am I scared? You bet!
James Tiernan September 11, 2012 at 12:58 PM
Diana, I am sorry to read of your financial situation, which is directly affecting your ability to obtain necessary medical testing. If your employer currently has a plan in place, but the cost to you is financially prohibitive, have him ask his insurance broker about an HRA plan (Health Reimbursement Arrangement). It allows employers to better afford an employee health plan, while allowing you to better afford your share of the premium.

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