Health Insurance and Small Business

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Health Insurance and Small Business

High Deductibles and Out-of-Pocket Costs

Analyze your Plan

You may think that it’s going to be less expensive with your monthly premiums if you increase your deductibles and your out-of-pocket costs. Look very carefully. Sometimes the difference in rates is so insignificant that you should not increase your deductibles or out-of-pocket costs. As you look at a comparison of rates you will find the sweet spot where it is more cost-effective.

Do the Math

For example, if you had an illness or accident and you used your deductible, would you actually save money overall by having a higher deductible and lower monthly premium? Or would you lose all of your premium savings on the utilization of that deductible when you go in the hospital? Always do your math first before choosing a high deductible plan. Compare a $500 deductible plan to $1000, $1500 to $2000 and $2500. This type of research can be cost-effective savings for individuals and for entrepreneurs starting their own business.  Find that sweet spot and you have the right plan for you!
 

By |2014-02-02T00:12:01+00:00October 24th, 2011|Business Training, Health Insurance|

About the Author:

Holly Katko, President of U-Connect, Inc., develops consulting and training programs on topics such as Leadership Development, Selling to the Need, Extreme Customer Service, and Soft Skills Identification. U-Connect, Inc. started in the year 2000, is nationally recognized for it’s business consulting and business coaching. “All of our training and workshops are customized based on the clients needs which means a win for our clients, a win for their team members, and a win for us!”