Are you sure your Marketplace plan leaves you fully protected?
Milk Runs Aren’t Easy Anymore
Most people approach purchasing health insurance a lot like they approach grabbing a gallon of milk at the store. Just go to the store, grab the first gallon you see, then check out and go home.
It’s that easy! … RIGHT? Maybe not as easy as you think.
What most overlook are the other categories within the milk category that might actually be better for them. There’s soy milk, almond milk, coconut milk, ½ gallon jugs, quart jugs, chocolate milk, strawberry milk, low fat milk, 2% milk, whole milk, raw milk, organic milk, lactose free milk, etc, etc.
When you really think about it… you better know what you’re using that milk for, and who’s going to be drinking that milk before you go willy-nilly and pick up a jug of the first thing you see.
Milk runs aren’t easy anymore… there’s too many new options out there in the marketplace! If you don’t stop to look around and see what’s available now, you may just be missing out on something that might be better for you, and make your insides happier!
Buyer’s Remorse Sucks
Have you ever bought something off the internet, and when you used it for the first time you realized it was a poorly made piece of junk made in some factory abroad without any quality standards or regulations? That’s the worst!
The item you expected to work as expected no longer works at all… and you might as well have not bought it at all and throw it in the garbage!
I buy a lot of things off Amazon, and once in a while I purchase a product where the advertisement is nothing like the pictures and description boasted about online! You feel a little cheated, violated, and like you wasted your money. You still need or want the item, which means you must spend more money and buy it again – this time from a different supplier.
Do You Want Insurance, or Insurance that WORKS?
Healthcare Marketplace plans are the same! Sometimes they’re great and you can get a plan on their own which will have no problem. But the majority of us fall into a demographic where the pricing and benefits don’t match up very well. This means high deductibles, high premiums, and typically no copays for drugs or doctor visits until we reach that monster deductible.
This means that when you go to use your insurance, most of us will feel like our new insurance plan isn’t really doing anything to reduce the cost of healthcare until we have fist spent maybe $5,000 – $7,900 of our own money.
So… It’s Not That Easy?
“So, you mean that I can’t just go onto the Healthcare Marketplace, pick a plan, and be done??!”
Yes you can, but the way most Marketplace plans are looking these days, you won’t feel like your brand new spiffy insurance plan is doing much for you if you just get it as is.
Most Marketplace plan are great at a few things – covering pre-existing conditions, covering pregnant mammas, preventative care, and if you’re bordering on the poverty line, a significant tax reduction that lowers your monthly premium and your deductible.
But, most of us don’t live in that world. Most of us are not below the poverty line, or pregnant, or so sick that we can’t afford anything else besides the basics.
For the majority, the pain of potential financial ruin due to medical bills is greater than the pain of spending a few extra bucks to adequately protect yourself against said financial disaster.
Building an Army
If you were building an army to protect a nation, how would you organize your troops? Your army wouldn’t just have foot soldiers to fight the enemy (medical bills) would they?
No! You’d also have specialized Rangers, Marines, an Air Force, a Navy, Mercenaries, Black Ops, and maybe even a Space Force! These different branches of your military will ensure that no matter how, where, or when you are attacked, you will be adequately protected against the enemy (medical bills).
Beefing Up the Benefits
If you want to have insurance that actually FEELS like insurance and adequately protects you from all angles, then you may want to consider a couple ancillary products to ENHANCE your Marketplace plan.
Any experienced Health Insurance Broker will recommend beefing up your benefits with just a few very specific and specialized insurance products to make sure that when you actually go to the doctor, you’re not going to get all healed just to hit yourself again when the medical bills arrive.
Most ancillary products are like specialized soldiers in the army of health insurance financial protection. They do one thing, but they do one thing very very well… and very efficient!
What is “Ancillary Insurance”?
Ancillary insurance plans are insurance policies that are like “add-ons” that enhance and improve your insurance by improving something very specific about your current plan. Typically the goal of ancillary plans is to take the bad parts of your Marketplace plan, and make them good.
Accident protection insurance is one of the most common ancillary add-ons. It is very inexpensive, but can save you thousands for minor injuries and accidents. The objective of the right accident insurance plan, is to cover you adequately up to your max out of pocket (or your total financial responsibility), and reduce your financial responsibility down to only $250.
Unicycling Down a Staircase
Here’s an example. Say you have a “Marketplace only” insurance plan which has a $5,000 Deductible, 20% coinsurance, and a $7,900 Max out of pocket. You just broke your arm trying to ride a unicycle down a flight of stairs. Typical broken arms can cost around $6,000 per incident at the Emergency Room.
With just a Marketplace plan: You pay $5,200 of your own money for medical bills.
With Accident insurance added to your plan: You pay $250 and the accident insurance picks up the other $4,950.
You can see the savings and powerful combination of benefits that this can provide you! With a simple addition to your insurance plan, you can drastically increase it’s ability to protect you against all that “banging your head against the wall” secondary injuries you get from the medical bills when they arrive.
I recommend other products added to your insurance portfolio also – based off of suitability and of course your budget. A few of the other benefits to beef up your protection include:
- Sickness protection
- Critical illness protection (cancer, heart attack, stroke, etc)
- Prescription coverage
- Dental/Vision/Hearing insurance
- Etc, etc.
As Always, Consult a Professional
I never recommend leaving the protection of your family to a healthcare.gov marketplace call center representative, or that family member that says they vaguely understand healthcare and has volunteered to help. I always recommend speaking with a licensed individual like myself before you to all willy nilly and sign up for healthcare. Most likely, we can still keep all these additional benefits within your budget range, but make sure that no matter what angle the enemy (medical bills) attacks you from, that you will be protected adequately.
Milk… It Does A Body Good
So before you buy your next jug of milk, ask the chef what the milk will be used for, and for a recommendation on what type of milk you should buy., The worst is getting all the way home from the store just to realize that the recipe called for whole milk, and all you got was half and half.