Moritz Financial Group

The cost of your health insurance policy goes way beyond your monthly premiums. If you really want to know how much you’ll spend this year, you need to take your monthly premiums and add in co-pays, deductibles, and co-insurance amounts.

As you evaluate a new health insurance plan, much sure you accurately estimate real costs, understand insurance lingo, and ask yourself these important questions:

1. What are the co-pays? If you visit the doctor regularly or plan to this year for pregnancy or chronic condition, your co-pays will add up quickly. When comparing plans, multiply the co-pay amount by how many times you anticipate seeing the doctor this year to calculate your annual co-pay cost.
2. What is the policy deductible? Your deductible is the amount you will be expected to pay out-of-pocket before the full terms of your policy kick in. A large deductible means a lower monthly premium, while a small deductible means a higher premium. Decide which deductible is best for you. Would you rather pay more every month on premiums or pay medical bills as they come? Keep in mind that each individual on your policy will have his or her own deductible amount.
3. Is there a co-insurance amount? To keep premiums low, some plans offer co-insurance. After you have paid your deductible, co-insurance is a percentage of the medical bills you will be expected to pay. For example, if you have an 80/20 co-insurance plan, your insurance company will pay 80% of the bill, and you will pay 20%. As you research plans, assess how much medical care you think you will need to get an estimate of your out-of-pocket expenses.
4. What is the out-of-pocket limit? The out-of-pocket limit is the maximum amount you will be required to pay for the year. If you need a safe estimate on your yearly health care costs, take the monthly premiums (x 12), and add the out-of-pocket limit. Depending on your needs and level of care, your costs may be substantially lower — but never higher than this out-of-pocket maximum.

As always, we’re here to answer any questions you may have and help you find the best plan for your business or you and your family! Call Paul at Moritz Financial Group in Austin, Texas…(512) 454-8800.

Life insurance is not just something to consider in old age. Though more and more people are purchasing life insurance—in 2019, about 57% of Americans had life insurance in one form or another—many are still punting.

Putting off purchasing life insurance only means that it will be more expensive later.

Right now, you’re the youngest you’ll ever be, and life insurance premiums will only increase as you age. Even if you have group life insurance with your employer, you can always add an individual plan and minimize your premium.

Give us a call or send us an email to discuss your options today.

We've redesigned our website! Also, keep an eye out on this page for new content coming soon. Take a look and let us know what you think....

www.moritzfinancialgroup.com

Moritz Financial Group The employee benefits your company provides serves a major role in recruiting, retaining, and motivating your employees. Moritz Financial Group will help you find the right solutions for your organization.