Some insurers have discovered this new model and are masterminding a redesigned plan that has many career benefits ranging from high deductibles and high co-insurance. There are some carriers who have not made profits so well with entering this new territory; Due to the fact that the risk associated with insuring people with chronic health conditions is misunderstood. Carriers that have properly analyzed and targeted their profit margins are doing well in this market.
Initially when the government gave this order to insure all the people for the first time, their views would pay 60% of the co-insurance level with the Bronze level schemes. However, as time progressed; Carriers are preparing plans to meet individuals ‘budgets and for high-income plans to fit consumers’ lifestyles that appeal to high-income people.
Ask yourself this question; Why should I pay such a high deductible and high premium at the same time to get a co-insurance of 80% after spending anywhere between five and six thousand dollars on a bronze level plan? This does not make economic sense, but it is what happens in the health insurance business. As long as you are healthy and have finance for a degree where money is not a commodity, then by all means, continue with your Bronze Level High Deduction Plan.
As a consumer, it is important for you to do your homework and make sure that the health plans you are considering purchasing are actually a major medical coverage when you experience a devastating disease that can affect your finances. May ruin the portfolio. Many carriers are also creating indemnity type coverage; The misconception of not giving anything to the American people is going to happen to me in their sales pitch, which is greed and attractive for low premium dollars, and although these types of plans will cover minimal medical expenses; However, they are not major medical insurance if a catastrophic event occurs in your life and you have found yourself hospitalized within a certain time period. Do not be fooled, know the difference between different types of schemes in this health market. “Wisdom is the main thing; therefore gain knowledge. And in all your works, gain understanding.” Proverbs 4: 7.
As an insurance professional in the health and life sector, I would advise people to keep their household income in mind when purchasing insurance products to protect their income and property. None of us would want to suffer financially and on top of that, would be physically unable to earn salary for any time period. As consumers, we are savvy with how to buy insurance; Which is just as important with our financial planning as the type of coverage we choose. When knowledge is applied to our daily walk, the conscience must follow every decision that we make. “When knowledge enters your heart, and knowledge is pleasing to your soul, then conscience will preserve you; understanding will sustain you.” Proverbs 2: 10–11.
Encouraged and educated themselves on the subjects of; A variety of life and health insurance products, personal finance, and other business-related information that has to do with money and how money works.