As a health insurance broker, Our office offers health insurance Nevada plans for every insurance company in Nevada. As I go through the year though, I’ve noticed clients tend to start buying the cheapest plan from each insurance company. People are using the same reasoning to get to these 3 or 4 plans and I would like to go through it here.
Please remember that the whole point of health insurance is financial insurance. The goal is to save you money and protect you from bankruptcy. When that bad year comes it’s there. Today an ER visit cost $1,200, MRI’s cost $2,600. Broken legs are $7,500 and an average hospital stay is around $30,000.
Bronze
Many of my clients are perfectly comfortable buying the cheapest plan. They are very healthy clients I have just want coverage for these big emergencies. They want a catastrophic plan. Bronze plans have the lowest monthly cost, but the highest costs when you need medical services. The thinking behind this is they want to pocket as many savings as possible for that rainy day. When that rainy day comes they know they’ll be responsible for more of the cost, but in exchange, they’re saving the most per month. Most Bronze plans fit into this category. Bronze plans make a great “Base” plan for Small Business Health Insurance plans.
Many people need the health insurance to do more than that. They want to see the doctor and specialist for a low cost, they have regular prescriptions they need to fill or for another reason they would like better coverage.
Silver
Silver plans are a step up from Bronze. Many of them offer co-pays for doctors services and prescriptions. Co-pays are fixed amounts for a specific service, for example, $40 for a specialist or $75 for the urgent care. This starts right away. You don’t need to pay a deductible for these services. The deductible is also lower on Silver plans. The deductible is the amount you pay before major services are paid for by the insurance company.
Gold
Finally, Gold plans have the largest number of services apply to these co-pays and the lowest deductibles. They are the most expensive per month but in exchange, they cost you the least for the doctor.
The Best For You
So the balance is we need to get a plan that’s the least expensive per month but it still needs to cover everything you need it to cover. No one can predict the future so no one knows how often they’re going to need the insurance. I try to find out how much my clients have used the plan in the last few years and fit them into something that will work for them.
Most clients don’t understand that buying the cheapest plans could end up costing you the most. Everyone wants to save money. I want that too, however, the worst position you can be in is buying the cheapest plan and using it all the time. You will end up paying the most in the end. You’re going to pay the insurance company AND you’re going to pay a large amount for every doctor you see. I also don’t want you to purchase a Gold plan and never use it. Here you’re just paying too much for the coverage.
Please give us a call at our office if you would like more information regarding ACA plans. Our number is (775) 828-1216. We do individual and group health insurance quotes to help find a health insurance small business plan for your company.
