14 Nov 2014

Risk Management Strategy: Go for the Bronze (but add accident coverage)

14 Nov 2014

You are thinking about going with the lowest possible premiums and choosing a Bronze plan, maybe even pairing it with a tax-advantaged Health Savings Account.  The deductible is high — what if you had some unexpected medical expenses and had to pay the first $4,500 or $5,000 before your health insurance started kicking in?  Things happen.  A fall from your bike, a car accident, tearing your ACL while snowboarding … or just walking down your front steps.

In general, for healthy individuals and families, we think the lower premiums offered at the Bronze and Silver level are the right way to go.  And as a way to manage your total financial health risk, pairing your high-deductible plan with a low-cost accident policy can offset that risk when the unexpected happens.

For $20/month, a single individual can have their full $4,500 or $5,000 deductible paid for (less a $250 deductible) in the event of an accidental injury. 

For $43/month a family of four can have their full $9,000 or $10,000 deductible paid for (less $250 deductible) in the event of an accidental injury.

The Accidental Medical Expense policy is our recommendation to pair with a high-deductible plan.

Some clients may be interested in the alternate Accident Fixed Benefit policy, which pays a flat dollar amount for specific services received in the event of an accidental injury.  This plan pays cash benefits without regard to whether your health plan already covers it. In general, this plan is a better fit for clients who choose a Silver-level plan but still want to reduce their total financial risk.  Some examples of cash reimbursement: $100 for a doctor visit, up to $300 per day in the hospital, and up to $1,500 for an air ambulance.

See plan details for both options and get an immediate quote here.

We are pleased to offer these accident riders through Assurant Health.  If you are applying for an Assurant Health medical plan, you can easily add the accident rider on during your application.  But you can select one of these accident riders, even if you have a Kaiser plan, or a Covered California plan, or any other carrier — even if you have coverage through your employer.

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