Health Insurance

The plans of the diligent lead surely to advantage. Proverbs 21:5

Medical bills that could not be paid are the most oft cited reason for bankruptcy, followed closely by debt. An unexpected hospital stay for a burst appendix, for example, can easily leave over $40,000 in bills behind. Without adequate health insurance, this could quickly ruin a family financially.

The best way to obtain health insurance is as a benefit on the job. This is because group rating is highly advantageous to workers and their families. However, not everyone has access to health insurance on their job. The uninsured very often include the self-employed and lower level workers within small companies.

At times, we may also find ourselves between jobs without access to health insurance. Where possible COBRA benefits should be seen as a primary source of health benefits in the event of layoff. This is because group rates are generally still in effect, and coverage can be extended for up to 18 months, provided the laid off worker can make the premium payments.

We have programs for all of these situations.

For those between jobs, we can offer short-term policies which can provide coverage for up to 90 days at attractive rates. The reason the rates are lower in this situation is that the exposure of the insurance company is finite and definite within a specified period of time.

For those unable to obtain health insurance benefits through their job or for the self-employed, we advocate the use of high-deductible plans, coupled with a Healthcare Savings Account (HSA). This reduces the premiums that have to be paid, conserving valuable resources. The component of the HSA can offer favorable tax treatment of medical expenses, as well as provide greater control for the insured to pay for smaller, incidental medical expenses directly.

All of the high-deductible plans coupled with an HSA offer an interest bearing HSA with checkbook access for convenience and flexibility.