Thursday, January 29, 2004
More Bang for Your Buck: Insurance Alternatives
Just about everybody knows health care is expensive. But even if you eat right and exercise, it doesn't seem like there are too many ways to cut costs. Well in tonight's More Bang For Your Buck, we found some insurance alternatives.
(WSVN) -- Dean Emly is definitely one guy who likes to stay in shape.
He says, "I enjoy my life and I want to be around a lot of years."
But he knows exercise isn't the only flex plan.
Dean also worries about finding affordable insurance.
He says, "The pricing always goes up."
So how do you save without compromising your coverage.
Insurance Broker Everett Wheatley suggests lowering your bill by choosing a plan with a high deductible.
Everett says, "In order to keep your cost within a manageable situation individuals are having to go to $1000, $2500, $5000 dollar deductibles."
Or you can look for a healthcare provider that focuses on Preventive Care.
Judith Faber of theDepartment of Children and Families says, "They provide primary care and specialty care. They do not provide in patient hospital services."
Another alternative - Care Access.
It promises a policy that will only cover the basics.
That means no hospitalization, no pre-existing conditions.
Plus rates vary according to sex and age.
Judith says, "You pay a monthly fee and there will probably be some co-payments."
Speaking of basics, if you're living in Miami-Dade, you also might be eligible for the county's Health Flex Program.
Just be aware it also doesn't cover hospitalization or rare diseases.
"There for someone who does not have an income higher than 200 percent of the federal proverty level and under age 65."
That means if you're single, you can't make more than 18 thousand dollars a year... And if you're married, you can't have a combined income of more than 32-thousand dollars a year.
"There is alternatives. There is solutions."
One solution - H-S-A - Health Savings Account.
It works like a bank account.
People can invest in their H-S-A and roll them over year to year - tax-free.
Or you can invest in something called a Medical Savings Card.
For 60 dollars a month, it offers a discount on everything your insurance doesn't cover.
Everett says, "They are very reasonable in terms of cost and the savings is astronomical."
As for Dean, saving on insurance gives him health and wealth.
He says, "Use your dollars wisely to get the greatest value for the dollar and I feel I'm carried that same concept over in finding insurance."
Now, before you buy from an insurance company make sure the company is reputable by calling Florida's Department of Insurance.
FOR MORE INFORMATION:
Five Star Care Insurance
1195 N. Military Tr. #9B
West Palm Beach, FL
Health Flex Plans:
Health Savings Accounts