Insurance: A Guide to Better Living

We all want to make proactive decisions to protect our family, our business, and of course, ourselves.  Health insurance is the main way we protect against unexpected medical expenses.  Health Savings Accounts are a popular way to help you maximize your insurance benefits.

Here are a few tips and suggestions to help you plan ahead

With health insurance plans, you can pay the out-of-pocket costs with Federal Tax Free dollars when you open up a Health Savings Account (H.S.A.) and fully fund it for 2016. 

Your out of pocket maximum is the same for Bronze, Silver or Gold plans so you are avoiding paying higher premiums so that smaller claims will be reimbursed early, but you will be prepaying with higher premiums with this kind of reimbursement.

The main thing is that when you have a P.P.O. with a broad network of providers, make sure all hospitals, doctors, radiologists and anesthesiologists are in the network.

Don’t pay bills from the providers unless they have been processed through the carrier.  Only pay bills when the E.O.B. (Explanation of Benefits) statement arrives from the carriers, after they have adjusted the bills and explain the net amount you owe based on your coverage.

Use your H.S.A. debit card to pay those adjusted bills after you have reviewed the bill for accuracy.    

Keep a file and journal of treatments, procedures and appointments and billings.

If you are in the hospital, always have a loved one with you to monitor medical activities to protect you while you are not coherent.  For example, having an advocate with you to help monitor all the medications and procedures will be a great asset, especially before any planned surgery.  Regularly check that your Durable Medical Power of Attorney and Medical Directives are up to date and firmly establish what you want to have happen in case of any undesirable outcomes.

Update your Will and Estate Plan annually and make sure your administrators and appointed guardians are willing to continue their requested roles.

Finally, update your life insurance so it is aligned with you family trust, wills and current events of your life.

If you have any questions on any of the above, we are here to help.