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Rhode Island Small Business (and Sole Proprietor)
Health Insurance a RI
small business health insurance quotes As too many of us Rhode Island residents and businesses know all too well, for the past 3 years Rhode Island has been limping along with only two insurance companies offering comprehensive major medical plans. Due to the lack of competition they charge what the market will bear - and get it. One way to fight back against escalating insurance premiums is to analyze the benefits of your plan choices from a financial standpoint. A plan that gives you a $750 lower deductible and a $10 lower office visit co-pay is not worth paying $1000 more per year for, let alone $6000 or $7000 more for. Why would you pay $6000 for a potential value of just $750???? Yet the majority of Rhode Islanders have been doing this FOR YEARS!. If the truth be told, a $1000 or even $2000 deductible plan without any co-pays (that covers office, visits, E.R and prescriptions 100% after the deductible is met) is far better protection than any plan that has co-pays attached. After all, co-pays cost you MORE MONEY and they go on and on FOREVER! Think about it! If you are on 6 prescriptions with a $40 co-pay each, together comes to an additional $240 every month just for Rx drug co-pays. The most expensive $10 office visit co-pay plan costing a family $1500 per month in premiums with a $40 brand name Rx co-pay actually costs the family MUCH more that $1500 per month if someone in the family needs to fill the prescriptions above. Then all of a sudden the $1500 per month is $1740 per month PLUS other co-pays added to that! If this same family had realized they could have had a plan with no co-pays with a $1000 per person deductible for up to three people in the family for just $850 per month, they would have had better protection in both a best case and worst case scenario and saved a minimum of $650 per month or $7800 per year in premium and co-pay savings. If one person had been sick enough to meet their deductible, they'd have still had $6800 in savings. If three or more people had been terribly sick, they'd still have $4800 in savings (after subtracting out 3 one thousand dollar deductibles from the savings they realized by choosing a plan providing better protection for the money). Finally HSAs have arrived in Rhode Island. For the ulitmate best protection for your current healthcare needs as well as protection against future escalating healthcare costs, nothing beats a qualified high deductible plan and a Health savings account (HSA). For a free audio visual on the advantages of HSA plans as compared to traditional non- tax advantaged low deductible co-pay plans, click here for a presentation by Assurant/ Fortis. While their HSA plans are not available in Rhode island due to extremely onerous Rhode Island health insurance regulations, the concepts discussed apply to all HSA plans. Health Insurance Tip for Rhode Island
Businesses: There is no need to continue
overpaying and underutilizing your group health plan. The way to stop paying so
much for Health Insurance Tip for Rhode Island
Individuals & Families: For those of you who are sick and tired of paying through the nose for inferior coverage, many people are choosing short-term medical insurance instead. Short-term medical does not cover pre-existing conditions or a regular check up or maternity but it covers anything new and will cover your for six months or sometimes 12 months at a time with as much as $2 million dollars of coverage per policy period. For more about short-term medical, click here. Once the coverage expires, as long as you can say "no" to the health questions, you can get it again. It isn't as good as good as a permanent plan that is reasonably priced that you could get in NH, CT, VA or many many other states but the price is right and the coverage is EXCELLENT while it lasts. As long as you can qualify you can get it again and again. How do Short-term Medical rates compare to Blue Cross individual rates? Expect to pay as little as 1/3 or 1/4 of what you pay for Blue Cross for short-term medical. Questions? Feel free to call for quotes and further explanations of health insurance options in Rhode Island with John Alden. Choose the single pay option and save an additional 30% over the monthly payment option. Or, you may download a printable brochure and application to mail in. Health Insurance Tip for the Self-employed:
Be Forwarned! !Please avoid the hospital - surgical plans advertised on the radio and on
telephone poles as being priced right - just for the self-employed.
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