Why are people paying so much money for one health plan? What is more disturbing is the number of people looking for that “golden egg” health policy that will pay every medical expense. These plans do not exist! Successful business owners know that it is not how much you spend but how much return you receive on what you spend that really matters. There is no difference in the realm of health insurance. As a business owner or individual looking for insurance, nothing matters more than a well-structured health insurance portfolio.
Unfortunately, not many business owners are aware of how to create a well-structured health insurance portfolio. It often comes down to the mindset that the best investment is a single policy that delivers the most coverage for the least amount of premium. These policies often fail to cover key areas of health care costs that many people often overlook. There are five key areas a health insurance portfolio should cover for a business owner:
- A Basic group or individual medical plan with a high deductible and coinsurance.
- Medical Gap plan that pays your deductible and coinsurance.
- Dread Disease plan (Cancer, Critical Illness, etc.) to supplement your medical plan for critical illnesses.
- Accident and Disability plans that supplement your medical plan in the event you are injured as a result of an accident or become disabled.
- Whole Life Insurance that includes an Accelerated Benefits