health insurance question?

Question

Hi i am in search of a good health insurance and i was wondering your option on this

Blue Shield: $45 monthly premium
Plan type: PPO
Deductible: $4,000
Coinsurance: 0%
Office Visit: Pay nothing after deductible

i am a 20 year old male in good health.

Answer 1

If you're healthy, that's a GREAT plan. But the premium is EXTREMELY low. I've never SEEN a premium that low. Are you sure it's INSURANCE and not a discount plan trying to pass itself off as blue cross/blue shield?

You realize, that the $4,000 deductible is how much you pay out of pocket, each calendar year, before the insurance kicks in, right?

Answer 2

$45 is very reasonable. Also taking into account that it is offered by a Blue Cross Association member company, (each Blue Cross is separately owned/operated,) you will be dealing with a reputable company. It is important to keep in mind that another benefit of being insured with a Blue Cross company is the protection offered under the, "allowed amounts." These are the pre-determined negotiated rates agreed upon between the doctors/hospitals, and Blue Cross. As a member of Blue Cross you will only be charged this allowed amount for services rendered. In most cases the allowed amount is substantially lower than the full retail cost. With a high deductible you will benefit with lower monthly premiums, and if you do need medical care it will be provided to you at a lower cost so long as you use a PPO provider.

Answer 3

Since you are very healthy and most likely won't be having a lot of office visits I would look at a plan where you have a copay of $25 or $30 per office visit. That should drop the premium. Talk to an insurance broker who represents several companies and can shop around for you.

Answer 4

That's a pretty good deal... Chances are, you won't meet your deductible, so you come out ahead of most people. =) Here's two things I'd recommend though:
1. NEVER pay up front for services. ALWAYS have the insurance billed first. Reason being: this is how it's tracked to meet your deductible, and you should only have to pay the "contracted rate" - meaning a LOT less than the cash price. (Provided you use in-network doctors!)
2. If you can do it, set up an HSA (health savings account) - this is pretax money that is set aside for anything medical - deductibles, copays, etc. Some of them allow you to buy Tylenol with them.... It's a good way to have the money set aside for any bills.... They often issue you a debit card for the acct....

Answer 5

You mentioned that you are 20 and in good health, presumably you don't spend much time visiting doctors. For $45.00 a month, this plan provides you peace of mind in the event you are hospitalized due to a severe illness, injury or accident. This coverage gives you what is called "catastrophic coverage." ($4,000 adds up in the first few hours of being in a hospital emergency room.)

Answer 6

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Answer 7

You will need to decide for yourself what you need and how much you can afford on the premiums. Speak with several insurance brokers before signing on the dotted line.

Answer 8

the deductible amount $4,000 is a bit on the high side, are you able to fork out 4,000 in the event of any sickness.

Try to strike a balance between premium vs deductible