Scan Medical Insurance

Major Medical Only? -- Health Insurance Suggestions?

I'm a recent college graduate that has part-time work during the winter. I took over my health insurance when I graduated, but it's costing me a bit over $350 a month. This is more than my rent, utilities, and food combined! Currently I have a $1000 deductible and all that general stuff that it provides. I do need some form of insurance as I train horses, which carries a risk. I am looking to switch to major medical only. Does anyone have any suggestions (or experience/what you use/ect).

Public Comments

1. if you are worried about accidents you can get what is called an accident rider...(not all agents carry these but some do) You can get major medical with a 5K deductible, and an accident rider. The rider will cover the cost of your entire deductible if you are hurt in the instance of an accident, and all expenses accrued go towards your deductible. With the new laws all new plans have to cover preventative care. If you aren't on any meds I would put a deductible on brand name drugs to make it cheaper. I would take off doctor's co-pays cause your savings without them on the plan pays for the dr. visits if you don't go very often. this is just what I do...
2. What a major medical policy is, is health insurance with a high deductible - like $5,000 or $10,000. Increasing your deductible substantially like that, should cut your insurance by half or more. Talk to the agent/company that writes your current coverage, about how much it would be for a higher deductible.
3. You need a trusted adviser to help you through the process of purchasing health insurance so that you understand what you are purchasing. Understanding what you are buying is as important as the price. An agent can give you the knowledge you need so that you can decide what the right balance is between affordability and policy benefits. If you choose a plan that covers everything i.e. doctors office visits, prescription drugs, preventative health benefits, maternity coverage as well as low deductibles, low co-pays and optional vision and dental benefits your monthly premiums will be significant. On the other hand because you are young, presumably healthy and probably don't often use the health care system you might consider a plan that covers only the major health catastrophe. In this type of plan the insurance company does not pay benefits until you first reach a significant out of pocket cost (this is a deductible). Ask the agent if an HSA is right for you. If you'd rather have more comprehensive individual health insurance coverage, such as preventive care coverage, consider a PPO or HMO plan with a lower deductible. Consider higher co-pays for doctor's office visits and perhaps not cover prescription drugs. Either of these approaches will result in a lower monthly premium. You then can use the monthly premium savings to pay for the occasional doctor visit or prescription and still come out ahead. Check with the agent that writes your home or auto insurance he/she can provide you a health insurance proposal that takes into account your budget and health status. They can answer questions so that you understand what is and is not covered by the policy. They can explain deductibles and co-pays and show you the hospitals and doctors that participate in the network. (Networks in PPO and HMO plans are very important considerations). Some are going to suggest you go to their web site so that they earn a few pennies on a "click through". Some may suggest going on line to get a quote but you probably know there is much more to choosing the right health insurance than price. Use the Internet to educate yourself but use an agent to purchase the coverage.
4. Your best option is to see a local independent insurance broker that handles individual health plans. They can give you costs and options for different types of policies. "Major Medical" is a obsolete term - are you trying to say you want a High Deductible Health Plan (HDHP)?