Some insurers have discovered this new model and are coming up with new designed plans that include high deductibles and also higher coinsurance to the extent that many companies benefit. There are some carriers who have not benefited so well from entering this new territory; due to miscalculating the risk involved in insuring people with chronic diseases. For traders who have accurately analyzed and targeted their profit margins, they are doing well in this market.

In the beginning, when the government first chose to have this mandate to insure everyone, their idea with the Bronze level plans would pay for at a 60% coinsurance level. However, as time has passed; Operators are designing plans to meet individual budgets and suit consumers’ lifestyles by having high-deductible plans that appeal to those with higher incomes.

Ask yourself this question; Why should you have such a high deductible and pay high premiums at the same time to receive 80% coinsurance after spending $ 5,000 to $ 6,000 on a Bronze plan? This does not make economic sense, but it is what is happening in the health insurance business. As long as you are healthy and have finances to the point where money is not an issue, then of course, stick with your Bronze level high deductible plan.

As a consumer, it is important that you do your homework and make sure that the health plans you are considering purchasing are truly important medical coverage in case you experience a devastating illness that could ruin your financial portfolio. Several companies are also creating indemnity-type coverage; give the American people a false sense notion that nothing is going to happen to me in their sales pitch, attract and offer lower premium dollars that are attractive, and while these types of plans will cover minimal medical expenses; however, they are not important health insurance if a catastrophic event occurs in your life and you are hospitalized for a specified period of time. Don’t be fooled, learn the difference between the different types of plans in this healthcare market. “Wisdom is the main thing; therefore, get wisdom. And in whatever you get, get understanding.” Proverbs 4: 7.

As an insurance professional in the health and life industry, I would advise people to consider their household income to protect their income and assets when purchasing insurance products. None of us would want to suffer financially and, furthermore, be physically unable to earn a paycheck for a specified period of time. As consumers, we must be prudent in the way we buy insurance; Which is just as important, if not more so, in terms of the type of coverage we choose to have with our financial planning. When wisdom is applied to our daily walk, discretion must follow with every decision we make. “When wisdom enters your heart, and knowledge is pleasing to your soul, discretion will keep you; intelligence will keep you.” Proverbs 2: 10-11.

Go ahead and educate yourself on the topics of; different types of health and life insurance products, personal finance, and other business-related information that has to do with money and how money works.