Tag Archives: experience

Want a Zero Deductible Health Care Plan? Here’s How!

deductible stack 300

Shhhh. . . did you hear that?

 

Quietly–maybe even while you were sleeping–a revolution in the insurance industry began to occur early last year. Old ideas were abandoned, new ideas adopted, and new choices came into focus.

Now, I know what you’re thinking: You’ve heard all you can bear about the Affordable Healthcare Act and its wonders. Well, that’s not what this  post is about. It’s something about which you may have never heard a peep.

 

Deductible Insurance.

That’s it, in two words.

Sure, it has a longer name on the marketing materials, and someone stayed up all night to think of what to call it, but we’ll just call it what it is.

Deductible Insurance.

Something new. A new choice for your family protection portfolio, and even more necessary in today’s high deductible landscape. Here’s how it works:

 

Oldway

 

The old way of doing things is lost to the market now–probably forever–but it involved an “up front” approach to healthcare via higher coverage and higher premiums. The deductible was low, and co-pays kept office visits to a predictable cost. Those same premiums, however, never really stopped getting higher and higher each year. Supplemental coverage was difficult to justify with such high cost of coverage.

 

 

 

newway

 

The new way keeps premiums stable–or at least is supposed to–while taking some risk on the back end that we are generally healthy except for unexpected occurrences. That works well for some, but isn’t an accurate picture for everyone. Deductibles soared to share some of the cost (and risk), while the occasional supplemental plan could fill in a gap or two. Overall costs dropped, but only if utilization was low.

 

 

 

The average amounts for workers with an aggregate deductible for family coverage are $1,743 for HMOs, $1,854 for PPOs, $2,821 for POS plans, and $4,079 for HDHP/SOs  -Kaiser Family Foundation 2013 Employer Health Benefits Survey

 

bestway

 

“With great deductibles come great responsibility”. –Spiderman’s Aunt

 Okay, not the actual quote, but it works for this discussion. Medical plan deductibles have been sliding deep into the thousands, with family deductibles often hitting tens of thousands. Whatever the reason, this is the reality most of us face or will be facing soon. The risk is transferred almost completely to the insured for routine illnesses and minor injury incidents, while a scary number looms ahead should there be something requiring real attention.

Enter Deductible Insurance. Call it a hospital buy-down, catastrophic confinement coverage, a safety net. Call it whatever you like, but imagine having your entire personal deductible (up to $3000 per event, per person) paid in cash after a hospital stay. Accident, illness, childbirth, on-the-job injury, whatever the case may be. Your out of pocket may even be eliminated altogether, depending on your health plan and coverage. Coupled with an FSA or HRA (if your employer is that awesome), it gets even better!

Imagine knowing that your bottom line is covered, no matter what happens. With deductible insurance it is possible to have that kind of peace of mind. Relax, it’s covered. There is a better way.

 

Tim

 

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The ONE Thing You Need To Do For Your Business, Right Now! (and it’s free!)

When was the last time you had a good picture of your small business service or product? I don’t mean walking the factory, checking in with your managers or running a survey. Those things are good, but the results are skewed at best, just plain misleading at worst. The Emperor’s New Clothes and all that. Sure, do those things when you can, but try this today:

Shop your business. This goes way beyond QC and spot-checking. Take your perspective from outside the door, or at least use the same channels your customers have to use. Take your new imperial clothes all the way out of the building, turn around and engage your business from the street. It sounds easy enough, right? When was the last time you interacted with your own company the way a customer does?

IMG_3704Do you sell products? Buy a few from your sales department. Have them shipped to your home to see the whole process in action. Does your sales team follow up each purchase? Did the shipping department process the order immediately? Maybe your company is a bit smaller, but does everyone look for (and take) opportunities to go the extra mile? Is your latest catalog in the box?

Even a restaurant can do this easily. Call in an order of your best and worst sellers, then pick them up from the counter yourself. Take a look at how your food is presented to a paying customer; you may even understand why that particular menu item is your least popular!

What about your phone system? Is it friendly, up-to-date and functional? You’ve been dialing direct for years, your customers may be hitting the keypad in frustration on their end. Email your sales or support employees–anonymously of course–with a question a customer would ask. See how timely and polite the response is. Call your staff and let them show off their customer service skills.

If you own a service company–no matter how small–you can still experience your company from the outside. Set up a service call, go through the process from start to finish. Do they offer additional services or upgrades? It will be worth it, just to see the look on your employee’s face when they realize you are the customer.

Fortune 500 companies are notorious for letting these kinds of details slip through the cracks. Your edge exists because of that lack of detail, don’t ignore the advantage.

Take a good look at your company, but do it from a customer’s perspective once in a while. Shop your company.

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