Welcome, My name is Michael Grant. I am the owner and operator of MIG Insurance Services. I hope you find my Blog helpful and if you ever have any questions, feel free to contact me at anytime
Group Health, Individual Health, Life, Disability, and Long Term Care Insurance
HSA Plans
HSA plans are becoming extremely popular in today’s insurance markets. These plans make absolute sense for someone who is healthy, on a budget, and who realizes that a large portion of the premium they pay each month goes to waste, since there is not much utilization of the policy.
An HSA plan is a savings account with a health insurance plan tied into it. These plans provide claim coverage after the deductible you choose has been met. Until the deductible has been met, you will self insure yourself for all claims. This is where the benefit of an HSA plan will help.
During this gap of coverage, the person will use a debit card given to them when the HSA account has been set up. The person can deposit any amount of money they want into this account, which earns interest. The more the better, but in most cases there is not minimum amount required. However, if you don’t have any money in the account to pay for your medically qualified services, then the HSA will not serve its purpose.
You will also be able to check your account by using the bank’s on-line service, just like your own checking account.
Assuming the HSA account is funded, and you have to use the money to pay for medical services prior to your deductible being met, then this is where you will benefit from an HSA plan. When you use the money in your account for medically qualified services, you will be saving about 25-30 cents on every dollar spent. This works out due to the maximum amount of money you are allowed to deduct from your tax return. In 2009, the total amount allowed to be deducted for an individual is $3,000 and for a family it is $5950.
Keep in mind that the money you do put into this account is always going to be your money. You never lose it and it rolls over each year. Each year you can continue to deposit money if you choose to. Every time you deposit more money into the account, it keeps getting added to what is already in there. Each year you deposit more money into the account, you can deduct the maximum determined for that particular year on your tax return.
Questions and Answers
How much can I contribute to my HSA each year?
For 2009 and forward, your maximum annual HSA contribution is based on the statutory limit for your type of coverage. For 2009, if you have self-only HDHP coverage, your contribution is $3,000; $5,950 if family HDHP, no matter what your HDHP deductible is. Before 2006, the contribution could not exceed the deductible of your HDHP. If you are age 55 or older, you can also make additional “catch-up” contributions (see below).
I have a very high deductible, is there a limit on how much I can contribute?
The most you can put into your account for 2009 is $3,000 if you have single HDHP coverage and $5,950; if you have family HDHP coverage. These amounts will be increased for inflation in future years.
Do my HSA contributions have to be made in equal amounts each month?
No, you can contribute in a lump sum or in any amounts or frequency you wish. However, your account trustee/custodian (bank, credit union, insurer, etc.) can impose minimum deposit and balance requirements.
Does my contribution depend on when I establish my HSA account or when my HDHP coverage begins?
Your eligibility to contribute to an HSA is determined by the effective date of your HDHP coverage. Your annual contribution depends your HDHP coverage. If you are not covered on December 1, your contribution depends on the number of months of HDHP coverage you have during the year (technically, the months where you have HDHP coverage on the first day of the month). For 2007 and forward, if you are covered on December 1, you are treated as an eligible individual for the entire year. However – if you cease to be an eligible individual during the following year, the excess over the pro rated contribution is included in income and subject to a 10 percent additional tax. The amount you can contribute is not determined by the date you establish your account. However, medical expenses incurred before the date your HSA is established cannot be reimbursed from the account.
Can my employer contribute to my HSA?
Contributions to HSAs can be made by you, your employer, or both. All contributions are aggregated to determine whether you have contributed the maximum allowed.
If your employer contributes some of the money, you can make up the difference.
Do my contributions provide any tax benefits?
Your personal contributions offer you an “above-the-line” deduction. An “above-the-line” deduction allows you to reduce your taxable income by the amount you contribute to your HSA. You do not have to itemize your deductions to benefit. Contributions can also be made to your HSA by others (e.g., relatives). However, you receive the benefit of the tax deduction.
If my employer contributes to my HSA, does that also provide me any tax benefit?
If your employer makes a contribution to your HSA, the contribution is not taxable to you the employee (excluded from income)
Can I make contributions through my employer on a “pre-tax” basis?
If your employer offers a “salary reduction” plan (also known as a “Section 125 plan” or “cafeteria plan”), you (the employee) can make contributions to your HSA on a pre-tax basis (i.e., before income taxes and FICA taxes). If you can do so, you cannot also take the “above-the-line” deduction on your personal income taxes for the amount contributed through the 125 plan.
Can I claim both the “above-the-line” deduction for an HSA and the itemized deduction for medical expenses?
You may be able to claim the medical expense deduction even if you contribute to an HSA. However, you cannot include any contribution to the HSA or any distribution from the HSA, including distributions taken for non-medical expenses, in the calculation for claiming the itemized deduction for medical expenses.
I’m over 55 and would like to make catch-up contributions to my HSA, like I’ve done with my IRA. Is that possible?
Yes, individuals 55 and older who are covered by an HDHP can make additional catch-up contributions each year until they enroll in Medicare. The additional “catch-up” contributions to HSA allowed are as follows:
2008 – $900
2009 and after – $1,000
I turned 55 this year. Can I make the full “catch-up” contribution?
If you had HDHP coverage for the full year, you can make the full catch-up contribution regardless of when your 55th birthday falls during the year. If you did not have HDHP coverage for the full year, you must pro-rate your “catch-up” contribution for the number of full months you were “eligible”, i.e., had HDHP coverage. However, if you are covered on December 1, you are treated as an eligible individual for the entire year and get the full contribution.
If both spouses are 55 and older, can both spouses make “catch-up” contributions?
Yes, if both spouses are eligible individuals and both spouses have established an HSA in their name. If only one spouse has an HSA in their name, only that spouse can make a “catch-up” contribution.
If each spouse has self-only HDHP coverage (neither spouse has family coverage), how much can we contribute?
For 2007 and forward, each spouse is eligible to contribute to an HSA in their own name, up to the statutory limit ($2,900 for 2008). (The catch up contributions are in addition to these limits.)
If both spouses have family HDHP coverage but one spouse has other coverage, are both spouses eligible for an HSA? How much can each spouse contribute?
The following examples describe how much can be contributed under varying circumstances. Assume that neither spouse qualifies for “catch-up contributions”.
Example 1: For 2008, husband and wife have family HDHP coverage with a $5,000 deductible. Husband has no other coverage. Wife also has self-only coverage with a $200 deductible. Wife, who has coverage under a low-deductible plan, is not eligible and cannot contribute to an HSA. Husband may contribute $5,800 to an HSA.
Example 2: For 2008, husband and wife have family HDHP coverage with a $5,000 deductible. Husband has no other coverage. Wife also has self-only HDHP coverage with a $2,200 deductible. Both husband and wife are eligible individuals. Husband and wife are treated as having only family coverage. The combined HSA contribution by husband and wife cannot exceed $5,800, to be divided between them by agreement.
Example 3: For 2008, husband and wife have family HDHP coverage with a $5,000 deductible. Husband has no other coverage. Wife also has family HDHP coverage with a $3,000 deductible. Both husband and wife are eligible individuals. The maximum combined HSA contribution by husband and wife is $5,800, to be divided between them by agreement.
Example 4: For 2008, husband and wife have family HDHP coverage with a $5,000 deductible. Husband has no other coverage. Wife also has family coverage with a $200 deductible. Husband and wife are treated as having family coverage with the lowest annual deductible ($200). Neither husband nor wife is an eligible individual and neither may contribute to an HSA.
Example 5: For 2008, husband and wife have family HDHP coverage with a $5,000 deductible. Husband has no other coverage. Wife also is enrolled in Medicare. Wife is not an eligible individual and cannot contribute to an HSA. Husband may contribute $5,800 to an HSA.
Does tax filing status (joint vs. separate) affect my contribution?
Tax filing status does not affect your contribution.
I’m a single parent with HDHP coverage but have child/relative that can be claimed as a dependent for tax purposes, and this dependent also has non-HDHP coverage. Am I still eligible for an HSA?
Yes, you are still eligible for an HSA. Your dependent’s non-HDHP coverage does not affect your eligibility, even if they are covered by your HDHP. You can contribute up to the statutory limit ($5950) to your HSA.
May a self-employed person contribute to an HSA on a pre-tax basis?
No. Self-employed persons may not contribute to an HSA on a pre-tax basis and may not take the amount of their HSA contribution as a deduction for SECA purposes. However, they may contribute to an HSA with after-tax dollars and take the above-the-line deduction.
Group Health, Individual Health, Life, Disability, and Long Term Care Insurance
Now more then ever, there are thousands of people being laid off from their jobs and having a tough time finding other jobs in our economy today. One of the biggest losses from being laid off is their health insurance coverage. There is only one option for these people to be able to continue their existing coverage for another 18 months, which is called COBRA coverage.
What is COBRA?
COBRA: The federal Consolidated Omnibus Budget Reconciliation Act requires employers to let laid-off workers and their families stay on the company plan for 18 months after they leave, with no denials for pre-existing conditions.
But COBRA is expensive. Recipients must pay the entire cost plus an administrative cost, a big jump because employers have to cover at least 50% or more of the cost. The average job-based policy in Florida costs $400 a month for an individual and $1,100 a month for a family.
Other Options To Consider
Individual policies: Full-coverage plans are usually very costly, but don’t dismiss them. Healthy people may pay less than they would for COBRA. Also, check high-deductible policies offering little coverage until the recipient pays thousands of dollars out of pocket, and “short-term policies” with bare-bones coverage for a set period. While flawed, both types keep people insured so their next group insurer cannot deny their pre-existing conditions.
Government: One-third of the uninsured qualify for government coverage but don’t know it.
Florida Medicaid: The state-federal program covers children from families with income less than the federal poverty level ($21,204 per year for a family of four), higher for those under age 5. But parents qualify only up to 21 percent of the poverty level and childless adults get no coverage. www.fdhc.state.fl.us/Medicaidor for eligibility, 866-762-2237.
Pregnant women: Medicaid covers them with incomes up to 185 percent of the poverty level ($39,228 per year for a family of four).
Florida KidCare: Under a series of state-sponsored programs for children, most families pay no more than $15 to $20 per month total. Those with higher incomes pay market price but at a big discount. floridakidcare.org or 888-540-5437.
Broward County hospital districts: Tax-supported district hospitals and clinics offer full care for free or at deep discounts for the uninsured. Waits for care can be longer than normal. District officials said their programs may appeal to higher-income uninsured people, because even full prices are discounted.
North Broward Hospital District: browardhealth.org or 954-759-7400.
South Broward Hospital District: mhs.net or 954-987-2000.
Health Care District of Palm Beach County: The tax-backed district’s Vita Health covers the uninsured making up to 300 percent of the poverty level ($63,612 per year for a family of four). Premiums are $25 to $100 per month per person. vitahealth.org or 866-930-0035.
County health department: Clinics for the uninsured. An adult dental clinic just opened at Broward College in Davie, with free or low-cost care. Broward County: browardchd.org or 954-467-4700. Palm Beach County: pbchd.org or 561-840-4500.
Cover Florida: Private insurers offer low-cost, bare-bones policies through this new state program that started last month. Coverage for doctor visits and/or hospital care is bare-bones only. Even so, they keep people covered so their next insurer cannot deny pre-existing conditions. CoverFloridaHealthCare.com.
Federally qualified health centers: Typically small, these nonprofit clinics target the uninsured with no other options. findahealthcenter.hrsa.gov.
Group Health, Individual Health, Life, Disability, and Long Term Care Insurance
Life Insurance One on One
Term Life Insurance
Term life is simple, cheap and provides the largest cash benefit for your dollar but do not accumulate cash values. A specific lump sum is paid to the policyholder upon death and is sold terms of 5, 10 or 20 years. Your monthly premium will remain fixed throughout the tenure of your term. To make it simple, the death benefit and the term policy limit are the same, which means a $100,000 policy pays a $100,000 death benefit. Some term life policies are renewable for an additional term or more, but your premium will be higher every time you renew. This type of policy can be converted to a permanent policy at any time prior to age 75.
Permanent Life Insurance
Permanent life insurance provides death protection for as long as you live. The premiums rarely change and guaranteed cash values can allow you some flexibility in case of emergencies.
- Whole life insurance The primary advantages of whole life are guaranteed death benefits and cash values, fixed annual premiums and any mortality or expense charges will not make the cash value lower within the policy. It also has nonforfeiture benefits so you do not lose or forfeit the policy when you stop paying premiums.The disadvantages are premium inflexibilities and very low interest rates.
- Variable life insurance Variable life insurance provides stable death benefit protection and is the type of life insurance with account flexibility for the more risk-oriented policyholder. It offers low-risk, tax-free cash accumulation through the investment of the cash value amount. The return from this investment is usually promised to be on higher side and is variable.
- Universal life insurance Universal life insurance is more flexible with separate accounts. The investment portion of your universal plan will be invested in a money market account whereas the cash value portion will be placed into an accumulation fund. Apart from the regular death benefit, it allows you to earn market rates of interest on your cash value account and the right to borrow or withdraw from the policy during your lifetime.
- Universal Variable life insurance Universal variable life insurance offers more features than any other and gives you more control of cash value account. It offers premium flexibility, low-risk tax deferred cash value options and separate accounts for you to invest in. (i.e. money market funds, stocks, bonds, etc.)
How to Choose a Life Insurance Policy
You need to find a policy you can afford with benefits and premiums that match your present and future needs. Below are some more tips:
- Decide on the right kind of life insurance plan for your family and desired coverage amount
- Affordability of the premium amount
- Compare the life insurance plans offered by different insurers
- Evaluate the net payment and surrender cost indexes of each policy
- Buy a life insurance policy from a reputable insurance company
- Verify the various offers and claims made by insurer
Group Health, Individual Health, Life, Disability, and Long Term Care Insurance
- Cover Florida gives Floridians access to more affordable health insurance options. Created without tax dollars, it is voluntary for both individuals and employers.
- Cover Florida plans were selected by the State of Florida through a competitive bidding process. Six private insurance companies were chosen based on their proposed robust, innovative and affordable health insurance products.
- Blue Cross Blue Shield of Florida and United Health Care will be available in all 67 Florida counties. In addition, four counties will have further options.
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- Broward County will have two additional options: Medica Health Plan of Florida and Total Health Choice.
- Miami-Dade County will have three additional options: Medica Health Plan of Florida, Total Health Choice and JMH Health Plan.
- Flagler and Volusia counties will have one additional carrier, Florida Health Care Plans.
Benefits
- The six carriers have designed 27 creative health insurance products .
- Each carrier offers at least two benefit options – one with catastrophic
- and hospital coverage, and one without. This flexibility gives Floridians more choices in selecting the plan that meets their needs.
- Cover Florida plans have a robust set of benefits that include coverage for preventive services, screenings, office visits, as well as office surgery, urgent care, hospital coverage, emergency care, prescription drugs, durable medical equipment, and diabetic supplies.
- Cover Florida gives Floridians the opportunity to choose primary and preventive care instead of costly visits to emergency rooms.
Eligibility for Cover Florida
- Cover Florida plans are available to all Florida applicants ages 19 to 64 who have been without health insurance for at least six months – even if there are pre-existing health conditions.
- Floridians may also be eligible to purchase Cover Florida plans under the following conditions:
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- Loss of a job that provided employer-sponsored health benefits.
- Loss of benefits under COBRA.
- Death of, or divorce from, a spouse who has provided employer-sponsored health benefits.
- Cover Florida plans are portable from one employer to another because they are individual policies. Employers may voluntarily share in the cost of the plan with their employees or may assist employees with a payroll deduction, providing a pre-tax benefit for the employee and a payroll tax break for the employer.
Group Health, Individual Health, Life, Disability, and Long Term Care Insurance
Disability Insurance One on One
How would you answer the question below?
1. What is your most important asset?
Wrong Answer: Most people would say something like their house or car.
Correct Answer: It is your ability to get out of bed each day and make a living.
Becoming disabled through an injury or sickness can mean a significant loss of income. Disability insurance is a form of health insurance that provides a person who becomes disabled with income to cover living expenses that continue in spite of the disability.
We insure our homes, cars, health, life, but more people then not, do not insure their ability to make a living. This insurance is as important if not more important then other insurance needs. The best time to get coverage to protect yourselves from the unknown is to buy it when you can qualify for it and not once something happens to you.
If the Disability Insurance you do have is only through your job, please understand that this coverage is only good as you maintain your job. If you don’t have an permanent Disability policy now, then you may want to consider getting one while you are still able to qualify for it. Remember that if you ever leave your job you will lose the benefits. If you have a pre-existing condition that you didn’t have before losing your job, then it may not be available to you anymore when you really need it.
Final Question?
Do you still think it is worth the gamble to risk the potential of losing the ability to make money to save money?
Wrong Answer: It is worth it
Right Answer: No, it is worth it! I love my family and wouldn’t want them to suffer due to my loss of income. If I can’t provide for my family due to a permanent disability, I care enough to be able to fund their same lifestyle they live now.
Long Term Care Insurance One on One
Ask yourself this question?
If God for bid something happened to you where you needed 24 hour daily care, would you ask your loved ones to give up their lives to take care of you or would you want to be housed in nursing facility and not the comfort of your own home?
Assuming you wouldn’t, then you have to consider purchasing Long Term Care Insurance. Here is some helpful information about Long Term Care Insurance and how it could help you.
If you ever have a long-term illness, a chronic condition or Alzheimer’s disease, you may need help with things like bathing, dressing and eating. Your family may want to help you, but they may not be physically able to provide care or their busy schedules may make it difficult to devote enough time to your needs. Aides can come into your home, but these costs are not usually covered by ordinary health insurance policies and Medicare. These expenses can quickly deplete your nest egg, no matter how much you’ve saved. This is when long term care insurance can help.
Long term care insurance (LTCI) can help cover the cost of care you receive at home from nurses’ aides, home health aides and therapists. It can help cover services in an assisted living facility and, if you require skilled care, nursing home expenses can be covered.
It helps you maintain your dignity and financial freedom and gives you the flexibility to participate in making choices that impact your care — about the services you receive, where you receive them and who provides the care you need.
Why Should I Consider LTC Insurance?
- You should consider buying LTC Insurance if:
- You have assets and income you wan to protect
- You want to avoid burdening your family with extensive caregiving responsibilites
- You don’t want to depend on government programs for care
- You want to be able to choose were you receive your care
- You want to receive high quality care
Travelers Medical Insurance
Are you going to be traveling overseas for a short term or long term vacation or business trip? Make sure you have the right Traveler’s Insurance product for you. Click below see plan options, cost, and to apply for coverage.
Click Below
Disability Insurance / True Stories
True Story 1:I have this friend who plays Golf every Saturday with his friend who is completely disabled and collecting disability insurance while he is having fun playing Golf with a perfect swing.
This probably makes you wonder how in the heck could this guy be disabled and be playing Golf?
You may think the answer would be that he causing fraud, but instead the real answer is that he was a Dentist who lost his depth perception in one of his eyes and because he couldn’t do surgery anymore, he was considered total disabled and is collecting what is old income was due to having Disability Insurance.
True Story 2:
As of last week, I have a friend who was always healthy and never had any significant health problems. This friend of mine is a Home Inspector and was climbing up a ladder to the roof until he got almost to the top and then feel off the ladder and woke up in the hospital with severe back and spinal issue. Thank God he isn’t paralyzed and will make a full recovery. However, after 2 weeks in the hospital and now having to go into a Rehab place for another 16 days in addition to a life time of pain and issue that will never make him feel the same prior to this accident.
He know as sustained medical bills and also loss of income, but because of having Disability Insurance, he is protecting his ability to earn and income.
Summary:
These people did the right thing for themselves, financial stability and for their family by getting Disability Insurance prior to something happening. What would you do, if today you became disabled and could not get out of bed to make a living? How would you and your loved ones survive?
True Story 2:
Service Is Everything
Do you have a proactive broker working for you?
Many people have a different idea on what makes a great Broker. However, what I have found is the one similar thing that everyone agrees with, is that having a proactive broker makes their lives much easier when it comes to making educated decisions on what do next with their policy.
Here are a few questions to ask yourself in order to determine if you have the right Broker working for you.
What are you expectations in a broker working for you?
Do you ever hear from your Broker or do you have to contact them when you have a need?
Do you get educating information through out the year once the Broker sold you a policy?
Do you get a renewal notice including other options to consider with enough time to make a good decision?
Does your Broker send monthly newsletters and holiday cards to show how important you are to them?
Does your Broker return emails and phone call promptly?
Does your Broker take the time to learn about your business?
After 10 years in the business, it amazes me how many seasoned brokers, agents, business professionals are all about making the sale and commission but never want to services their clients and they never do anything to maintain the relationship that was granted to them at the time of sale.
I personally don’t have any issues with the represenitives dropping the ball in these areas, since it continues to make me shine. Clients who give me the opportunity to earn their business is never taken for granted. These people are the ones who puts food on my families table and because of this I will always go over and beyond to help my clients since they bring value to my life and are significant to me.
Health Insurance vs Today’s Economy
As we all know that there is no surprise about the stability of our economy, we also know that budgeting in this economy can be very stressful. Cutting back is no longer an option, but instead in more cases then not, it has become a necessity. People are doing their very best to cut back on the big ticket expenses they incur each month. One of those items, sadly enough, is Health Insurance.
Do these sound like familiar phrases that you hear form your friends, family or business associates?
1. I am healthy and never get sick, so why bother paying for Health Insurance?
2. I have been paying for Health Insurance for many of years and never really use or get my monies worth.
3. If something does happen, I will just go the ER where they can’t turn me away.
4. I’m just going to wait to see what the government is going to do for us.
The bottom line is that there are many of phrases that you can or will hear from all sorts of different mind sets and no matter if you agree or disagree with them, the bottom line is that they are playing a game of Russian Roulette with their future’s financial stability.
After 10 years in this business, I can share with you that illnesses and accidents have no prejuduce on who gets sick or injured next. It could be someone who has been absolutely healthy their entire lives and never been to a Doctor, or it could also be the person who excercises every day, takes supplements and eats healthy. It truly doesn’t matter who you are.
The question is how do we continue paying for Health Insurance when
we barely could afford it?
My advise is to communicate with your Broker, assuming you have a trustful relationship with him or her. Explain to them what your issues are financially and that you may have to cancel the coverage to pay other bills. Ask them to show you more affordable options. Most people don’t know about these other options, because they never get presented or explained to them. The main reason in my eyes that these options are never presented by Brokers, because we live in a society that we all want our cake and eat it too.
I am going to share with you in my own opinion the mindset everyone should have in order to be able to afford and continue with a health insurance plan, assuming your in this position, which can save your financial future from a devastating blow. How do the Insurance carriers continue to make billions of dollars in profit? They insure people based on statistics or something called the law of large numbers. Why don’t we start thinking like the Insurance carriers and stop making them richer and start putting more money back in our own pockets?
If you and your family are healthy and do not over utilize the benefits on our plans, why continue buying plans that have low deductibles and copay and paying higher premiums for these plans? Instead, why don’t we look at higher deductibles and more of catostrophic plans to protect us for the devastating bills that can come down the pipeline rather then the copay style plans that cost a lot of premium dollars and provide nothing else more then peace of mind that it won’t cost us a lot to see a provider. Educate yourselves with the system of health insurance and in return you will get a lot of value, which would help you save a lot of money in the long run.
Example
John Smith -37 year old Male- Non Smoker – No medical history
Options:
1. Can get a copay style plan. It will cost him $220 per month for a $1500 deductible, $25 copay for primary and $50 for specialist and copay for drugs
or
2. Can get an HSA style plan. It will cost him $160 per month for a $1500 deductible, but there are no copays and the deductible has to be reached before any claims are covered.
If John Smith goes with options 1, then he will be paying $60 more per month to have a plan that provides copay for Dr Visits and Drugs. If John is healthy as described, why should he waste his money on this type of plan when he can save $60 per month by going to option 2 instead. As a Broker my advise would be to go with option 2 and here is the reason why.
I would educate John Smith that when he has insurance through a reputable carrier that any claims that get submitted by the provider will always be reduced to a contracted rate that the carriers have set ahead of time with the providers. Depending on the carrier, the bills get reduced at an average of $40-50% less then what the provider charges. I would also explain that once the charges have been reduced, the provider would pay the balance of the Doctor visit and or the perscription drugs after satisfying their copay.
Example:
John went to Dr. MIG and Dr. MIG sent in a claim for John’s visit for the amount of $200 to John’s insurance carrier. Once the carrier received the bill, they reduced it to the amount of $90 (this is the average in S. Florida) and then sent John and EOB (explantation of benefits) showing the amount charged, how much the charges were reduced by and the balance due by John Smith. Using this example John pays $25 copay at the time of visit and the carrier pays the balance of $65 being that the contracted rate is $90.
Let’s also assume John Smith went to the Doctor 4 times in a year, which we all know is a high amount of times to go when you are healthy. The average is two times per year for healthy people. Again, using this example above, John Smith paid $720 a year more in premiums for the copay plan compared to the HSA plan and only went to the Doctor 4 times. The carrier on the back end paid $60 dollars each time for a total of $24o for the year. Using this example will show you that if John took the HSA plan and put away the $720 in premium difference, he could fund his own Doctor Visits out of his own pocket with the HSA plan and still be saving $480 for the year ($720 premium difference – $240 in Doctor Visits) and walk away with more money in his own pocket at the end of the year rather then putting that money in the Insurance companies pocket.
This is one example to consider but there are so many other unique situations that this example may make sense for. The bottom line is that there are so many options a good Broker can educate you on only if you start changing the mindset on what to expect when buying health insurance. There are HSA plans, High Deductible Catostrophic plans, Copay plans with caps on how many visits are covered under a copay, etc. The list goes on and on. Contact your broker today to learn more on how they can help you save money without canceling coverage all together.
The mindset should be that something is a lot better then having nothing when needing it the most.
Testimonials of MIG Insurance Services
Read what others have to say about our service:
Our experience with Mike has been great! When we had a need for Insurance for our family, he took the time to come to our home and sit down to explain all the details on how the different plans work. He made suggestions, he shared with us the pros and cons of the plans, and helped us get approved for the plan we decided on. Once the policy was approved, he came back to review the certificate of coverage with us, and made sure we knew about any exclusions and waiting periods that applied.
In addition, he is great with staying in touch with his Clients. Every month we get E-Newsletters with great information, holiday and birthday cards, and follow up calls to check on us. And last but not least when my wife went to the Doctor. The office gave her wrong information that made my wife mad about what was happening. She called Michael immediately, and Michael got on the phone to get answers right away. No less then 20 minutes, while my wife was waiting at the Dr.’s office, the problem was resolved. The problem was the Doctor’s office gave the wrong information to my wife.
We highly recommend MIG Financial Services to anyone that is looking for Insurance. He is a true professional which is sometimes hard to find now a days!
John Vetter, Ft. Lauderdale, Fl.
Sunsight Inc.
I wanted to take a moment to thank Michael Grant for all of his help. I am an independent contractor that needs good healthcare but at an affordable price. Michael took the time to go over my needs and educate me on the different plans that were available to me. The service didnýt stop there. Not only did he get me into an affordable and effective plan, he is always there to offer information and help if I ever need it.
Thanks Michael for your constant impeccable service!
Lilli R Stevens, GRI,e-PRO, ABR
Oh What A House Realty
Michael helped me to obtain an affordable and convenient individual health plan even when I had some previous health conditions. He efficiently communicated with me during all the process and kept me updated on all the steps taken. He even advised me of which companies were the most ethical ones and which ones to avoid. After my first claim he also helped me to solve a challenge I had in processing it. I canýt think of a better service than Michaelýs service. I wholeheartedly recommend him, if you want to have clarity and peace of mind when looking for insurance.
Edith Oliva - Tamarac, Fl.
Communicating Cultures
I recently referred one of my friends Lori to Michael and she was so appreciative and so pleased with his services. Lori thought there was no way Michael could get her approved because of pre-existings and of what other Agents had told her. She was shocked and taken back when he was able to get her approved and without any exclusions on the plan. Michael saved Lori hundreds of dollars a year. And to top it off, he was able to give Lori several affordable choices even with her pre-existing conditions. Not only does Michael knows his business, he goes the extra mile for his clients to get them the best plan for their needs. I will continue to refer my friends and family to Michael
Kerry Lynn Palmieri, Plantation, Fl.
Send Out Cards Manager
Michael I wanted to take a moment to thank you for all of your help with our difficult situation. We needed to get healthcare for my wife that was good and affordable. You took the time to go over our needs and educate me on the different plans that were available to me. Your patience and knowledge was not expected, but was refreshing to know that there was someone like you in the insurance business that really cared about the client.
Not only did you get us into an affordable and effective plan, but was available to answer my 100+ questions. You were outstanding to work with and I will recommend you to anyone I come in contact with that is looking for a true professional.
Derek Bonner
Merchant Processeing
My name is Brian Belinson and I am very happy with the services Michael has provided to me. Michael offered me the best plan for my needs. He is always VERY prompt is returning calls and quick to find an answer if he does not know it. I was paying $560/month and now paying $235/month! The network provides many certified physicians which is always important.
Thank you Michael for all of your asisstance!
Brian Belinson
MIG Insurance Services
954-475-8512
www.MIGInsuranceServices.com
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