Friday, November 13, 2020

Do I Need An Out-Of-Pocket Protection Plan?

As we are in the middle of open enrollment for ACA (Obamacare) plans, we are seeing that many individuals are selecting higher deductibles, fewer copays and more out-of-pocket costs to make their health insurance premium more affordable. These out-of-pocket costs may still cause unnecessary burdens to many people. 

As a matter of fact, the number one reason for bankruptcies in the country is medical expenses, with the percentage being estimated at over 60%. In 2015 the Kaiser Family Foundation found that medical bills caused 1 million adults to declare bankruptcy. The same survey also found that 26% of Americans between the ages of 18 and 64 struggled to pay their medical bills. 

When a family member has a medical condition and has to go to the hospital, they don't need added financial burdens. Our new Out-Of-Pocket (OOP) Protection Plan* is designed to help pay some of the costs that most families will experience from higher deductible plans with fewer benefits. 

Having a policy that covers out-of-pocket expenses for hospital stays could not come at a better time. The news is filled with statistics of Covid cases on the rise, and hospitals filling their rooms. Because of this, we have had an increase in interest for plans like this. 

This plan pays directly to the policyholder. There are no networks nor deductibles. Even filing a claim is simple. And the benefits are paid directly to you in one lump sum, not the hospital or the doctor. Plus the plan pays in addition to any other insurance and workers compensation.

The best part is that you can choose the benefit and premium. For example, you can decide what amount of benefit you would like for your daily inpatient hospital confinement benefit. Next, you decide on how much you would like for your first hospital admission benefit. Included in this is a $50 benefit for doctor office visits (2 each year). 

There are also optional benefits, like an outpatient surgery benefit (limited to 2 a year) and an emergency accident benefit (limited to 4 per year).  It even covers maternity as any other illness. Not many plans do that!

You probably would like to know how much a plan like this costs. The best way to find out is to run a  your own quote which you can do by clicking here. You can cover yourself, you and a spouse, you and your children or the entire family. 

If you are trying to save money by choosing a high deductible health insurance plan, be aware that one hospital stay can burden your family's finances. By having a policy to cover those deductibles, copays and coinsurance costs can keep you afloat when you need it most.

People don't plan on being admitted to the hospital, much less having to be confined for a week or more. Those out-of-pocket costs will definitely be there when you are released from the hospital, but what about your other bills? For those of us who are self-employed, spending days in the hospital means not working, and not working means not making money that pay our usual bills. Housing, utilities, groceries and car payments can add up quickly if you don't have the money. As I mentioned earlier, this plan pays you so you can take care of those monthly obligations. 

If you have questions about this plan or any of our other insurance plans, please leave us a note in the comments section below, or go to our website at and book a phone appointment. In the meantime, please stay healthy! 

*Not available in Virginia

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog! Thanks!

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