A catastrophic event
First and foremost, everyone absolutely needs to be covered for a major catastrophic
event. With ever escalating costs associated with medical care, especially critical care, you would be negligent not to evaluate
the following two criteria while assessing your personal needs
All true insurance plans have policy maximums. The
plan maximum refers to the most an insurance plan will pay in total, no matter what the circumstances are. Some plans have
individual lifetime maximums, some have family lifetime maximums and some have annual maximums for either the family or per
In the present state of escalating healthcare costs, you should be looking for
a plan that has the highest maximums that you can find. It is our strong recommendation that you cover your family with at
least $5,000,000 per person. Five million dollars per person is pretty much top of the line, and will go a long way towards
ensuring that you and your family are protected now and for years to come.
Maximum out-of-pocket/stop loss
The "max out-of-pocket" refers to the most that you will pay in deductibles
and coinsurance in any given year, no matter how large your medical bills are (up to plan maximums, of course). Your plan
should have the "max out-of-pocket" and "coinsurance stop loss" stated clearly and understandably in writing. With ABA
plan design your "max out-of-pocket" and "coinsurance stop loss" will not only be clearly stated, you will have a say in what
the amount of it is.
What point are you at in your life?
Every individual and family has different needs. Some have a house full of children, others
don't. Some people travel, others stay close to home. There are an infinite number of situations and you need to evaluate
yours if you are to make a decision that is proper for you. You should also consider your lifestyle while shopping for health
Please also consider your personal medical history as well as that of your family, including any hereditary issues.
Please ask yourself the following questions:
- What am I hoping to achieve with my health plan?
- How do I plan to use my coverage?
- How long do I need this plan?
- How much of my medical expenses am I willing to cover myself?
- Are there conditions in my family history that I NEED to be covered for?
These are but a few of the areas that will be discussed during your plan design.
Where do you spend your time?
If you are like most of us the answer is at work. We do design
plans that cover you on the job. But the question goes deeper than that.
- Do you travel?
- Do you spend periods of the year in another part of the country?
- Are you spending time in outdoor activities or sports?
Again, these are just some of the things that you should be considering and
areas that will be discussed during your plan design.
What can you afford?
Well, this question had to be asked sometime! Designing a plan that you can't
afford will not do anyone any good. On the other hand, hiding behind the fear of a large monthly payment is not the answer
At ABA we carry a variety of options to get you the most coverage for
your budget. Additionally, our plan design includes "Field Underwriting" so we can consider your pre-existing conditions,
if acceptable, into the quote. This process will give you an accurate picture of what your desired coverage will actually
cost. We will let you know upfront if you may not qualify for the plan you are considering, and we will suggest other options,
Facts to consider