How can a small, independent business owner get the best medical coverage possible for the lowest cost? In today’s economy, we want our hard earned dollars to go as far as possible, yet not expose ourselves to financial catastrophe from medical bills. We also do not want to compromise medical care. What is the solution?
In my opinion, the most cost effective coverage for most small business owners is with the so-called high deductible plan. Simply put, the owner purchases a medical insurance plan that kicks in after a certain amount of medical charges have been paid out of pocket first, usually anywhere between $1,000 to $5,000 per year. Initial, less expensive out patient visits would, in this plan, would be paid entirely by the owner. Coverage from the insurance company would pay the bulk of charges once the deductible has been met. This often occurs when more serious, potentially life threatening illnesses occur, often involving expensive hospitalization and surgery. These plans are generally less expensive up front, with the owner paying a lower monthly premium. A health savings account (HSA) is an example of this type of product. For further details on various insurance options available, we recommend speaking an independent insurance agent, such as Ms Malia Rogers, who is the owner of Customize Your Insurance in Hayden.
North Idaho Direct Primary Care provides Board Certified physician outpatient medical services at a substantial savings to our patients, being especially useful to those with these high deductible plans. We also provide discounted rates on our services for small business owners and their employees. For more information on how a Direct Primary Care practice can save you money, you can find further reading in October’s article A Cost-Effective Alternative to Insurance-Based Medical Care. You may also contact us to find out more.