I know, I know how this is possible? Well I think the only way to get my point across is to give an example so here goes…
Say you are in your 30s. You can take your basic Silver health plan for about $230 which has a maximum out-of-pocket of $6,350, or you could take a Platinum plan for about $325 which has a max out-of-pocket of $1,000. So lets say that you know you are going to have a lot of medical procedures done. Let’s go with a MRI and a major surgery that will require you to spend a few nights in the hospital.
Knowing this, I know you will hit your maximum out-of-pocket on both of these plans. If we do the math:
The Silver level plan’s premium for a year will cost $2,760 and when we add your MOOP (Max out of Pocket) of $6,350, it gives us a total of $9,110 for your medical cost. Now on that Platinum plan, a year’s worth of premium payments comes to $3,900, and once we add the $1000 MOOP, we get a total of $4,900. This gives you a saving of $4,210 if you were on the more expensive plan.
So spending more up front can save you in the long run. This is not always the case — such as when going through the federal Health Exchange as there may be reductions in maximum out-of-pocket and cost sharing benefits at the Silver plan level. Find out if you can save money by spending more today. We are happy to help so call today.