Create a Finance Contingency Strategy
When everything is going well, it’s easier to move toward your optimal health goals. The effectiveness of your strategy depends on you alone. However, in the event of an unexpected accident or illness your entire strategy may be derailed, placing you in the hands of the medical establishment. If you cannot afford the healthcare you need during these times your road to getting back on track toward your optimal health could be permanently stalled. In this webinar you’ll learn how to create a finance contingency strategy to keep you on track toward your optimal health goals.
In This Webinar You Will Learn…
- Reality check on the cost of healthcare.
- Reality check on the odds that you may experience a major illness or traumatic injury.
- Strategic contingency options.
- Common medical plan options and how they work.
- Creative medical care financing options you may never have heard about.
Benefits of Attending This Webinar
- Gain a better understanding about your health care choices
- Replace overwhelm with confidence in your health care decision making
- Gain insight into obtaining the best possible care for you and your family
Who is Sheri Martin?
Who is Sheri Martin?Sheri Martin, insurance broker since 1988, has devoted her entire professional career in the insurance industry to helping companies create health benefit programs so that employees and their families could receive the financial support needed in times of health crisis. So focused was she in supporting the health of her clients that Sheri went on to study and earn a degree in Naturopathy from Clayton College of Natural Health in 2010. Currently, as a health insurance and benefits broker with Guardian Brokers, Sheri helps companies design or upgrade their employee benefits programs based on customer need. Sheri also assists in underwriting, rate negotiation and claims resolution. Prior to February 2015, Sheri represented Desert Insurance Strategies as benefits consultant for nearly 8 years and another local brokerage in a similar capacity for the prior 6 years. She began her insurance industry service in 1988 as VP of K&A Insurances Services, Inc.in Naperville, Illinios, a wholesale brokerage that markets insurance products to insurance agents in the Midwest.
Webinar Slides
Webinar Notes
About Me
- 30 years in the industry
- Owned a Wholesale Brokerage in Chicago
- Group Benefits Broker in Las Vegas
- Saw abuses in the health care industry so I got a degree in Naturopathy
- Agency
- Out on own
- Naturopathy – platform to discuss change
What is Insurance? A practice where a company guarantees compensation for a specified loss in return for a payment of premium.
ACA – Affordable Care Act:
The comprehensive health care reform law enacted in March of 2010. 3 Primary Goals of the ACA:
- Expand access to health insurance
- Protect patients against arbitrary actions by insurance companies
- Reduce Costs
Types of Insurance:
- HMO: Stands for Health Maintenance Organization. Limits coverage to care from doctors who contract with the HMO. You must choose a Primary Care Physician (PCP) who acts as your “gatekeeper” for all your care. Generally, you must receive a referral to a specialist for the service to be covered. There are no out-of-network benefits.
- PPO: Stands for Preferred Provider Organization. There is a panel of Preferred Providers who have contracted with the carrier and have agreed to discounted rates. The member will enjoy greater benefits if they utilize the services of a contracted provider however there are benefits if the member goes out of network. Under this model the member does not have to choose one PCP to direct all their healthcare.
- HSA: Stands for Health Savings Account. The more appropriate term for these types of contracts is HSA Qualified Plan. These plans are typically lower cost than their PPO counterparts because the member shares in more of the up-front medical costs. However, by purchasing this type of plan design the member is eligible to contribute tax advantaged funds to a separate savings account set up specifically to fund future medical expenses. Unused funds roll over, tax free, year to year similar to an IRA.
2020 HSA Contribution Limits:
- Individual: $3,550
- Family: $7,100
Special Needs Policies:
- Short Term Medical
- Foreign National
- Travel
Healthcare Coverage Options:
- Employer Sponsored Group Insurance: An employer provided benefit where the employer funds a portion of the premium.
- Individual: Coverage an individual can purchase on his own for himself and/or his family. coverage).
Individual Options:
Medicaid: A governmental program that helps with medical costs for people whose income and resources are insufficient to pay for health care.
((See Chart in Webinar Slides and Replay Video))
((See Medicaid Agency List in Webinar Slides and Replay Video))
Nevada Check Up: Provides low-cost comprehensive health coverage to children age 0 – 19, and sometimes pregnant women, to families that earn too much money to qualify for Medicaid.
Premiums are $25, $50 or $80 charges per family, per quarter.
https://dwss.nv.gov/Medical/NCUMAIN
((See Chart in Webinar Slides and Replay Video))
ACA Insurance Exchanges: An online marketplace where consumers can compare and buy individual health insurance plans. Some people may qualify for governmental assistance toward their insurance premium depending on their income.
((See Chart in Webinar Slides and Replay Video))
Cost Sharing Ministries: Faith based programs where people come together to help each other pay their medical expenses.
Note: This is NOT insurance! Because of its “exempt” status these programs do not have to follow the guidelines set out in the ACA.
- Medical Underwriting
- Pre-Existing Condition Limitations
- Possible Declination
- Reduced Benefits for some conditions
Making the Decision you’ll need to consider and weigh the following:
1. Know what kind of care you favor
- Allopathic
- Naturopathic
- Functional
- Concierge
2. State of your health 3. State of you finances Other Options:
- Cash Pay
- Prescription Drugs
- Financial Aide
