The “Portfolio” strategy is designed to maximize the use of your health insurance premium.
ACA compliant plans, that Americans have heard so much about, only pay benefits for for medical bills. In addition, ACA plans, in my area, are all HMO or EPO type of plans and are very limited to the doctors and hospitals that one can use.
With the repeal of the “Individual Mandate” Americans are free to use medically underwritten insurance plans if they can qualify.
Supporters/proponents of the ACA have told Americans that ACA compliant plans are all the only ones that can be called, “health insurance”. However, I am having a problem with that.
Yes, for those who need ACA health insurance, that is a fine option. However, there are less expensive and more comprehensive plans that can be combined to meet people’s needs.
For example, I ran the numbers for a 50 year old male, non-smoker for an ACA compliant plan using 2018 rates. The least expensive plan, with an insurance company that I am contracted with, was $547.65
I used the “Portfolio” strategy to combine several plans into one package that are medically underwritten to find that I was able to build a portfolio for the same individual that included PPO coverage that allows him to use any doctor/hospital he wants without getting referrals. It includes first dollar coverage designed to eliminate most, if not all, of the effects of a deductible. It has a “Teledoc” benefit that allows him to contact a doctor by phone to get diagnosis and prescription over the phone, and not have to go into an office for routine health care. Finally, it provides a cash benefit of $100,000 if he ever is diagnosed with a heart attack or stroke and $25,000 in the event of the need for angioplasty or heart by-pass surgery in addition to what the “health insurance” pays. He can use that cash to replace a portion of his income while he is unable to go to work while he recovers.
The combination of all 4 parts of this portfolio is still only $465.54
- Short Term Limited Duration Insurance *
- Teledoc Insurance
- Fixed Indemnity Insurance *
- Critical Illness – Heart Attack/Stroke Insurance *
All of the plans indicated by * have multiple options. You can customize them with the benefits that best meet your insurance needs.
The result is that Affordable Care Act plans may be appropriate for you if you need the benefits they provide, but if you are willing to do some comparison shopping, you may be able to build a portfolio of several plans that will provide just as good, if not better, benefits for your personal needs.