AboutJohn (J.R.) McCollough Expertise I can answer questions pertaining to Health and Medicare insurance for individual and/or family coverage, students, retired/separated military members, small businesses under 20 employees and seniors in the United States.
Additionally, I can assist people in understanding their options if they've been turned down for insurance and do not know about what state and federal programs are available.
Experience I am the owner of a national agency that only attracts agents of the highest caliber to consult in Health, Life and Medicare insurance products. We emphasize a client-centered approach to the way we conduct business and can provide objective input to help you make an informed decision.
Organizations I belong to a variety of professional, consumer and military organizations. Please feel free to contact me if you're interested in a particular organization.
Education/Credentials Bachelor of Science in Psychology.
Past/Present Clients I don't divulge information about my clients on the internet due to respect for protecting information. Anybody is more than welcome to contact me if they wish to receive a list of past and current clients in their respective area whom have authorized my agents and/or I to release information.
I am 24 years old, male, good health, living in florida. I have written to you about insurance and I am going to take your recommendation on getting catastrophic coverage. I was hoping if you you could provide some insight and some real world perspective which could help me select the best option for me.
I found catastrophic coverage which has three options:
1. Premium: 19
Deductible: 2500
OOP Max: 5000
2. Premium: 25
Deductible: 1000
OOP Max: 5000
3. Premium: 30
Deductible: 250
OOP Max: 2500
What is covered is the same for all three choices. I was hoping you could help me make the best selection.
Thank you very much for your time,
Richard
Answer Hello Again Ricky,
Based on the numbers you have given me I'm assuming that you're contemplating different group insurance plans. 99.9% of most people look at the numbers. It's my job to ensure that people understand what's behind the numbers. Are those numbers weekly, bi-weekly or monthly. I'm going to assume again that the numbers you have me are bi-weekly debits.
Right off the bat from an economical standpoint I'd suggest you go with the $30 plan since there isn't much of a savings vs. the $19 plan. The premium savings does not justify the additional $2500 you would be liable for in a calendar year. Same thing goes for the $25 plan.
Behind that I would have to look at the 3 plans in details since there are about 15 items I look for in every insurance contract. Here are some things to think about.
1)What are the out of network charges?
2)What is NOT COVERED?
3)What are the mental health benefits?
4)Are there any prescription caps? Some plans will limit you to a few thousand dollars a year.
5)Are there any caps at all? I don't like small caps!
6)Is it a POS, PPO, HMO, etc. type of plan. Some people don't like being told what to do so I don't recommend they choose an HMO!
7)What carrier is the plan through?
8) What is their financial rating and track record?
9) What happens in the event you should lose your job and become uninsurable? Things can get a bit tricky regarding HIPAA and COBRA, so you should know your options and possible exit strategies.
10) What is the lifetime maximum? Anything less than $2M in my opinion is risky!
11) What services are covered? What services receive a network discount? These are ALWAYS two separate items!
12) How large is the network and is it insurance owned or rented?
This small list should get you started, but make sure you read EVERYTHING before signing up. You might also want to look into obtaining your own individual plan in FL depending upon how the group plans stack up against the individual plans in benefits and pricing. There are some strong carriers down in FL!
