What is it?
First Dollar Coverage is an insurance policy in which the insured does not have copays and is not required to meet a deductible before the plan starts to pay. Instead, the insurer begins payment from the very moment an insurable event occurs, so there is no financial pressure placed on the insured.
Why is it important?
We all are use to the typical status quo government funded health plan. We have been taught by our parents, our friends, or the television that this is the only way we can be properly insured. Then you add in our natural fear of change. Change can be scary and only when challenging yourself to rise above fear can great things be accomplished. Remember when we all thought the "orange man" would ruin the country and several of my friends said they would move to Canada if he was elected. Change is scary. The outcome was a stronger economy, more jobs, energy dependent country, and a lot of great new policies that have helped countless Americans. One policy that was introduced was the Price Transparency Law, passed in January of 2021. The new law gives consumers the ability to price shop medical procedures and tests. It also exposed the millions of dollars wasted by price gouging and unfair price markups. Consumers now have the ability to make smarter healthcare decisions and in turn are rewarded with huge savings.
First Dollar coverage means the carrier puts their money on the table first.
Do you know of a company that DOESN'T want to protect money?
Of Course not. Without protecting their finances the company would soon loose millions and be bankrupted in the process. Health plans that are not government funded have entire group of experienced and qualified "Knights of the Kingdom"
Not all carriers that offer First Dollar coverage are legally liable to pay claims. Major players in this space are strictly regulated by that states insurance commissioner.
It is always important to research and ask questions about the companies longevity, their AM Best rating, and if the agent selling you the plan doesn't know this. Most likely they are hiding something, or way to worried about commission instead of protecting you. Ask for real claim examples, or ask to speak with someone that has this insurance. As an agent I have no problem sharing my clients stories (when permission in granted by the client, I take privacy very serious)
The bottom line. If you are under 65, reasonably healthy, don't need maternity coverage. First Dollar Insurance plans can save you thousands of your hard earned dollars.
Saddle Up Health Plans