Here’s What I Found Price Shopping for NEW Insurance in Los Angeles
If you happen to be employed to a large Fortune 500 company and living inside the State of California, your Employer may be offering a Benefits Package that contains four or five different insurance providers & their several medical, dental, or vision insurance plans.
Insurance Providers package their individual programs, or what we think of as insurance options, by analyzing the types of employees and their typical coverage needs to predicate what will be the best purchasing decisions different types of employees.
For example, Company XYZ is a large toy production business with 100 employees;
* 45% of the employees earn between 21k & 39k annually, between the ages of 20 & 40 years, families with more than 2 children under the age of 12 years – we can think of this as Group 1 Insurance Buyers;
* then, Company XYZ also has 35% of the employees, or Group 2 Insurance Buyers, who are typically middle managers, or supervisory, earning between 45k & 65k, with ages ranging 40 to 60 years and families with more than 3 children under ages of 21 years
*Company XYZ has 15% of the employees with jobs in Sales and Commission driven, earning 80K to 100k, with ages between 30 and 55 years and all over the board of singles, divorced, families, etc. makes up Group 3
* Finally Company XYZ has 5% of the employees who are senior leaders and executives within the organization, earning above 150k ages above 60 years and families with more than 4 family members that desire coverage – this is Group 4
Each of the employees within these different Buyer groups, have different criteria they consider important when they make purchasing decisions. It’s easy to say that it’s all about the money, but that is over-simplifying the buyer’s decision-making interests; individual family members may have unique health needs and each family member is a vital part of the employee’s purchasing decision. The Insurance Provider knows the implications that health needs can have on an employee’s paycheck, so each Insurance company manages the packaging of unique plans with different coverage options and premiums, using risk analysis to ensure that the company can maintain afloat and provide as much coverage as it can sustain, at the most affordable dollar.
It is up to you, the employee (who is also an Insurance Buyer) to compare, to select, and to keep-up-to-date, your current insurance plans; plus whenever your purchasing decisions change, you need to shop for the most affordable package that also has the perfect amount of
coverage you will need to keep you and/or your family’s teeth in great health – and of course, the same information goes for your medical insurance and your vision insurance!
I happened to be in the market looking for a new dental insurance plan just this past year, when I entered into early retirement with my employer, and without realizing the consequences of early retirement, I ended up losing my employment-based, health, dental and vision insurance coverage. I was forced to go shopping for new insurance plans; but since I ended up saving money in the long-run, I’m sure glad I took the time to go through the process.
If you are turning 50 years old this year, like me you may want to change, your insurance coverage – not because you are retiring, but maybe because the home situation may be different than 15 years ago.
I was looking for a dental insurance plan, which would provide me with maximum coverage for some dental bridge work that I had not followed up on, (my shameful excuse was that I was too busy taking care of the rest of the family’s dental issues, work, home-life, church duties, dogs,. . . etc. etc. etc.
I knew that my retirement benefits would enable me to enroll in an optional insurance plan, but it was still up to me to do my homework and compare the coverage, with the unique features of each plan and their monthly premiums, & co-pays I would be financially responsible for.
After reviewing five different insurance providers and more than 38 separate types of dental, and medical + dental plan options, I ended up selecting Aetna Medical Insurance, which also happens to be one of the larger Medical Insurance Providers throughout southern California.
Finding an Insurance Provider with sufficient membership and participating medical locations also ended up becoming a big factor when price comparing, as I felt a provider with a lot of consumers would be able to negotiate bigger discounts– and as it happened, I found a great insurance PPO plan for decent price savings, meeting practically all of my criteria.
I thought trying to compare several different plan options; measuring each cost against each service, against each of my dental needs – would become a huge headache – so I developed a simple 4-point checklist to compare each of the surprisingly many different insurance plans, per insurance provider
|Each Plan’s Coverage Maximums||Each Plan’s Limitations or Restrictions||Each Plan’s Premiums & Fees||My Unique Health Needs for next 5 yrs|
One of the attractive features about the Dental Insurance I chose was the varied options I could select without constantly adding additional costs, per featured plan. When you are on a tight budget, price comparison shopping for good insurance coverage is a must!