Health Insurance - Why You Need It And How You Can Afford It
From 2007-2009 we have seen unemployement levels reach heights that we haven't seen in many years
. This has also caused a sharp rise in people not having health insurance coverage. In fact, roughly 1 out of 5 nonelderly adults do not have health coverage. Their are many well known national health carriers that offer individual plans in most states that people will find to be affordable. Purchasing an individual health insurance policy will likely prevent you from losing some of your prized assets in the event of having a major claim. This is why you need individual health insurance - to protect your assets.
Due to the high unemployment rate many people feel that they cannot obtain affordable health insurance. The real question is "how can you afford not to have health insurance". Many families have been launched into bankruptcy proceedings because of an unexpected illness that racked up the medical bills while they did not have coverage. Therefore the question is - Do you need it? The answer is YES, and here are ways that you can make sure that you can afford it!
With the ever rising cost of medical care, having at least a high deductible catastrophic policy is important to protect yourself and your assets. This will at least keep your medical claims to a number that will likely prevent you from filing the bankruptcy paperwork. The best option here is an HSA qualified plan. These plans have a single family deductible that must be met before insurance picks up the rest of the tab. Compared to a comprehensive copay type plan, these plans monthly premiums are typically 30-50% less. So you not only save hundreds of dollars a month in premiums but you are likely saving your retirement, house and other assets in the event of a major claim.
Families may find that it is cheaper to get private insurance for family members rather than put them on their policy at work. Even though you as the employee are subsidized by your employer, there is nothing that requires your employer to pay for your family's portion of the premium. This means you are paying full price for your spouse and children. With the rising costs of health insurance, most employers are now going this route and leaving the employee to pay the full premium for the family.
It is in your best interest to educate yourself on all your options. A qualified health insurance broker will be able to explain all the benefits of the plans and assist you in making the right decision when it comes to your health insurance policy.