Jan
29
Health Insurance: Is it a Bust?
Filed Under Life Insurance
This being an election year, of course, health care is being talked about in the news quite a bit. How important is this issue to the American people? Consider these facts from a USA today news story: 16% (which is equal to about 47 million) Americans have no insurance of any form. Nothing. Not medical, not dental; they simply have no insurance at all. Medical bills can easily run into a few thousand dollars for a simple injury, and a more complex medical problem can destroy a family’s savings. This same story had yet another chilling figure: more than half of all personal bankruptcies filed in the previous year are the direct result of medical bills.
But, can you afford personal insurance on your own? And, would you even know how to begin to look for the right policy for yourself and your family? Just a look at an insurance site, and you might walk away feeling dizzy. Do you need comprehensive insurance? What about deductibles? Should you take a larger deductible and pay a smaller monthly premium, or the smaller deductible with the larger premium? What about umbrella coverage? The terms are confusing, and there are many of them. So what is the general person to do?
The first step of course is to decide exactly what kind of health insurance you need. If the family is relatively healthy, without bad habits or dangerous hobbies, then your rate should be fairly low. Of course, in most cases, the younger you start a policy, the lower the rate you will receive. Compare rates for similar policies with several agencies and companies before making your purchase. Consider any possible or foreseeable changes before committing to an insurance policy. Are you a young couple planning on having a child soon? Or, are your children about to age off of a “grow-up” policy? These things must be considered as well.
Do you know the difference between a PPO and an HMO? Research these terms before calling an agent. If you have a family doctor in mind, find out which insurance carriers are accepted, and have your agent give you price quotes which include these. If they are way out of your price range, you might be better off changing doctors and choosing the lower insurance policy.
Make sure that you have found the best price on your policy, and that you are satisfied with your coverage. If you go with a traditional insurance agent, make sure that you do not walk out of the office without knowing exactly what each term is, and how it affects your coverage. Find out what medical procedures are covered and what are not, before you need them. Does this policy cover prescription costs, and if so, at what rate? Do you understand co-pay rates and reimbursement policies? Your agent is there for just that purpose, they should be glad to answer all questions that you might have.
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