Can I Afford Health Insurance?
Because of today’s healthcare expenses, a better question would be, “Can I manage NOT to have health insurance?”. Certainly, medical costs are a leading reason for personal bankruptcy in the US. A health insurance plan must be a vital part of any accountable monetary strategy, whether wed or single. Even young, healthy adults should remember that a single emergency clinic check out can cost hundreds, even thousands of dollars and intensive care can cost thousands per day. And that’s not even counting the expenses of prescription drugs.
There are actions to take to lessen the cost of health insurance. Rates for group health insurance such as this are generally lower than personal insurance coverage rates; companies can work out better rates as a group. Labor and trade unions likewise may use group health insurance coverage for their members.
If a group strategy is not available, private health insurance protection is available. Private health insurance is normally more pricey than group health insurance coverage, however, there are ways to minimize the rate.
A relative newcomer to health insurance strategies is the health savings account or HSA. An HSA permits the individual to conserve loan to pay routine health care co-pays, deductibles, and costs. The IRS permits this loan to be set aside pre-tax also. HSAs are paired with a health insurance plan with low premiums and high deductible to cover major health expenditures. In a sense, the individual is “self-insured” for regular healthcare, with a significant medical prepare for bigger costs. Lots of professionals predict that HSAs will become more popular in time as an alternative to standard health insurance plans.
Whatever health plan that you select, health care protection is necessary. A major surgical treatment and/or extended critical care stay might easily bankrupt an individual or household.
In light of today’s health care expenses, a better concern would be, “Can I afford NOT to have health insurance coverage?”. Personal health insurance coverage is usually more expensive than group health insurance coverage, however, there are ways to lessen the rate. A relative newcomer to health insurance coverage strategies is the health savings account or HSA. HSAs are combined with a health insurance coverage plan with low premiums and high deductible to cover significant health expenses. Whatever health plan that you select, health care coverage is vital.