subject: Health Insurance - Why it is an Essential Expense [print this page] Health Insurance - Why it is an Essential Expense
In today's world of rocky finances and unemployment, health insurance is something that a lot of people get rid of to save a few dollars. Health insurance premiums are expensive, but so is health care. Do you really think that dropping your coverage is the wisest thing to do?
No one wants to get sick or have an accident, but unfortunately life is unpredictable. You could find out you have cancer or your son could break his arm playing ball. If you have dropped your health insurance plan to save money, how do you plan to pay the medical bills?
Health care costs are on the rise with no sign of slowing down. A simple office visit can cost a minimum of $100 and any tests will be additional. And this is just for basic care. If you have a serious illness or an accident the costs could skyrocket into the tens of thousands or even more. If a family member needs to be airlifted to a bigger hospital, plan on a base cost of $10,000. Can you cover these costs without health insurance?
It is possible to find health coverage that doesn't break the bank. If you are considering dropping your healthcare coverage to save money, here are a few things to think about that might make you reconsider.
Raise your deductible By raising the out of pocket deductible on your insurance you can cut your premium costs. However, only raise the deductible to an amount you know you can afford. Then put the amount of the deductible in a savings account so it is there when you need it.
Shop around Unless you are on a plan where your company picks up a portion of the premium, consider shopping around for better rates. You may be surprised what an independent insurance agent can offer you. You may find a better policy than the one you are leaving behind with a better rate too!
Request a review You should meet with your insurance agent once a year to go over your insurance needs. If you don't do this, you may find that you are paying for services you may not need. If your policy is through your employer, check to make sure everything is correct there as well. Many people find that they are still carrying children who have married or an ex-spouse on their health insurance. You have to notify your employer or insurance company when major life changes occur.
There are ways to reduce your health insurance costs. With the high cost of health care, you will be smart to keep your health coverage so you are covered in case of an emergency.
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