In light of recent economic hardship, many Americans are looking for ways they can cut costs. While some might consider reducing the amount of health care coverage they have, or eliminating it altogether, opting for this short-term savings could eventually result in financial devastation.
A recent study by Harvard researchers found that medical problems caused 62 percent of all personal bankruptcies filed in the U.S. in 2007. And simply having insurance did not protect people from financial hardship, as 78 percent of those who filed for bankruptcy had some form of health insurance. Therefore, it’s important to have coverage that you are confident will protect you from financial ruin in the worst scenarios.
If you’re considering dropping your health insurance coverage, or if you’re among the 46.3 million Americans who, according the Centers for Disease Control, are uninsured, here are a few things to consider:
* If you have health insurance that is at least partially covered by your employer, it’s probably your most affordable option and you should do whatever you can to keep it. However, you should still carefully examine what your employer’s plan offers to make sure you’d be able to afford care in a catastrophic situation.
* If you are unemployed, between jobs or your employer doesn’t offer insurance, do some shopping around for plans that are right for you. Websites like www.healthinsurancefinders.com allow you to enter your information and get free health insurance quotes. Again, make sure you know exactly what a plan offers before you decide to buy insurance. Short-term health insurance plans are available and a good option if you know you’ll only be without a long-term solution for short period of time.
* Consider a plan that is right for you. Whether you are buying insurance on your own, or your employer offers multiple options, chose a plan that will allow you to get the best care for the best value. If you’re in good health and don’t make frequent visits to the doctor or have regular prescriptions to fill, a high-deductible option with lower annual premiums might be a good choice. But you should be sure you can afford the deductible if something major would happen. Plans that offer a Health Savings Account (HSA) option are a good alternative, because they allow you to put away money that you can use toward your deductible tax-free. If you or members of your family who will be covered by the plan make frequent visits to the doctor, a plan with higher annual premiums and lower deductible might be a better choice.
Health insurance can be a confusing topic, so if you have questions, ask an expert or do some research on the web. HealthInsuranceFinders.com offers a free forum where you can ask experts questions on health insurance at answers.healthinsurancefinders.com.
Courtesy of ARAcontent
