Making choices about your health insurance, and how to most effectively
allocate your money can be some difficult choices and ones that should
not be taken lightly. The decision on which health care options to take
may be made by necessity or by finances, but either way, you will be
deciding, and the decisions that you are making at this juncture, could
affect you and your family for a long time to come.
Although many American’s believe that health insurance is an optional thing to spend money on, the truth is without it you can lose everything. Even those people who are relatively healthy could hit a health crisis at any time. There are no guarantees. And if there were then there would be no purpose or need for insurance at all.
WHY KEEP YOUR FAMILY INSURED?
- To reduce your medical expenses and keep medical bills down
- To make sure that you can get the treatment you need when you are ill
- To provide you with peace of mind
- To avoid having insurance deny you because of pre-existing conditions
- To be able to get the well care you need to stay healthy
- To avoid going bankrupt
Insurance is an important staple in the family budget, but many people wind up giving up their health insurance coverage for a variety of different reasons. Some of these reasons include:
- Loss of employment
- Reduction of income
- Rising premium costs
- Lack of availability of affordable alternatives
- They don’t use their insurance enough for the amount they pay for it
Although, these may seem like they are reasonable excuses for not carrying continuous health insurance coverage, these people actually stand to lose more by not having health insurance. Financially the amount you can save by not paying insurance premiums each month can cost you dearly, maybe, maybe not. Unfortunately, not all health issues are foreseeable, and not carrying health insurance can be a big gamble, especially if you have other assets that you would like to hold on to.
FINDING THE MIDDLE GROUND
Affordable insurance options may be difficult to find, and perhaps you are fine without health insurance to cover your yearly physical and check up. It is advisable however, to carry health insurance that will be there when you need it. Some cheaper health insurance ideas are:
- Consider upping your deductible. This may mean that some of the routine stuff isn’t covered; however this will leave you covered in case a big health issue was to occur and it will also help keep you from getting hit with a lot of pre-existing condition issues when your next insurance policy comes into effect. This option can significantly reduce your monthly premiums.
- Catastrophic Insurance Coverage. This is a policy that covers you just for the big health issues, but not the regular doctor’s visits, etc. Another lower cost alternative to full health insurance coverage, while still allowing you to keep your family covered.
- COBRA Alternatives. Many people find COBRA, which is a continuation of benefits after your employment has ended to be expensive; however there are other less expensive alternatives to this type of insurance. Many insurance companies offer a temporary or short term insurance option for a reasonable premium that will allow you to maintain a certain level of health insurance coverage. Although, this is not a long term solution, it will allow you to keep insurance while you are between jobs or insurance plans, and usually at a much lower cost than a COBRA plan will.
- Government Options. There are several plans out there that can possibly offer some coverage to part or all of your family members during the tough times. Children rank especially high along with pregnant women. This can save you money, even if you can only get some of your family members covered on a free or reduced plan through the government that will mean lower premiums that you will have to cover yourself.
- HMO or PPO. Although, there are limits to these types of plans, they are usually a little less expensive than other insurance alternatives.
During these tough economic times, you may believe that your health insurance coverage is costing you too much, and you may be tempted to put these funds to use elsewhere in your life. If that is the case, consider reducing the amount of insurance coverage you are carrying or one of the options listed above. It is not a good idea to spend even one day without health insurance. Don’t gamble with your family’s future, it is not worth it.
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