Health Insurance - To Take or Not to Take: is it worth the risk?
Unlike in Canada and parts of Europe, like Germany and The UK,
where most health care costs are supported by the government,
most healthy, mentally sound Americans below 65 usually have to
rely on their own resources to manage personal health care
funding. For most U S citizens, this means building some health
insurance into their general personal financial plan.
Nevertheless, over a period of time the costs of health care
insurance mount up, and the total cost can be unbelievable. The
question is should you take out health insurance? Is it worth
the risk not to? Obviously, there isn't an easy answer to these
questions, but there are many things you should take into
account before coming to a decision about your future health
care insurance.
Firstly, almost 15% (around 44 million) US citizens are not
covered by any health insurance. Many of these individuals
belong to poor families who are not eligible for for Medicaid,
employment-based health insurance and have been refused or can't
afford personal cover. If you are thinking of getting individual
health care insurance cover, make sure you're aware that the
costs are usually higher and less user-friendly than plans
sponsored by employers.
There are many types of personal or individual private health
care insurance available and it's easy to get confused about
what kind of health insurance you should buy, and how much cover
you should have. You may think you don't need a few hundred
thousand dollars worth of medical insurance cover, but think
about the cost of one hospital visit if you needed a common,
major procedure like heart surgery or even minor surgery to
remove tonsils or impacted wisdom teeth. Slight complications
can result in a huge medical bill.
If you are lucky enough to get a health benefits package with
your employer, you will be accepted under the company's plan
whatever the state off your health. But when you apply for
individual cover, those guarantees do not apply and you may not
gete the cover you need, even by trying for reduced benefits.
The same applies when renewing your health care insurance. If
you are employed and covered under a company plan, you will be
able to renew your coverage as necessary, even if you are ill.
Most individual plans have no guarantee that your policy will
not be cancelled.
There are differences between employee and individual insurance
with regard to limitations and portability. If you have an
existing medical condition when you apply for job-related
medical cover, there is a limit of around a year to a eighteen
months on what can be counted 'against' you. With individual
cover however, limits are prescribed by the state, and vary
enormously between states. Generally, you may not be eligible
for cost cover related to a pre-existing medical condition for
the entire duration of your policy.
With portability, depending on the state in which you live, it's
possible that you may not receive credit for past cover. This
means that even if you qualify for medical insurance, you may
have to wait for the whole of the pre-existing condition
exclusion period.
Whether you choose job-related, employer-sponsored health
insurance or a private, personal plan, health care insurance
will cost you much money, particularly if you if you have any
ongoing medical issues and/or have a family. tObviously, The
total amount will depend on your particular circumstances. It's
possible, of course, that you may never need medical attention,
in which case you might consider the cost of health care
insurance as money wasted.
However, at some time in our lives, most of us need medical
attention. Even people with a healthy, positive approach to life
have unexpected health issues, accidents and broken limbs. You
can never forsee these events, or how severe they will be, but
without sufficient financial means or a good health care
insurance plan, you could become destitute. Are you willing to
take that risk? Being unable to pay for medical services or
products that you or a family member may need? Money spent on
premiums must be a consideration when deciding whether to buy
health care insurance. However, before you make a final
decision, there are many other crucial elements to consider.