Do You Really Need Health Insurance?

 

You never know when an accident is going to happen. You could end up severely injured, and it could be terrible for your finances if you do not have health insurance. You could also end up with an unexpected illness and having to end up paying a lot of money out of pocket, to the point where it could be devastating to your finances.

If you do not know a lot about health insurance, you might have many questions. For example, you might wonder, how can I find a good Medicare insurance agent? Where can I find a list of health insurance companies that can help me? How do I know if my plan is the right insurance plan for me? What do I need to know about health insurance in order to pick the best plan? What exactly is an ACA basic health plan? If you want to know the answers to these questions, it would be a good idea to talk to a health insurance provider and see what these individuals have to say. They will likely be able to give you some useful information that can guide you in your decision.

There has been a lot of talk lately about health insurance. In fact, new laws have required Americans to carry some type of health insurance on themselves and their families. If someone does not carry health insurance, they are fined each year until they have some type of health insurance. Health insurance might seem like a waste of money to some, especially if health care visits and procedures are rare. However, in the event of one medical emergency or medical office visit, someone can be quickly forced into debt. This is the reasoning behind the new requirements for health insurance. There are a variety of things to look for when shopping around and then choosing the right health insurance plan for you and your family.

The medical coverage will vary with each health insurance plan. Higher coverages will require higher monthly payments, but will cover more and will require less out of pocket. Lower coverages will cost less monthly, but will require you to pay more during your medical visits and procedures. Each type of coverage benefits a different type of person, depending on their specific financial needs.

Coverage costs will also depend on how many people are in the family that the plan will cover. When choosing a health plan, it is a good idea to find one that allows the covered person to add family members for a small fee. This ensures that each family member is covered. Any children in the family will also need to be covered. If financial reasons are of concern, choosing a Medicare plan may be an option. Medicare plans may also be available for seniors who have retired or are on strict incomes.
Insurance plans will also vary depending on health status and health practices.

Although many insurance companies are no longer able to deny health coverage for preexisting conditions, the amount and things covered may vary. The essential health benefits for one person may be different for another. For example, 1 in 7 baby boomers (14%) say they are currently being treated for depression, which is a higher rate than among other generations of American adults (Gallup, 2005). One family may need insurance coverage for mental health conditions, while another may not.

Another concern for health insurance coverages is that of smokers versus nonsmokers. Although most older adults who were once regular smokers have quit, about 8.4% of adults aged 65 or older were still smoking cigarettes in 2010. (The State of Aging and Health in America 2013). A smokers health insurance coverage may require more monthly payments and higher out of pocket expenses. The same goes for a life insurance company when a smoker is involved in the plan.

Many seniors deal with chronic health conditions that require costly prescriptions. These drugs can become affordable with health insurance. Additionally, those on some type of Medicare coverage will find that their prescriptions are even more affordable. For 2016, Medicare enrollees will pay 45% of the cost of brand name drugs (unchanged from 2015) and 58% of the cost of generic drugs (down from 65% in 2015). Without health insurance coverage, many of these people would not be able to afford these much needs drugs.

There has been a lot of discussion and debates surrounding that of health insurance lately. While some believe that health insurance should be required, others believe that it should be left up to the decision of the person. Either way, health insurance provides many benefits to the insured parties and the pricing and the coverage of the insurance plans will greatly vary depending on things such as monthly payment amounts, any chronic health conditions, and the need for any prescriptions.