Secure a quality major medical health insurance policy.You may think that health insurance is not worth the money (even if it was affordable) and the fact that you are fairly healthy might reduce the chance of you understanding of why you would be better having coverage than taking the risk of not having it. Accidents and sickness occurrences are unexpected. Even if you are relatively healthy, that does not exempt you from developing an unexpected sickness or having an accident. Having a family that has an excellent health history is also a thumbs-up in your favor. That means is that the odds are reduced that you may be stricken with an illness or specified disease. It does not decrease the chance of you having an accident due to your or someone else’s carelessness. Your lifestyle may also minimize, but not eliminate, the risk that you may be seriously injured or contract a temporary or permanent sickness. Health insurance was ultimately designed to prevent you from facing catastrophic financial loss from potential (unexpected) costly medical expenses through the transference of risk. How much financial risk are you willing to assume due to a catastrophic accident or sickness?
Be realistic and purchase what you can afford and is sufficient coverage for you.Insurance rates are based on morbidity tables, expenses, and interest. Rates are also based the law of large numbers (on people of all ages and races to determine rates for any specific group). Be sure that you are offered several options and are not steered into one specific policy or to one specific carrier. An insurance policy can be loaded with with all types of benefits that exceed what you have requested and/or are not sure how the additional coverage that is suggested may benefit you.
Most of us do not know what type of coverage, how much coverage, and where to purchase the "right" insurance coverage.
Use a reliable career agent or broker that you feel you can trust.
The higher your monthly premium is, the more that agent will earn. Don't allow yourself to be oversold and don't buy what you know you cannot afford. A smart agent will work within the limitations you specify and find the best coverage for the dollar you are willing to spend. Buy from an agent that has integrity and that works for you by providing a valuable service and puts your needs first. Whether you decide to purchase insurance on your own or whether you select an agent, the cost of the policy is the same to you. Let an licensed career agent earn their money by providing a service to you by helping you to understand what will be sufficient for you based on your financial limitations and the coverage that you specifically request.
Keep it "brass tacks" simple.
Insurance policies can be loaded with hidden co-pays, deductibles, and other restrictions such as waiting periods and riders. Eliminate as many "bells and whistles" as necessary to make the policy easy to understand which will also likely lower the monthly premium. Ask about different deductibles, Health Saving Accounts, and plans that may not include unlimited co-pays. Have the agent "do the math" for you and show you how each plan would differ in cost and benefit to you. Do not purchase additional accident coverage or life insurance that can be added onto a health insurance policy. Life insurance and supplemental accident or sickness insurance can be purchased for less if purchased outside of the major medical policy.
Review your coverage a minimum of bi-yearly.
The insurance business is generally known for high turnover with respect to agents. Select a career agent, not someone working insurance as a side business. Your agent should contact you several times throughout each year as part of the business relationship and keep you informed of changes to your current policy or any other policies that may benefit you better. If you already have health insurance coverage then it may also be time to have an agent review your costs and coverage to ensure you are not paying more than you need to or are not "over-insured".
Consider the potential consequences of being without health insurance. A hospital is only required to stabilize a patient and then release them. Without an insurance card you also may be billed a much higher rate than that of an insured. Most health insurance policies also give you the health insurance company's pre-negotiated rates on medical claims under the deductible you choose. You may also in the future develop a condition that will prevent you from purchasing insurance on top of the bills that come from having that condition (which becomes a pre-existing condition). That will cause the insurance company to either place a rider on a new policy which will not cover that condition, rate you up for a new policy, or decline you altogether based on the condition you have.
Most of us will have one or more serious health related incidents in our lifetime that may create a large financial burden we cannot afford to pay.
Can you afford to pay $20,000 or $30,000 if you break a arm or leg or have one of many similar cost extensive injuries? It is likely easier to finance a small monthly payment to avoid being faced with one or more enormous bills that will likely have to be financed for many years. The advantages far outweigh the cost. Having health insurance secures quality medical care.
Understand securing health insurance is the key to quality medical care.
The standard of care supplied to those without insurance and lacking substantial means is perhaps "adequate" by some lights, but you wouldn't settle for it. The "problem" is not the lack of health insurance. The problem is a lack of quality medical care when being one of the uninsured.
If you haven't secured one or more of the many forms of health insurance coverage,
now may be the time to seriously consider it.
Are You Qualified for COBRA?
COBRA (short for the Consolidated Omnibus Budget Reconciliation Act of 1985) provides a needed connection between health plans for qualified workers, their spouses, and their dependent children when their health insurance might otherwise be cut off. COBRA has been hailed as an important safety net for families going through a tragedy like unemployment, divorce, or death. When enrolled in COBRA, if you voluntarily resign from a job or are terminated for any reason other than "gross misconduct" you are guaranteed the right to continue your former employer's group plan as individual or family health care coverage for up to 18 months at your own expense. In many cases, your spouse and dependent children are also eligible for COBRA coverage, sometimes for as long as three years. However, individual health insurance plans - that is, plans you buy on your own, rather than through work or an association - are not subject to COBRA law, and once you lose that coverage, you won't be able to get an extension under COBRA.