Health

Should I Use a High Deductible Health Care Plan?

Expenses for medical services can be very costly these days. For a person to go without health insurance is a dangerous financial risk. If a major illness or accident occurs a family can find themselves facing enormous medical bills. Medical expenses quickly add up and the inability to pay them can wipe out someone’s finances entirely. Many hospitals refuse to see patients who are uninsured unless it is a dire emergency.

At this point the patient is usually just stabilized for transport to another hospital that accepts the uninsured. Often people choose to take the risk of going without insurance because they think that they will not be able to afford the insurance premiums. Or they simply choose to take the gamble of going without health insurance because they are normally healthy and seldom need to seek medical care. Most health insurance policies offer many different packages to fit a variety of budgets. Health insurance deductibles affect the amount required for the premium, choosing a higher deductible will result in a lower premium.

This option is better than having no insurance at all. With a higher deductible a person has more out of pocket expenditure initially; however once that deductible is met the insurance will then cover whatever portion of the expenses they are required to pay. The insurance policy will specify the exact amounts of the deductible, what procedures are covered by the insurance, and what portion the insurance will pay. Most people are surprised to find out how quickly they can meet their deductible within a few physician office visits. If a major illness strikes and hospitalization is required that deductible could be met in as little as one day. A bill for the deductible amount is going to always be a better option than having to pay the entire bill for a hospital stay out of pocket.

One benefit to having a deductible is that a person knows exactly what amount they will be responsible for paying. There will not be any big surprises because they know what to expect. For people living paycheck to paycheck surprise bills can really throw off their budget. By knowing the exact amount required to meet the insurance deductible they can plan accordingly. High deductible plans are a great option for those looking to save money on insurance premiums and most people are in a safe position to take advantage of these savings.

People with chronic illnesses such as diabetes might find it more beneficial to go with a lower deductible, however for those who are generally healthy there is no need to pay a high premium for insurance that they may not even use.

Another benefit to having a high deductible is being a healthier person. Knowing that they have a high deductible often encourages people to take better care of themselves to avoid getting sick in the first place. This is a win-win situation, they are saving money on their health insurance premiums while getting healthier in the process.

Do Young Adults Need Disability Insurance?

Many things go through the minds of young adults, but seldom do they think of being grievously ill or being prepared for the worst. Usually it is later life when these things are considered and dealt with accordingly. The chances of becoming disabled are considered remote, and therefore not something of which to be concerned.
disability insurance

This leaves many young adults unprepared for such an instance. Unfortunately it is in these years when most people are actually at a higher risk of a disabling injury. Everyone of working age needs to plan ahead of time to see that their bills would be paid if they were to become disabled.

Accidents and illness could potentially cause long lasting or even permanent disability. In the event of temporary disability, a policy would provide a portion of income that would help get bills paid until the illness has passed. The loss of employment resulting in no income for just a few months can have devastating financial consequences for the young adult and their family.

A big benefit in getting disability insurance while young is the reduced cost over getting it later in life. It may also be possible to get a policy during this time that cannot be cancelled by the company. It makes sound financial sense as it stays in force as long as the premiums are met in a timely manner. A policy such as this provides lifelong protection.

It’s no secret that a change in health comes with age. Medical history will play a big role in whether or not a person will qualify for disability insurance. Any kind of medical history will make an increase in the amount paid in premiums. This is where a policy purchase while in the health of youth makes so much sense.

Employers are the first place anyone should begin for any type of insurance. It could be readily available as an option in the company group insurance. Employees are responsible for inquiring about potential benefits they may qualify for as a current company employee. A quick trip to the human resources department will reveal what type of plans are available that can be automatically be deducted from earnings.

Most people are seemingly at their best during the young adult years. It is easy to overlook certain things at this age, particularly when it comes to topics of injury or death. However, it is the precise time to get prepared for all of the things that can catch us off guard. Disability insurance is not just for the elderly or frail. It is for all adults, young or old. These are the individuals that are smart enough to know they need it to take care of themselves should an unfortunate event occur.

The Options for the Uninsured are Growing

Everyone gets sick at one time or another and oftentimes there is too little time to be prepared; especially if you find yourself between jobs, unable to afford the premiums for health insurance coverage or are disqualified because of pre-existing conditions.

There are several options you may pursue:

The Feds Do Care

1. The US Department of Health and Human Services operates many health centers nationwide that provides care for you and your family. This professional care is offered on a pay-what-you-can-afford basis and is often linked to your income. Services include general checkups in cases where there are obvious changes to your health. Treatment is available when there is a positive diagnosis of illness. Mothers-to-be will also receive full care for pregnancy including any special emergency and unusual procedures that might be required. Children will receive their immunizations as well as their routine check-ups to maintain their health. Dental care is also provided for the entire family as well as assistance with prescription drugs. Many families also find themselves in a position requiring mental care or counseling for substance abuse and this is provided by many of the federally-funded health centers. These services are accessible online with the only requirement being to visit the US Department of Health website and type in your zip code to find the nearest health center to you. You will find that centers are both in cities and rural towns and are strategically placed to ensure wide assess to people who need their services.

Not Sure If You Are Sick?

2. There are also many websites online that provide free medical advice if you’re not sure whether you’re in need of medical care. Whilst, one should be wary about depending on information provided online because of physical limitations, meaningful research can save time and unnecessary financial headaches. Many online services offer background information on visible symptoms to help you understand the possible causes of certain illnesses.

Use a Payment Plan…Pay Directly

3. In cases where there might be some resources available, you may want to visit a doctor and pay directly for medical services received. Many hospitals may consider putting you on a payment plan where you can pay a monthly amount over a period time to cover expenses. It is useful to investigate prior to a medical emergency, those services, offices and hospitals that allow a payment plan for those patients without insurance. Plan ahead for medical emergencies.

Walk Into a Clinic

4. There are low cost clinics available that will offer the best “bang for your buck” located in pharmacies, drug stores and convenient stores. These clinics offer affordable family packages that are designed as an alternative to full-service medical centers. Do the required research, because there are many customized services popping up all over the country to cater to the uninsured patient.