We live in an era where Americans are mandated to obtain for themselves a health insurance.
When the Patient Protection and Affordable Care Act (more popularly known as the Obamacare) was signed into law back in March 2010, it received different reactions from young and old. Many saw this as a positive and beneficial step in ensuring the health of the public. A few, especially the young and healthy, thought that it was unnecessary and just an added burden.
Unlike other purchases where you avail of the service to benefit from it directly, a health insurance is a service you pay regularly but never wish you will never need.
It is there for the sudden, adverse and troubling health concerns that you or any member of your family may experience. For these ‘rainy days’, your health insurance could be the raft that can save you from drowning in serious losses.
“Affordable” DOES NOT Always Mean Right
Many Americans purchase health insurance based on one factor – the price of the policy.
They can’t be blamed.
An individual health insurance policy may cost you around $4,000 annually. Per month, it would be an out-of-pocket expense of about $300. This how much it costs someone who does not have government subsidy.
Everyone has the freedom to choose a policy that fits well within their income. It is so easy to conclude that the cheaper the plan, the better. However, the ‘affordability’ of the insurance plan is not its best feature.
Because a lot of people are so fixated on affordability, the insurance coverage becomes an afterthought. However, a health insurance with the wrong coverage is practically of no use.
You are just wasting money on an “affordable” health insurance that does not address your actual medical needs. That’s thousands of money going down the drain.
It is never wise to shop based on just price alone.
You, Your Health and Your Finances are at Risk
We can never predict when a serious illness can hit us. You can be in tip-top shape today, but tomorrow you can never be too sure.
Without a good insurance coverage, you will be left in ruins — in health and in finances. You will have to shoulder the cost of treatments, medications, and procedures which are not covered by the policy. This can easily translate to tens of thousands of dollars in the form of medical bills. Unpaid medical bills can take a toll on your credit which in turn limits your access to other services.
Not All Health Insurances Cover Prescription Drugs
Not choosing the right policy may result in additional out-of-pocket expenses. And when it comes to maintenance medications, we all are well aware that that can be highly expensive.
Take into consideration the medications that you are taking. Does the policy cover them? Does it shoulder part of the cost? Or is it not part of the insurance coverage?
The kind of drugs you take, how often you take it and its dosage may dictate which kind of plan you should get.
This should help you figure out what health insurance policy you need. Be able to compare the cost of paying for such plan and the cost of paying for the medication yourself.
If paying for your prescription drugs out-of-pocket and taking a plan with a much lower premium is more cost effective, go for it. But if the plan is comprehensive enough to cover these medications and just break-even when it comes to cost, choose that plan.
Be Wise and Practical When Obtaining a Health Insurance
The person that can benefit most out of the plan should be you. It should help you feel more secure. There is no price to pay for peace of mind, but there is alway the right insurance to cushion you on rainy days.
Remember that we all have different health and wellness needs. Find an affordable health insurance that addresses yours.