5/28/2017

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The Right Amount of Coverage

One of the most important questions everyone should ask themselves is whether they, and their families, are properly insured. Most people know the value of having healthcare insurance but many don't have sufficient coverage to take care of their families if a serious medical event takes place, such as a catastrophic accident or a long term illness.

The need for healthcare insurance is greater today than ever. A trip to the emergency room at your local hospital can cost upwards of $2000 per visit and the cost of an overnight hospital stay can start at $5000 or more, depending on the hospital and the seriousness of the illness or accident.

Even a regular checkup at a doctor's office, a yearly physical, an eye or hearing exam, dental work, or if a patient has a bad cold, flu, or other treatable illness, can bare significant costs if a patient doesn't have insurance, and even if they do have insurance, a co-pay can cost from $10 dollars and up per visit. The amount of a co-pay depends on the insurance carrier and the type of coverage you have.

Healthcare has always been a major cost to consumers and families, and without healthcare insurance, most people would not be able to afford hospitalization, or to visit a doctor on a regular basis. Those who don't have healthcare insurance at all may not get the medical attention they need or they may find themselves sitting in waiting rooms for longer periods of time than those who have insurance before they are able to see a doctor. In many instances, they are turned away and don't get to see a doctor at all. Without healthcare insurance, many individuals and their families do not get the necessary preventive care at all.

Forgoing preventive care can be a recipe for disaster, creating the need for a long hospital stay or even worse, death. Studies have found that those who do not have medical insurance are twice as likely to be admitted into a hospital than those who do have insurance and see a doctor on a regular basis.

The right amount of insurance depends on the needs of an individual and the dollar amount that he or she can afford to pay. When going to see a doctor, out of pocket medical expenses are always higher for those who do not have insurance at all, but at times, even those with insurance find themselves under covered.

The issue of universal healthcare has become a hot topic for debate among politicians around the country, and whether you agree with one side or the other, you have to admit that something needs to be done to make health care affordable for everyone.

For those who are in need of a good affordable healthcare plan, it is important to check rates and plans from several healthcare insurance carriers and to study the underwriting policies of each because each carrier is different, and the amount of coverage and the costs will vary from company to company.

The lifestyles that we lead may dictate the amount of healthcare coverage we need and also the price that we pay for it. If you take a look around, you can see that those lifestyle choices are evident in everything you do, including what you eat and drink, how much exercise you get on a daily basis, where you live, your work environment, the use of alcohol and/or tobacco products, illegal drug usage, the air you breathe, how you drive, and other health related factors.

When pre-existing conditions occur or if you have been denied healthcare coverage in the past, you may still be able to get insurance, but more than likely, you will have to pay a little more for the policy. It is imperative that you shop around for the best rates and available coverage.

Many employers offer their employees health and dental coverage through payment plans set up to help lower the costs of medical attention. They understand that a healthy workforce is crucial in today's fast paced economy so they seek to provide reasonable, low cost, healthcare benefits to help keep their employee's on the job and healthy.

If you are self employed, or if your employer does not offer health care insurance, you can buy your own individual and family health insurance plans that provide long-term protection and comprehensive medical coverage for you and your family.

There is also a plan known as a Healthcare Savings Account (HSA) that is similar to an IRA. This plan allows consumers to pay for qualified medical expenses with pre-tax dollars that makes healthcare more affordable while saving for retirement.

The extreme costs of hospitalization makes it important to you and your family to always have the right amount of healthcare insurance.

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