Wondering if health insurance would have helped?

The best thing in America is free health care. Health insurance is one option that can provide you with this. Given the way health care costs have risen; many families have gone bankrupt paying the bills for a sick member of the family. Some are lucky enough to have health insurance either through the employer or through health insurance from their parents or relatives, others are not so lucky.

Well what do you want to choose; health insurance that sounds like a bad investment or paying all the bills yourself. A quick look at health insurance may seem like an unaffordable luxury unless someone gets sick and you have to pay all the bills. Medical bills can go way beyond the monthly premiums you pay. Looking at the big picture and planning with that in mind is not a bad investment. If you’re injured in a car accident, insurance can come in handy for the bills and even the dent in savings you’ll find when you have to take time off work.

Thinking that doctor bills are measly compared to the premium will get you nowhere. Being prepared for the big expenses means; taking out the right health insurance.

o A low copay or deductible would result in higher premiums. This would also mean that your insurance pays every time the bill exceeds the copay amount.

o A higher copay or deductible would result in lower premiums. Just look at the maximum amount you would have to pay. If that’s OK then this policy is an ideal choice and would mean that unless the bill is high the insurance would pay for it.

If you have very little money, buy an affordable plan so that you don’t have to pay much money for the coverage. You would have to pay for your routine visits to the doctor. This is a lot easier than having to bear a hefty bill for medical care costs. The benefits of regular routine checkups prevent you from suddenly having expensive treatment. You will be examined regularly and this way you can prevent major health events and stay fit and healthy.

Are there other options?

If you are smart enough with your money, you can save money and get tax deductions. With the Health Savings Account or HAS you can repay a small monthly amount to a special bank account for healthcare. To take advantage of this plan, you must be covered by a High Deductible Health Plan (HDHP). The money you save on the premiums (in case you take out another insurance policy) can be put (tax free) in the health savings account and you can also take out the High Own Risk insurance as insurance against unforeseen events. So, this money saved is combined with an insurance plan to maximize the benefits.

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Travel insurance and group health insurance are options you can choose as they are the most likely scenarios when accidents happen. When you go on a trip or when a group goes on vacation or camp. This is in case your health insurance cover is too low.