Health Insurance Helps Heal Your Finances

Health insurance seems to suggest that it is something that keeps you healthy. After all, it contains the word health, which means absence of disease or illness. It contains the word insurance, which means an assurance or guarantee. However, it doesn't quite work that way. Health insurance is designed to help you financially after you become sick or injured. This insurance can assist with expenses due to routine medical care, sudden illness, or accidents.

Routine or preventive medical care is an important aspect of health insurance. It may sound contradictory to visit the doctor when you are not sick. There are two ways that this helps. When you visit the doctor without being sick, the doctor knows what all your normal readings should be, and can compare them when you are really ill. The other reason is that the doctor may discover a problem that you haven't detected yet, and cure it quickly. Health insurance tends to cover this type of visit, because it keeps you healthy and reduces the costs of the health insurance company.

A sudden illness can cause more costs than simply medical costs. There may be missed work and wages, prescription drugs, hiring child care while you are ill, and more. Health insurance works to defray these costs for you. The amount paid by your particular health insurance depends on your plan, but expect to receive reimbursements for hospital stays, medications, and possibly some of the non-medical costs. Non-medical costs such as child care, rental cars, and other unexpected expenses might require a special addition to your health insurance policy.

The dreaded serious accident can put a huge strain on family finances without health insurance. If one or both salary earners are incapacitated for a while, there is loss of wages, ambulance expense, emergency room expense, drugs, nursing, and maybe at-home care. If you have really comprehensive health insurance, your plan might cover up to 100% of these expenses after you have paid a given amount out of pocket.

Health insurance is a necessity. Even a moderate medical expense can cause financial hardship for many people. Look at your finances carefully and compare various insurance plans. Determine how much you are willing to pay per incident, and what kind of monthly premiums are available. Analyze your doctor visits and medical bills from the previous year and use that as a starting point. Health insurance is more than just a life saver. It can save your finances too.

Copyright 2007 Jim Sterling - All Rights Reserved

The Health Insurance Game

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