Health insurance is a topic often debated by two of the presidential candidates, with these two individuals each touting some form of Universal Health Care. This means that the government would provide health care to everyone, whether you feel like you need government "help" or not.
This is an inherently bad idea. Sure, it sounds good, but it just won't work here. Many other countries around the world have tried to provide universal care. Canada has created a dismal system that patients, doctors, and nurses all hate. It doesn't work there. The only example of a working universal health care system is in Australia. Australians seem to have a different view on consumption of medical services than Americans, so it seems to work just fine there.
I'm not writing this article to compare and contrast the two candidate's positions. Neither plan is workable, so let's just leave the argument right there. I want to discuss the benefits of having health insurance, and show you how to protect your family, if you are one of the many families who does not have health care.
You have three basic choices for health insurance: HMO, PPO, or 80/20. 80/20 is the coverage that most of us grew up with, but due to the high cost of health care, HMOs and PPOs are now proliferating.
HMO stands for "Health Maintenance Organization," and generally means that you must go to a certain facility and see your assigned doctor whenever you need healthcare. If you need more specialized attention, you must beg for it, and you may not be able to get all of the care you would like, because someone is making decisions based on the cost of care to the organization, rather than your health needs.
PPO means "Preferred Provider Organization." In this structure, an insurance company signs hospitals, doctors and specialists to agreements, which detail what each member provider may charge to the company's policyholders. As an insured, you are free to see any provider in the network, and you will pay a copay, deductible or both. If you need a specialist, just find one on the list and go. No other permission is required for basic office visits.
80/20 is the traditional type of health coverage. Generally, you will have a deductible that you will pay before obtaining benefits under the policy. You will then have a co-insurance corridor in which you will pay 20% of the cost and your insurance company will pay 80%. You will have a stop-loss point, after which the insurance company then pays 100% of your expenses.
You also have the choice of a traditional policy or an HSA (Health Savings Account), which can be used as a retirement tool and comes with some tax benefits. If this is something in which you would like to have more information, please contact me directly. HSA is an advanced financial concept and planning tool that is not appropriate for everyone, so I won't address it much here.
Depending on your age, health condition, financial status, and other issues, the best type of policy for you may vary. Usually, PPO policies have the lowest premiums, followed by HMOs, and then 80/20.
You can get an instant quote by visiting the following website:
One key reason to have health insurance is for the negotiated rates that you will get from the insurance company. For example, I don't go to the doctor very often. Most men fall into this category. Unless I'm am bleeding profusely or I have a body part hanging off, I'm not likely to waste my time on an office visit. Judge me later, but you know a lot of other people like me.
For my own use, I purchased a PPO policy with a $1,500 deductible that also had $15 generic prescriptions. As a 42-year old male (I know, I don't look that old), my premium is $124 per month. I rarely go to the doctor, and I probably won't hit the deductible. However, if I do have to go to the doctor, I will save a lot of money as compared to going to the doctor without insurance.
I had two office visits last year, which included some blood work and a minor in-office procedure. The doctor billed me $200 for each visit. My insurance company had a negotiated rate of $80 per visit, so I saved $120 per visit, just because I had insurance. Even though the insurance company didn't pay out any money, because of the negotiated rate I saved almost enough to pay my monthly premium on each visit. i also saved 80% on my lab expenses, and my prescriptions were only $15 each.
If you plan carefully, you may be able to obtain health insurance for much less than you think. Covering children can also be inexpensive, especially if they are added to your plan. Use the link above, where you can get a quote and complete an application online, or give me a call with your questions.
Be healthy, stay healthy, get insured, and don't vote for anyone who thinks we need Universal Health Care. That is one policy we cannot afford!
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