The best thing in America is free health care. Health insurance is an option that could provide you this. Given the way health care costs have risen; many families have gone bankrupt paying the bills for a sick person in the family. Some are fortunate to have medical insurance cover either by the employer or have cover by parents or relatives medical insurance policies others are not so fortunate.
Well what do you want to choose; a health insurance policy that sounds like a bad investment or paying all of the bills yourself. A quick look at a health insurance policy seems like an unaffordable luxury unless some one land up sick and you have to foot 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 were to be injured in a car accident, insurance can come quite handy for the bills and even for the dent in the savings you face when you have to take leave.
Thinking that doctor’s bills are measly when compared to the premium will take you no where. Being prepared for the large expenditure means; taking the right health insurance policy.
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 is OK then this policy is and ideal choice and would mean that unless the bill is large the insurance would be paying for it.
If you have very little money then get an affordable plan so that you would have to pay little 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 of the medical care costs. The plus points of going for regular routine check ups will avoid you going for a sudden expensive treatment. You are regularly examined and thus you can avert any major health happening and stay fit and healthy.
Are there other options?
If you are savvy enough with your money you could save money and get tax deductions. Health savings account or HAS allows you to put back monthly a small amount into a dedicated bank account for health services. To avail this plan you must be covered by a High Deductible Health Plan (HDHP). The money you save on the premiums (in case you take another plan) could be put into the health saving account (tax free) and you could also get the High Deductible health plan as insurance against unforeseen eventualities. This money saved is thus combined with an insurance plan to maximize benefits.
Travel insurance and Group Health Insurance are options that you can choose because this is the most likely scenarios when accidents happen. When you travel or when a group is going on vacation or camps. This is in case your cover by medical insurance is too less.