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Will You Take The Risk

In the United States, citizens below 65 years old who are physically and mentally fit have only themselves to defray the cost of their own health care. For this reason, most Americans take out an insurance if only to soften the impact of any health care expense. However, if you sum up the payments on health care insurance over the years, you may be surprised with the resulting figures. In the end, you may even wonder if you really need health insurance and if it is worth gambling at all. Although there is no definitive answer to whether or not you should take the risk, you ought to weigh a number of factors before finally deciding on anything. More than 40 million people in the United States are not covered by any form of health insurance. This count includes those who belong to poor families that are not eligible under the Medicaid program, those who are unemployed and hence do not enjoy any employer-sponsored health care plan, and those considered uninsurable or whose applications for individual coverage have been rejected.

If you are mulling over whether to buy personal health care insurance, know that individual plans may have more expensive prices than the insurance packages available through employers, and that their requirements are more stringent. With all the different types of personal private health care plans with their varied ranges of coverage being offered on the market, it can be daunting to choose the right insurance plan and decide on the amount of coverage you may need. Before dismissing a plan that covers more than $5,000,000, think of the possibility of you needing major surgeries such as heart bypass for one, or even a minor procedure like the removal of your appendix or gall bladder. Ask around how much they cost and do remember that even ordinary ailments can lead to complications that necessitate expensive treatments. Good for you if your employer offers health insurance as part of employee benefits because that means you're automatically covered regardless of your existing health condition. On the other hand, applying for a personal coverage is subject to approval by the insurer and there is always the possibility that you may not be granted the coverage you want or need. On the same note, a job-based health insurance differs from an individual health care plan in terms of limitations and portability. In cases of pre-existing medical condition before applying for a job-based plan, the period of what is to be excluded in your coverage is limited to a year or a year and a half.

If you are covered on an individual basis, the state-prescribed limitations are followed. Although standards vary from one state to the other, the general rule is the exclusion of any costs associated with your pre-existing condition for the whole term of your insurance policy. The portability issue is also dependent on state laws so it is likely that your past coverage may not be credited to your account. In other words, even if you were able to acquire an insurance coverage, you will still need to wait for the lapse of your pre-existing condition exclusion period. The thing is, whatever health care plan you choose, whether it is through your employer or as a private individual, you will still incur a lot of costs, more so if you are supporting a family or if you are dealing with a medical concern. The amount of coverage you need actually depends on your specific situation. Come to think of it, you may not even require medical attention in which case, all the money you paid on health care insurance can be considered as unnecessary expense. Nevertheless, medical attention is something that people will need even at least once in their life. Vehicular accidents, broken bones, and sudden health deterioration can happen to anyone even if we all follow a positive and healthy lifestyle. There is no way of anticipating these events or their severity and if you have neither ample financial resources nor a good health care plan, you could lose most of your assets or end up with huge debts. That would be the risk you'll be taking.

Will you be willing to gamble with your ability to defray the costs of treatment you, your spouse or your children may need? When deciding if you will buy that health insurance policy or not, try to weigh the amount of money you will spend on premiums as against the value you put on your life and health and that of your family.

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