Who Needs Health Insurance?
Every man, woman and child needs health insurance, any one of us can fall ill or have an unexpected accident. A Harvard study published in 2005 found that medical expenses contributed to 50 percent of all bankruptcy filings. Every 30 seconds someone in the U.S. files for bankruptcy following a costly health crisis. If you don’t have health insurance any accident or illness can be financially devastating.
What Type of Health Insurance Plan Do You Need?
It’s easy to get affordable health insurance quotes from each individual health insurance company and make side-by-side comparisons of health insurance plans. Whether you are looking for individual health insurance, worldwide medical insurance, short-term health insurance, student health insurance, family medical insurance, or small business health insurance it is important to shop around for the best coverage and best prices.
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Choosing The Right Insurance Company
You may feel safer with a big company that you recognize. Big companies might give you the best rate. The bigger the company the more resources available to them; therefore they may be able to offer better pricing. However, it is important to spend time researching the best carrier and getting quotes. Don’t choose your health insurance company based on their advertising alone.
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Differences in Health Insurance Policies
Here’s an easy rule-of-thumb: Plans with the most comprehensive coverage at the lowest out-of-pocket cost require you to use a specified network of hospitals, doctors, labs, and other providers. The more flexibility you want, the more you’ll pay, in either premiums or co-payments.
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Get a Helpful Tax Break
Ordinarily medical expenses, including insurance premiums, are not tax deductible until they exceed 7.5% of your income. However, if you’re self-employed or your employer offers a flexible spending account, you can get a tax break without meeting the threshold.
