I started searching for health insurance in May 2016 because I had two children that were 2 and 4. I was looking for health insurance because not only was I a first-time mother, but I didn’t have the funds and knowledge to help my children.
I started finding out that sometimes, new moms have to take different paths to get health insurance. For example, some people take coverage from their spouse or parents. Other health insurance offers are given to children that are getting married or divorced. I took coverage from my work plan.
Health Insurance Costs can be good
Health insurance is at a reasonable price. But, I was surprised to find out that insurance is not available for everyone. We all have different risks. Some people like high deductibles and policies. Others like their insurance to not be very high. It depends on how much you make and whether or not your needs are health-related.
Insurance plans also differ by type of insurance: Employer health insurance plans individually provided health insurance and government health insurance plans. Furthermore, health insurance plans vary by age and gender.
High deductibles can be bad
High deductibles can scare away some people. But, high deductibles are affordable and work for some people. For example, a bronze plan’s deductible is around $2,700 a year. For my sister who is a new mom, this would be affordable. She would also qualify for a Medicaid plan.
If you are getting insurance with your spouse or parents, or your children with pre-existing health conditions, the out-of-pocket medical costs will be high. But I love deductibles. Especially those if you’re covered by an employer plan. A yearly deductible of $2,700 is affordable.
My insurance plan has a very high deductible. But, if I need more care, my doctors or insurance plan’s provider will pay the full cost.
Accidental health conditions can be disastrous
Accidental health conditions can have devastating and painful outcomes. We all need to have emergency care when we experience an accident or a disease, like a bladder infection or a heart attack. Being afraid to seek care could land you in the hospital for more than two days. Let’s talk about those high billings. You might have to pay $4,500 to $5,600 out of pocket.
The Health Insurance Portability and Accountability Act of 1996 has made some of the most common health insurance plan (or health care) benefits more understandable. Unfortunately, the Medigap plan may only offer this benefit.
A standard plan also includes HMO and PPO health plan, The typical medical plan for our employer is a “Cover 1” with HMO and another plan with PPO.
A US Health Insurance Premium is $1,251.29 for individuals. A more competitive coverage you would need is “Cover 2” with an annual Medical Cap of $1,492.29. For HMO coverage, there are high deductibles and co-insurance costs but at a lower cost.
Another important part of health insurance is long-term care insurance. You would also need Medicare. For our midwest state, the cost of individual long-term care insurance for a yearly monthly premium is $298.33 per month.
There are different cost differences between health insurance. Medicare is less expensive for those with private health insurance. This difference can be figured out by purchasing long-term care insurance. These costs can be up to 25% lower. Overall, health insurance is an essential benefit we need when we get older.
We want to take great care of ourselves and others. Many people enjoy having health insurance because they’re satisfied with the coverage they have. In many states, health insurance must be obtained for children who are getting married or divorced.
The benefits that I appreciate the most is my annual deductible and the ability to see my doctor every month. I have a lot of healthy hobbies, and my doctor has an appointment once a month. Since I had never been on my own, I like to keep a track of my health.
If you want to start looking into health insurance, visit health insurance.gov and become more educated about what options are available. For example, you can find an insurance plan to fit your needs.
There are several types of health insurance you need to understand.
Are you allocating funds to insurance? I want to reveal my knowledge about the types of health insurance, so you are sure to make the right decisions and at the same time-saving money.
According to the Yale Journal of Emergency Services and Public Health, Individuals who have an auto insurance policy benefit from over $981.14 per year in annual premiums. on average.
However, individuals whose insurance business is not profitable must offer, through their insurer, basic health insurance benefits: medical expenses coverage, telemedicine, vision coverage, and health maintenance policies.
Other types of health insurance
More individuals in the US prefer health insurance policies that prevent diseases such as cancer, illnesses, and injuries.
For example, as per USA-AIG, “a universal medical network of independent medical group and managed care plan premium benefit is 14% more expensive than through conventional health insurance in 2015”.
Another type of health insurance in the US is a continuous health insurance plan. A universal health network of independent medical groups and managed care plans is more than $227.99 for people with low incomes who opt for the biggest single purchase of health insurance options in the US today.
However, individuals who are driving in Hawaii would expect to pay $4,345.14 for a single purchase of health insurance, as per the HawaiiHealth Insurance Association (HAIA).
Why is there a huge difference in health insurance premiums and the benefits? Below you can find the real-life reason why that is true.
Think about your federal taxes.
Your premiums in the US are less than your state taxes. For example, a 6.55% tax may not seem like much, but here in Hawaii, your premiums (which are regulated by the state) are less than your state taxes (6.47%) when compared to a 19.08% tax.
Moreover, in some states — New York — your premiums are not based on your income. For example, $500,000 is not classified as very rich and you are not forced to contribute to health insurance which is affordable in states like California or New York.
Does your health insurance policy have a health premium limit?
If so, then you will pay more than expected for a specific benefit provided. For example, if you have a health insurance policy in Hawaii, $10,000 is not the minimum annual wellness checkup, it may be $15,000 or more.
There are different policies in Hawaii that permit you to purchase more insurance to cover your lifetime medical expenses like vision and health maintenance plans which costs more.
Think about it, if you are in Hawaii, your premiums are lower than your individual premium, you are good to buy a higher health insurance premium amount than you might have actually spent on your own health insurance.
Does your health insurance plan have a special health benefit for catastrophic illnesses?
Sometimes health insurance providers even offer similar health benefits in individual policies such as eye, dental, and limited health care plans that are accessed through your employer.
Thus, you must be aware of your type of health insurance before opting for it. You may be surprised if your health insurance premium for a single medical plan is less than the state taxes.
Also, before opting for an individual health insurance policy, keep in mind that health insurance tends to be rather expensive in a state that produces a low individual income.
Thank you for reading this article. I would love to connect with you on LinkedIn to learn more about your life and future plans.