| In light of today's health care costs, a better | | | | insurance is usually more expensive than group |
| question would be, "Can I afford NOT to have | | | | health insurance, but there are ways to minimize |
| health insurance?". Indeed, medical expenses are a | | | | the rate. Shop around and compare rates offerd |
| leading cause of bankruptcy in the US. A health | | | | by various health insurance companies. Health |
| insurance plan should be an essential part of any | | | | insurance companies usually offer lower rates for |
| responsible financial plan, whether married or single. | | | | younger persons, for nonsmokers, and those with |
| Even young, healthy adults should bear in mind | | | | normal weight. Rates will be higher, or coverage |
| that a single emergency room visit can cost | | | | denied for pre-existing health conditions, for those |
| hundreds, even thousands of dollars, and intensive | | | | working in high-risk occupations, and those who |
| care can cost thousands per day. And that's not | | | | engage in high-risk activities such as race car |
| even counting the costs of prescription drugs. | | | | driving. |
| There are steps to take to minimize the expense | | | | A relative newcomer to health insurance plans is |
| of health insurance. Many employers offer health | | | | the health savings account, or HSA. An HSA |
| insurance as a benefit for employees. Rates for | | | | allows the individual to save money to pay routine |
| group health insurance such as this are usually | | | | health care expenses, deductibles and co-pays. |
| lower than private insurance rates; employers can | | | | The IRS allows this money to be set aside |
| negotiate better rates as a group. Labor and | | | | pre-tax as well. HSAs are paired with a health |
| trade unions also may offer group health | | | | insurance plan with low premiums and high |
| insurance for their members. Spouses and children | | | | deductible to cover major health expenses. In a |
| can often be added to most employee health | | | | sense, the individual is "self-insured" for routine |
| plan, though the rate will be higher. Premiums for | | | | health care, with a major medical plan for bigger |
| employer-sponsored health insurance can be | | | | expenses. Many experts predict that HSAs will |
| deducted from the employees' paycheck, often | | | | become more popular in time as an alternative to |
| with pre-tax dollars, increasing the savings. Many | | | | traditional health insurance plans. |
| employers offer multiple health plans. The | | | | Whatever health plan that you choose, health |
| employee may be able to select from PPO, HMO, | | | | care coverage is essential. A major surgery and |
| and traditional plans. Compare the options, check | | | | or extended critcal care stay could easily bankrupt |
| the policy to determine what medical expenses | | | | any individual or family. Consider the options |
| are covered, and select the plan that most suits | | | | available. Be certain of what is and is not covered, |
| the needs of you and/or your family. | | | | and consider how appropriate that coverage is for |
| If a group plan is not available, private health | | | | your situation. |
| insurance coverage is available. Private health | | | | |