Everyone needs to have health insurance. If you do not have insurance and a family member suffers a serious illness that requires that they need medication for an extended time or to stay in the hospital for an extended time, how long would it take for those medical bills to drain your savings?
Buy as much medical insurance as your family can afford, within reason. The more you have, the better your chances of surviving financially from a medical crisis. Medical bills are more expensive every day. It is not uncommon today for an employer to ask you to pay more for your portion of the company health plan. Insurance companies are more than ever pushing you toward the preferred providers in order to keep medical expenses down.
You may find that you can choose from several kinds of coverage. Before making the choice, you should study the plans and see which is actually best for you.
Fee for service insurance allows you to choose your own doctor. Bills are submitted to the insurance company, which pays either part or the entire plan.
In a HMO, you pay a monthly fee and can go to the doctor as needed with no or very little deductible. Unfortunately, if you see a doctor that is not a part of the HMO, you will end up paying your own bill.
A preferred provider plan lets you choose your own doctor from a list of providers that have signed a contract with the insurance company. They agree to give the insurance company a discount for your health care. If you see out of network doctors, you will pay more.
If you have been recently laid off or left a job, you may qualify for COBRA which allows you to keep the insurance from your former job for a certain number of months. If you have been recently laid off, the government will reimburse your employer for a portion of the fee for COBRA for up to nine months.
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