Personal Debt and Health Care Costs

If you are like most people you do not give a lot of thought about your health care insurance. Some people that have great jobs do not have to worry about coverage. But what about those that are self-employed or unemployed?

The old Boy Scout adage of “Be Prepared” is certainly fitting when it comes to individual and family health insurance. With today’s economic problems many people simply can not afford to purchase health insurance. For some people it comes down to putting food on the table, and paying for electricity in their homes that is much more important, and rightfully so.

Considering the financial problems people are faced with, health insurance is certainly on the back burner when looking at personal budgets. This is very backward thinking however, at any time a person or family member may fall ill, or get into and accident. Juggling debt and trying to meet your budget is always challenging. Can you imagine if you were in a car accident, or came down with an illness or disease? You medical costs with no coverage would be astounding. They may very well be so high that you end up losing your home, vehicle, investments etc. Gambling with your health is just not wise. Many people feel that they would much rather pay for that exotic vacation, or by that high end van they always wanted. Some of these people would rather spend there money on items such as this rather than pay for a health insurance plan.

When you look at buying individual or family health insurance you need to look at all the pros and cons. Some important questions to ask are:

· Is your work coverage adequate?
· Are the rates you’re paying (co-payment) equal to other policies?
· Can you save money by shopping around?
· What can your budget handle for the required coverage you need?

It is important when shopping around and comparing prices to find out ways to reduce your costs. Some companies offer co-payment where they will cover some of the costs for you. Other companies will require you pay a deductible which can be adjustable. To lower costs further some people choose and HMO these are clinic like settings where you will have various doctors, facilities and caregivers working with you. These can save you money.

It is very important that you look at the big picture; your level of health now compared to 5-10 years from now may change drastically. Be sure that you are protecting your future when signing on with a health insurance provider. There are many options you have, and if you go on the internet and search health insurance quotes compare your options and the costs with various companies. Make sure you read the fine print and are aware of everything included.

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