Knowhow-Now Article

The Basics of Medical Coverage

Health insurance, in this modern world of cancer, heart disease, AIDS, diabetes, asthma, ageing and other diseases and afflictions, it is essential to have some sort of health insurance.

There are many levels of health insurance coverage available; unfortunately, like most things in life, you get what you pay for, and good coverage can be very expensive.

Tip: A tip you can use for health insurance is to do a little bit of research on a health care savings account. Money that you put into an HSA is taken out before taxes and can reduce the cost of your medical expenses.

The two most common terms in referring to health insurance are premium, which is the amount paid for the insurance, and deductible, which is your out-of-pocket expense before the insurance pays your provider.

For instance, you might pay $300 premium per month for family coverage, and your deductible might be $250 per person, which means if you fell and broke your ankle and went to the hospital emergency room, you would be required to pay the first $250 of the bill.

Tip: No matter what, you will save money by buying generics over brand name drugs. There are only rare instances when you won't be able to get a generic version of your prescription, and research indicates that the name is the only way in which generics differ from brand name drugs.

You can purchase very basic catastrophic coverage, which would carry a very high deductible and the premium would be less than comprehensive coverage which would have a higher premium and lower deductible.

It pays to invest the time to investigate various insurance options, taking into consideration your age, your general health and the health of your family members.

Your employer may offer group health insurance, which is most likely the least expensive option for you, and usually the premium is deducted from your paycheck.

Health insurance is a calculated risk; can you afford the premiums or are you willing to risk that you would pay less out of pocket for medical expenses in a year than the premiums would cost? Consider carefully.

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