The Need for Health Insurance

Need for Health InsuranceBeing healthy

Is something we can easily take for granted. Those in poor health know firsthand the effect poor health has on the quality of life and the ability to work. Good health often comes from taking care of yourself, appropriate medical care, and your family's health legacy.

At some point, everyone needs medical care. Regular checkups help maintain good health. Accidents, illnesses, and simply growing older require medical care. And medical care costs money. A lot of money.

Paying for medical care

Without a doubt, medical care is extremely expensive. If you experience a health issue, you have three basic choices:

Don't go:

When you don't seek medical care when you need to, your small, treatable problems can become much bigger, more expensive, and sometimes can be fatal.

Pay out-of-pocket expenses:

When you pay for your own medical expenses, your finances can quickly deplete. One of the big causes cited for personal bankruptcy are from medical bills.

Health insurance:

Even though premiums may be expensive, health insurance is often the only practical choice for medical care.

Three health insurance sources:

Individually owned policies:

Individuals can purchase health policies directly from an insurance company or health maintenance organization. Typically, these policies are expensive compared to group health insurance.

Group health insurance:

Health insurance that is provided through an employer or a related group such as a professional association. These premiums tend to be less than individually owned policies.

Government programs:

Medicare:

Health insurance for people age 65 and older.

Medicaid:

Health care for the impoverished.

Military:

Health care for active duty and Veterans.

State:

Some states have programs to provide health insurance for low-income people and families.

It's your choice:

Health insurance may be expensive, but not nearly as expensive as paying for medical expenses on your own or avoiding medical care altogether.

This article is intended to serve as a basis for further discussion with other professional advisors both legal, financial and tax. We have made every effort to provide accurate numbers and explanations. The information in this report should only be used as basic information regarding the subject of probate. Always consult with your tax preparer and legal advisor regarding questions for your specific situation. This report does not purport to provide legal advice at any level and is only meant as general information.