The Basics of Health Insurance
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.
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.
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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