A Personal finance blog to get rich
In the past year, the COVID pandemic has compelled a majority of the adult population to rethink its stance on the importance of health insurance. Insurance providers have reported a compelling rise in the demand for inclusive and diverse health insurance plans across the country.
Considering this rise, it is recommended to be aware of what goes into a good health insurance plan, and what factors can play in your favor to get lower premiums.
How much health insurance you should get as a college graduate is very much dependent on your personal circumstances and wishes. If you are tight on funds, you may wish to get an affordable insurance plan that only offers basic coverage.
But if you have a pre-existing health condition, you will want to make sure your coverage is more robust. There are of course lots of different circumstances. So, to help you decide how much health insurance you need, here is a look at some of the insurance plan options you could choose.
Life is temporary and unpredictable.
There is no surety of our lives. Especially when a Pandemic is making around.
It is also possible that the moments in which we are living today might not be the same after a few days or a few hours.
The cost of healthcare has steadily increased over the past decade, leaving many individuals no choice but to forgo coverage altogether. There are numerous reasons for skyrocketing prices, like the rising cost of medical services, a soaring number of chronically ill individuals, and insurance monopolies dictating the market to benefit their pockets.
Average fees have risen to roughly $500 per individual and $1100 per family, causing many to look elsewhere for medical care or simply avoid services.
As I stated earlier, Insurance is defense, whereas investing is offense, in the game of life. Fundamentally, we buy health insurance in the same way as we purchase a car or home insurance. We buy health insurance mainly because it is meant to secure ourselves from financial woes in case we get sick or experience some unexpected accidents in the future.
However, this is a very narrow perspective of getting health insurance; if you would think deeper, by getting this type of insurance, you’re able to properly handle the persistent physical condition and you stay vigorous which only means to say that you’re able to prevent this certain condition from getting worse.
Medicare has finalized changes that will take effect in 2019. These Medicare 2019 changes are improvements meant to offer better services to beneficiaries, while they also reduce administrative burdens on various Medicare plans.
The changes are mostly on Medicare Advantage Plans (Part C) and Medicare Prescription Drug plans (Medicare Part D). It’s estimated that the changes can lead to savings of up to $295 million every year for the program.
Medical emergencies arrive unannounced. With the rising healthcare costs, the hospitalization and treatment expenses can leave a big dent in your savings kitty. Health insurance is your financial cushion against all medical expenses. You simply can’t live without health insurance in this country.
However, buying the right medical insurance plans could be tricky, especially when there’s absence of a full-fledged healthcare marketplace due to the gradual meltdown of Obamacare. But, if you’re insured through your employer or can afford to enter the private health insurance marketplace then there are a number of plans in the market that could leave you baffled with their variants and features.
I will take it for granted that the savvy readers of this blog are motivated money-savers. The folks here are the types who want to take charge of their financial life one cent at a time with a clear goal in mind. So perhaps my message today is just preaching to the choir; Nevertheless, it never ceases to amaze me what excuses people will give for leaving hard-earned money on the table.
Let’s take that health Flexible Spending Account, for example. You know, the one that is offered by your employer, which allows you to put away some of your pre-tax earnings to spend on eligible health-related products and services?
Nearly 2 million Americans will file for bankruptcy this year after coming into financial hardship due to the diagnosis of a medical condition. The medical expense is currently the number one cause of personal bankruptcy in America – surpassing bankruptcy as a result of credit card debt or mortgage payments.
These figures are somewhat unsurprising when you consider that two out of every 1,000 people will rack up $100,000 or more in medical bills each year. Treatment for some of the most common medical conditions such as coronary heart disease can cost insurers billions of dollars every year.
There comes a point in anyone’s life when they start to realize they’re not as young as they used to be, and as they get older they become increasingly aware of their own mortality. None of us have very long on this Earth, and we may be closer to the grave than we would care to admit.
Using Medicaid for Your Long Term Care Needs
People are more likely to need long-term care services when they’re in their 70’s or 80’s, and some may need it when they are even younger. Maybe you’re in your fifties, and you might be thinking about where you’re going to be in the next twenty years. Will you still be in the same state of good health that you might be in right now, or will you still be alive? But you’re not rich, and you don’t know if you’ll be able to afford a long-term care policy.
