The Dangers of Insufficient Health Insurance

The dangers of insufficient health benefit coverage should be a top priority to everyone, since not having adequate insurance may deplete savings, ruin a credit rating, and possibly result in bankruptcy.

Few need to be reminded about the increased cost of medical treatment during the last few decades. With malpractice insurance continuing to rise, doctors and facilities in all facets of patient care pass those costs along in their billing.

Insurance companies, in turn, must increase deductibles and co-pays and alter their coverage plans. This means that consumers must pay more, for the same or less coverage.

Although there could be temptation to sacrifice some coverage by rationalizing that insured parties are young and/or healthy, giving in to that idea would be very risky and irresponsible. Even if other family members’ futures were not at stake, a person must realize that his or her lack of individual coverage would still need to be accommodated by another means.

Occasionally, a person or family may not realize the scope of medical care costs. Until someone is the victim of an accident, suffers an unexpected mishap, or is diagnosed with a serious disease or illness, they probably have no idea of the price of treatment. With drugs that can cost hundreds of dollars a month, weekly specialist visits that can be upwards of $75, repetitive tests that can be thousands of dollars, and hospitalizations that can run into the hundreds of thousands, it’s clear that excellent insurance is a necessity.

It’s critical to understand just what is covered by different companies and plans. In a blink of an eye, something could happen that could change a person’s future, and sufficient insurance coverage will, at least, alleviate the emotional stress of worrying about how to pay to recoup a normal life once again. This is especially true as a person ages; many senior citizens incur several hospitalizations annually and must take over a dozen prescription pills daily, in addition to needing special devices such as monitors, walking devices, and special equipment.

No one should ever just assume that because they’ve never been sick or incurred an accident, they never will. The decision regarding health insurance should always be based on what company and plan will offer the most for them or their family, and at the best rate and method (such as employer contributions or coverage options). Even if a person feels they can handle anything that may happen, that decision should not be inflicted on other family members such as children. Taking care of a sick child can be debilitating in terms of a long term financial impact, not to mention the agony of witnessing their suffering.

Regardless of the type of plan and coverage eventually agreed upon, there are ways to maximize it. An insured should obtain all routine checkups (such as well baby care or annual physicals) to catch problems before they escalate into hospitalizations or long-term illnesses. They must sure that every doctor, test, and facility utilized is covered by the health plan, and shop around to find the ones that are. They can effectively use generic drugs or any low-cost plans for common drugs available at pharmacies and through consumer groups. They may check into clinic services or governmental children’s programs which may offer lower-cost or free treatment for some services. Patients can even request-directly from the doctor-a discount when paying out of pocket if their plan may not cover a certain treatment. These practices will maximize and enhance the benefits of an appropriate health insurance plan.