Cheap medical health insurance? Unlikely.
Reader question:
Are medical health insurance prices ever going to go down?
Amber
Probably not.
The system kind of works against itself. Medical care costs a lot, and people need medical health insurance companies to help them pay for it. At the same time, though, medical health insurance drives up medical bill costs, and it just keeps on chasing itself around in a circle. Circles don’t end, so the likelihood that medical health insurance or health care costs will go down anytime in the near future short of a miracle is very unlikely.
The most important thing to do when looking for a medical health insurance plan is to shop around and compare quotes from different companies. This can often be done on the internet, where quote comparison sites save you a lot of time and money by comparing quotes from several different companies.
Still, once you get a quote and take out a medical health insurance policy, don’t expect that you will be paying the same forever. Insurance companies do everything they can to charge more money, and in many states its very easy to increase prices without any pre-approval. Often, a health insurance company can just send in a request to increase rates and they can immediately start charging those increased rates without an answer, and can only be stopped if they are reviewed and it’s decided that they charge too much.
Your rates could go up even if you don’t make any health insurance claims and are part of a group health insurance plan. The reason this could happen is that somebody else in your group may be making health insurance plans, and then the rates will raise for everybody, no matter in what good health you are. Rates in group health insurance are decided by the group’s total average history, not your individual claim history.
Cheers,
Fashun Guadarrama.
Should I get catastrophic health insurance?
Let’s face it. Not everybody can be that lucky. That’s why even when you don’t want to bother, or can’t afford, to pay monthly medical health insurance premiums, you have to come up with some sort of compromise. The kind of person that tends to get catastrophic health insurance, which has lower monthly costs but covers much less than regular health insurance plans, tends to be either in their twenties or between the age of fifty and sixty five. Younger insured tend towards catastrophic health insurance because they are often either employed by a company that does not offer medical health insurance coverage, or are self-employed.
As for the other group that tends to get catastrophic health insurance instead of the regular, they are usually past the time in life in which they go in for medical check ups and are instead more preoccupied with major things that can come with age, like heart attacks and strokes. They’re usually only go in for a check up when they need to, and would rather make that a rare visit than have to pay more money for health insurance payments.
Catastrophic health insurance can even be bought through your employer, although most people who get it do so on their own. People who have already retired like to get catastrophic health insurance plans during the time that they are waiting to be of age to be eligible for Medicare. If a company employs more than one thousand people, catastrophic health insurance will be among the plans that it offers, usually.
Catastrophic health insurance plans do avoid customers who already had a condition when they bought the plan. If you have a disease such as AIDS or cancer, you probably won’t be eligible for such a plan, because, obviously, if you have to go to the hospital it won’t really be a catastrophe–more like business as usual.
Cheers,
Fashun Guadarrama.
What is catastrophic health insurance?
Reader question:
What is catastrophic health insurance, and who is it good for?
Grant
I’m glad you asked that.
Many people find themselves unable to afford health insurance because of the high monthly premiums, and for this reason feel hesitant to go to the hospital even in an emergency case. There are forty five million people in the United States who do not have any kind of medical health insurance. And it is absolutely necessary to have full medical health insurance so that you can get regular check ups, prescriptions, and preventive care, but we have to face the truth that some people just can’t.
So what does a person in this situation do? Well, they don’t absolutely have to get a full medical health insurance plan. If a person finds that they work for a company with no health insurance plans, is not able to afford health insurance coverage, or just doesn’t want to pony up the money for it, there is still the option for catastrophic health insurance. This is also sometimes called a major medical plan, a type of health insurance plan with a more specific focus than most.
What catastrophic health insurance is, is a type of medical health insurance plan that requires higher deductibles but at the same time, the monthly payments are a lot smaller. The catch is that it covers a whole lot less than your average medical health insurance plan. You end up paying yourself for your check ups and drugs, while the catastrophic health insurance plan will only cover major hospital visits.
Catastrophic health insurance will provide coverage for most hospital stuff, from the cost of your stay to X Rays and lab tests. If you feel that you are able to afford routine visits, but need something to fall back on for the more expensive medical situations, catastrophic health insurance is for you. It is also a good option for people who would otherwise not be able to afford any kind of health insurance.
Cheers,
Fashun Guadarrama.
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