What To Do If Your Job Doesn’t Offer Health Insurance

“Whether they like it or not, a growing number of Americans will be taking into their own hands the task of insuring their health. That’s the gist of a survey showing that nearly one in five employers plan to stop offering health benefits over the next three to five years”

“Whether it’s now or some time in the future, there’s a good chance that at some point you will face the need to insure yourself. Yet one-fourth of adults between the ages of 25 and 34 go without health insurance, because of costs or the sense that they don’t need it.”

“No matter how young and healthy you are, consider health insurance a must. A single visit to a hospital can cost thousands of dollars and have dire consequences for your financial health. ‘You could potentially run up a huge debt that could take years to pay off,’ says Devon Herrick, a health care economist and senior fellow at the National Center for Policy Analysis in Dallas.”

“The lack of insurance will affect the quality of care you receive if you do have to go to the doctor. Emergency rooms are legally required to provide you with ‘stabilizing care,’ but if you’re not in a life-threatening situation, the hospital doesn’t have to take you in as a patient. Even if it does, those without health insurance are often charged far more than insurance company patients pay for the same treatments.”

“‘These are often double or triple what insurers would pay,’ says Herrick.”

“What’s more, if you are uninsured and your ailment is not life-threatening, you may be told to take your chances at a free health clinic or be stuck waiting for treatment until you can pay for it yourself.”

“Say you pay $60 a month for a policy with a $5,000 deductible. You break your leg skiing, resulting in $10,000 worth of bills. You will be on the hook for the first $5,000 and then your insurance will kick in and pay the balance.”

There are a few questions to ask yourself when looking for insurance: How often do you expect to visit the doctor? How much do you pay for prescriptions? What are the chances you may develop a major medical condition? Do you want short- or long-term coverage? If you’re a woman and think you may want children soon, make sure you understand whether your policy covers maternity costs.

Full Article: http://www.forbes.com/2009/07/21/health-insurance-buy-personal-finance-insure-yourself.html