Health insurance

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Health Insurance

• www.lifethenfinance.com

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2
Importance of Health Insurance

• Incase you get sick or need any kind of medical
  attention.
• Can you afford to pay for a doctors visit
  without insurance?
• Depending on the type of doctor and practice it
  can cost from 95265 per visit.
• Insurance co-pays 550 per visit.
• Are you certain you wont hurt yourself or catch
  some type of cold?
• Do you have allergies, wear contacts or need any
  other type of regular prescriptions?
• Can you afford those medications without
  insurance?
• On average prescription generic medications start
  around 50.
• Insurance co pays usually around 520.

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3
Health Insurance

• Paying health insurance premiums can seem like a
  waste of money especially for those that are
  healthy.
• However having health insurance will protect you
  from sky-high medical bills if injured or if you
  experience a sudden illness.
• It is tempting to think, Im young and I never
  get sick, and not to take health insurance if
  you have to pay for it.
• Dont do this. You may be young, but you can
  break your leg snowboarding just as easily as
  anyone else.
• Any catastrophic accident or illness could lead
  to bankruptcy if one is does not have insurance
• It happens to a lot of people each year. Dont be
  one of the 47 million uninsured Americans who
  play Russian roulette with their health and
  finances.

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4
More about Health Insurance

• Most employers provide health insurance but you
  have to pay a certain amount of the insurance
  premiums through their paycheck.
• Health insurance is a form of risk management
  that individuals use to protect themselves
  against an unpredictable health loss.
• An insurance policy is a contract between an
  individual and an insurance company that
  transfers that loss from the individual to the
  insurance company for a fee.
• All policies are not the same and should be
  reviewed carefully.

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5
Health Insurance What you need to know

• Doctor and medical facility availability
• An individual needs to make sure the doctors,
  hospitals and medical groups they want to use are
  contracted with their insurance company.
• Premium (monthly cost)
• This monthly fee, which is paid by the
  individual, should be affordable and the
  individual should be able to maintain that
  premium over a period of time within the
  individuals budget.
• Deductible
• The amount that the policyholder must pay
  out-of-pocket before the health insurance plan
  pays its share.
• Co-payment
• The amount that the insured must pay before the
  health plans pays. This is a lot like a
  deductible but is applied to individual services,
  which are usually waived from the deductible
  (except for prescription drugs).

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Health Insurance What you need to know. Cont.

• Exclusions
• Not all services are covered in some plans. A lot
  of new plans do not have coverage for maternity
  or brand name prescription drugs. These
  exclusions can lower premiums.
• Out-of-pocket maximums
• This is the amount where the policy holders
  obligation ends under coinsurance and the
  insurance company pays 100 of the cost.
• Health insurance policies can be very confusing.
• It is best to find an insurance agent who
  specializes in this kind of coverage and meet
  with them to review the details.
• Insurance plans are no more expensive using an
  agent than going direct.

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7
Medical Bills

• Fact
• Medical bills are the leading cause of bankruptcy
  and these bills can be avoided by having medical
  insurance.

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