Health Insurance Information
Health insurance is a hot topic in the United States. There have been laws put in place to make health insurance more accessible for everyone. Considering astronomical medical bills are the number one cause of bankruptcy in the United States, it’s no surprise health insurance is a top concern. Having health insurance can make paying for medical bills slightly easier.
Most People Need Health Insurance
Most people should have health insurance coverage. If you’re wealthy and can pay for your health expenses without help, then maybe you don’t need insurance. But most people need help with the expense. And the older you are, the more likely you are to require constant medical care. But young, seemingly healthy people can also have into health issues. These can come from acute or chronic diseases that require regular medical attention.
Young people can also get into accidents, so age isn’t really an indicator of who needs health insurance. A reckless driver could cause major problems no matter their age. Health insurance will pay a percentage of the cost of treatment and hospitalization if the treatment you need is a covered expense.
Most insurance requires a deductible, and health coverage is not different. This is the amount you as a policyholder must pay out of pocket before the policy pays its portion. The deductible could be low or high, depending on your policy.
After you pay the deductible, then the policy will pay a percentage of covered costs. This percentage can be anywhere from 10 percent all the way up to 80 percent. You as the policyholder will be responsible for any amount that remains after the policy pays its portion.
If your plan has a deductible above $1,000, then you might qualify for a Health Savings Account (HSA). These accounts allow you to save money tax free for medical expenses. The money is not taxed when you save it nor is it taxed when used to pay for qualified medical expenses. Any unused amount can add up and serve as a retirement account once you reach 65 years of age.
Health insurance is beneficial to practically everyone. A policy can help you avoid going into massive debt over medical costs. It can also make it easier for you to access the medical help you need.