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El Seguro de Salud: Prepárese para Un Futuro Financiero “Saludable”

Health Insurance: Preparing for a Financially "Healthy" Future

In today's world, we stay busy with a variety of activities, including working, taking care of our home and children, etc. To stay active, staying healthy is important, so we will be happier, more productive, and live longer. As medical care continues to advance, the cost of medical care continues to rise. That's why health insurance is available; to help us pay for our medical care. Health insurance protects us from the unexpected, like a serious illness or injury. It's impossible to predict what might happen in the future, much less predict what our health care costs will be. Therefore, it is in our best interest to prepare ourselves financially with health insurance.

What are some financial benefits?

Did you know that eighty-five percent of Americans have an insurance plan? Usually people who do not have health insurance believe it is something out of reach financially. Although a health insurance plan is an additional expense on the family budget, its purpose is to save you money in the future. Without health insurance, medical bills can be two or three times more expensive than if you had health insurance. With a health insurance plan it is much more feasible to pay for something like a broken arm operation in low monthly payments during the year, instead of having to pay the full cost of the procedure right after you receive the treatment.

 

How does it work?

Health insurance is a coverage policy that you obtain to pay for health care services. Each health insurance policy is different. Some plans cover prescriptions, laboratory tests, hospital visits and preventive procedures. Other plans do not include dental or vision coverage. Your policy explains what the insurance company will pay for and what you will pay for your medical needs. It is important to know the following three terms as it relates to an insurance policy:

· Premium - The amount you pay directly to the insurance company for the health insurance coverage outlined in your policy.

· Deductible - An amount of money you have to pay before costs are covered by your insurance company. This is typically a yearly amount.

Copayment or Copay- A fixed amount of money you pay directly to the provider each time you seek medical attention as defined by your insurance policy.

Prepare

There are a variety of options for health insurance for you and your family. Before choosing a plan, it is important to consider the following:

· Does the plan cover the services you and your family use?

· What are the costs associated with the plan - the premium, deductible and copayments?

• What is the quality of the plan?

Where do I get it?

A health insurance plan may be provided by your employer or a private insurance company. There are also federal health insurance plans such as Medicare and Medicaid. Visit your local credit union or financial institution to find out more about health insurance or visit http://www.medicare.gov/.

Repurposed by Allison Kane  
Published 10-24-2011   
                                                                                                                                      

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