Health Insurance 101 for Individuals and Families:
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[It seems there has been a disturbing national trend developing, especially among singles in the 24-34 year old age group, that is, to forego health insurance entirely because of rising health insurance costs and budget restraints. There are high deductible plans available that cover the more 'catastrophic' health care issues that can be considerably more affordable. A companion Health Savings Account is an option, which reduces taxable income and can be rolled over yearly into a retirement account. Click HSA Calculator on the top menu bar for more information.]
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Health Insurance 101 for Individuals and Families:

by Michael H. Ertel

January 19, 2006

The changing healthcare and health insurance landscape in the United States has resulted in more individuals and families purchasing health insurance coverage on their own. Rather than touch on the number of reasons why this is the case, I would like to provide individuals and families finding themselves in this position with ten basic ideas to assist them with getting the best health insurance policy for their specific situation. Below is a combination of ten questions and suggestions that will provide the tools necessary to get a medical insurance policy that will best work forfor you and your family.

1. What are your typical health and medical care expenses in a calendar year? Most people are surprised when they go through this exercise to learn that they would be financially better off in most years to purchase a high deductible health insurance plan and use the premium savings to directly offset heath care expenses throughout the year.
   
   
   
2. How long do you anticipate needing the health insurance coverage? For example, many companies sell temporary policies that can be put in force for 1-6 months and they are relatively inexpensive. If you are in between jobs or in a waiting period for employer coverage, this may be your best option.
   
   
   
3. What is your budget? If your budget is tight, having a $1000, $2500 or even $5000 deductible is better than having no coverage at all. The ability of doctors and hospitals to save and prolong life in the United States is in many cases extraordinary. However, their treatment is not free and going without health insurance coverage can in some cases result in you and/or your family losing an entire life’s worth of savings and assets.
   
   
   
4. Be careful to choose a plan that covers the “big stuff”. It is nice to have.....Read More>>>