Do you roll the dice on health insurance?
27 03 08 - 11:38
Why is it that we will spend $20,000, $30,000 or even $40,000 on a new car or truck, but we do not or will not buy health insurance?
Health insurance costs are quite a bit less. Maybe we are gamblers, and are betting that we are healthy enough and will not need health insurance in the near future. Maybe we have a great family history and we have a healthy lifestyle, so our odds of needing health insurance are a lot less. Maybe we just cannot decide which health insurance plan best suits our needs.
Health insurance is considered by some as a necessary or unnecessary evil. If we don't use it, then it is a waste of money. With homeowners insurance, auto insurance, business insurance and even business liability insurance, we are forced to buy these types of insurance by our mortgage companies, loan companies and even clients with which we do business. Why not health insurance? Odds are that we are more likely to get sick or injured than to die at a younger age
If we get really sick or badly injured, we will often rack up expenses that can go through the roof. Will we be able to pay for all these other expenses anyway? If we can pay all our other bills, will we go under because of the huge medical bills? Do we need this additional stress in our lives?
I guess it's kind of like playing roulette. Do I pick red or black? Do I protect myself and my family for all the little things that can occur or do I protect against the catastrophic possibilities? It is a roll of the dice.
To increase the odds, look at your family history - your mother, father and siblings. Are they healthy or do they have ongoing problems that are hereditary? Take stock of your lifestyle. Are you overweight? Do you smoke? Do you exercise? Do you have high blood pressure or high cholesterol? Knowing these factors can give you a better understanding of which choice of plans you should consider.
If you are reasonably healthy, have a reasonably healthy family history, and you take reasonably good care of yourself, your odds are better that you are going to remain healthy. Knowing these factors can help in your decision of whether to buy catastrophic insurance (which will keep your premium lower) or buying a plan with more benefits because the odds are greater that you are going to need to use your plan more.
No matter what decisions you reach, remember: when preparing your family or personal budget, do not forget to include health insurance. The odds are pretty good that sometime in your future you are going to need it.
Talk to your local health insurance agent for information on what plans are available and which plans would suit your budget and family needs best.