Health Insurance - Think of it Like Buying a Car
Health insurance is not just about health. Neither is auto insurance just about a car. Both health and auto insurance are about this: making wise financial decisions.
When looking at health insurance options think of it like purchasing a car. There are many to choose from but one type will best fit you.
The basics of insurance
Every car has four wheels; this is the basics and what we expect from a car. Just like all cars have four tires so deductibles plus coinsurance (sometimes no coinsurance) is on all health plans. This is the basics. Just like there are many words to describe a vehicle with four wheels so insurance is the same way with deductible only plans. Health insurance plans with only deductibles and co-insurance go by catastrophic plans, high deductible plans, major medical plans, no co-pay plans, and "hardly ever use it" plans. This type of plan is for worse case situations. It is not meant to pay for all the extras.
The question you will need to ask, the basic question, is "How much am I willing to spend total for the policy year / calendar year before the insurance pays the whole amount?"
The extras of insurance
Now on our car we might want to add those extras such as heated leather seats, CD player, and an iPod holder. When you add these extras they cost extra too. It is the same with health insurance. You may add co-pays, preventive care, maternity, and other extras that may be packaged all together. And yes, this will raise the premiums.
Being in the business now for 12 plus years I have seen the need for insurance. There are those, like myself, who pay the premium each month and never "use it." But I have to change my thought because I can say the same thing about my car insurance: "I paid my car insurance but never have had to use it." Well, I am totally ecstatic that I have never had to use my car insurance. If I "really" wanted to use my car insurance I would get in my car and get into an accident and, if I could, jump up and down and say "Now I get to use my car insurance!" Of course that wouldn't make sense.
One thing to think about is that if it is "our mistake" in the car accident our rates go up. But on health insurance "even if it was our mistake" the rates do not go up for us. Others in the health insurance plan collectively share the cost. Another big thing that is different with car and health insurance is that you can buy another car but can you and I buy another body?
With the average cost of a gall bladder surgery being around 30k in the US we need to ask ourselves if we are willing to pay the deductible and coinsurance amount or would we rather pay the whole 30k.
To recap: We would agree that most insurance plans are rich in benefits and a lot of those benefits are not needed on a continual basis like co-pays. Our basic concern when we buy a car is, "Will it get us from point A to point B?" A similar question goes with the basics of health insurance, "What is our maximum out of pocket expenses before the health insurance company pays 100% of my medical bills?"
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