DO I REALLY NEED HEALTH INSURANCE IF I’M HEALTHY?
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Originally Posted On: https://www.dailyvanguard.com/do-i-really-need-health-insurance-if-im-healthy/
Young adults sometimes see themselves as invincible people. Just because they’re young, they believe that they’re totally healthy and don’t need insurance. But they’re the ones who should be paying most attention to their insurance coverage policy. Why? Because millions of individuals worldwide happen to need insurance when they get involved in certain types of accidents. In 2014, only about 28% of young teens managed to reach the ages of 18-24. This is a very sad thing, and however, there are many good reasons why young adults should really consider getting health insurance coverage.
Why is it so important to have health insurance? Specifically for the following reasons.
YOU WILL HAVE PEACE OF MIND.
Anyone will need health insurance at some point in their life. Unfortunately, imagine that you end up getting involved in a car accident, and you don’t have health insurance to cover your medical expenses. In the worst-case scenario, you might need surgery or extremely costly treatment, and you should be paying with your money. And too often, people lack money to pay for medical care, which is why everyone should get health insurance. Regardless of the coverage you choose, it’s essential to purchase health insurance so you can help cover any potential costs that might exceed your budget limits.
For example, a couple of days of hospitalization in the USA costs around $30,000. Yes, this expense is something you might not be able to afford at some point in your life, so it’s best to get the best health insurance to help cover these costs.
The average annual cost of health insurance in the USA is around $7,470 per person and about $21,342 per family. But these estimates were recorded in 2020, so if you want to be updated with the latest costs for the average health insurance in the United States, you should call a health insurance agency to discuss a plan that fits your needs. Also, the health insurance coverage you choose will ultimately depend on your NET’s monthly income. As a result, you should pay for your monthly insurance costs and not transform this positive thought of protecting yourself and those you care about into a burden.
Also, health insurance means different things to different people. As each person’s needs are different, the U.S. health insurance system allows individuals to buy the amount of insurance that fits their health needs or budget. So, this way, each individual can benefit from insurance that best suits their needs. Across the USA, you can find many different health plans. It is why the cost of each person’s health insurance can vary drastically, as this is based on factors like employer size, age, geography, and the type of health insurance plan they are enrolled in.
HEALTH INSURANCE FOR PEOPLE AGE 65+ AND THOSE WITH SPECIFIC DISABILITIES
Certain people with disabilities might be under the age of 65 but need health insurance. They must receive a Social Security Disability benefit, but only after five months after the individual has been considered disabled. Then, they will be eligible to receive care from HealthStatus.com. At Health Status, you will receive specially optimized medical care and learn everything you need to know about Medicare.
Generally, healthcare is costly, and as you grow old, these costs might be hard to cover out of a fixed budget. Studies show that even healthy couples retiring at 65 will spend quite a lot on their health care costs during their retirement years (around $280,000). If you’re close to retirement, you need to understand what Medicare covers and what you will be required to pay out of your own pocket.
Medicare is health insurance offered by the Federal Government for people ages 65 and over. If you’re close to celebrating your 65th birthday, happy birthday and congratulations, now you are eligible for Medicare benefits.
As you’re near your 65th birthday, it is important to begin exploring all the options available to meet your health insurance needs. Medicare is not a free program. Some costs are covered by the government (about 80% of your major medical costs), but other costs you must pay yourself or cover with additional insurance.
Health insurance for the poor
If you are new to getting health insurance, you’ll probably also think that it’s expensive. Indeed, health insurance programs can be a bit costly. Because this is the beginner’s first problem, there is a possibility to get low-cost health insurance from many different resources. For example, the government in your country, the company where you work, or college might provide you with a private insurance company. It’s not clear where you should get this low-cost insurance, but before that, you must start to explore and understand one crucial thing: generally, insurances aren’t free or low-cost. Of course, you could purchase a standard or regular health insurance coverage plan that might cost you a lot less than a premium plan would cost, but health insurance that’s free or cost less means the following:
- Other people paying for their monthly premiums are funding so that you won’t pay the total cost for yours (but this is usually done through an employer who owns a company or through the government).
- There’s a discount, so the coverage you’re buying isn’t at the total price – it’s less vigorous health insurance.
These types of coverages can look appealing at the first glimpse, but they can leave you in shadow if and when you’ll need to pay for extreme medical claims.
Other options for you to get low-cost health insurance:
- Through care act
- Short-term health insurance
- Spouse’s health insurance plan
- Job-based health plan
- Coverage under the parent’s health plan
HEALTHCARE FOR VETERANS
If you are registered in the Veterans health insurance plan, you’re considered covered under the health care law in the state you live. If not, you can consider enrolling in a health insurance plan. Veterans of any age can benefit from a program that provides health coverage to military people. Of course, those who have been disgracefully discharged may not be able to apply for a medical benefits package of veteran’s health insurance. For example, a premium plan can include:
- Primary healthcare
- Home healthcare
- Diagnostic services
- Mental health treatments
- Specific urgent services outside the healthcare facilities
- Substance abuse treatment option
All of these plans might also include home nursing, day health care, and dental care. To benefit from these healthcare plans, you must be a veteran and enrol in a health system. Many healthcare systems encourage veterans to enrol in health insurance coverages. The government recognises these health benefits and can change depending on how much capital the senate supports annually.
HELP TO PAY FOR MEDICATIONS.
There are many reasons why you should explore and buy a health insurance plan. Mostly because:
- You will have peace of mind
One good reason why young adults should purchase health insurance is that they can financially afford it. However, it’s important to remember that most people worldwide are required to have health insurance. If you don’t buy health insurance, you might be paying unpredictable tax penalties. So, this is quite a good reason to have health insurance. Life can be unpredictable, and a $10,000 broken arm can just happen to you. Governments in countries across the world encourage young teens and adults to buy health insurance coverage. While this information might be easily searchable, hopefully, this article helps you understand the benefits you get when enrolling in a health insurance plan.
You might be able to use your mobile app and find out if your current health insurance plan covers payments for certain medications. Sometimes, health insurance plans don’t cover certain medications because the prescribed drugs aren’t used for medical purposes. It means that before paying for a medical insurance plan, search and see if there’s a specific criterion mentioning that you might cover the expenses for that medication.
Each insurance plan has a formulary where you can find the fully-description regarding what type of coverage provides for all treatment medicines. If you currently aren’t covered under any health insurance plan, it might be difficult for you to find any specifications about what type of medicines health insurance covers. You might be able to talk to your human resource department and get the information needed.
HELP TO PAY FOR MEDICARE PREMIUMS AND COPAYS.
How much does Medicare cost, you may wonder? Well, the price depends on what you choose to pay for. Here’s a short description of each part cost:
The cost of Medicare splits into A, B, C, and D parts.
Part A – No fee for most people.
Part B – An amount of about $145 at least will be paid through this plan. If you earn more than $85,000 per year, you might be eligible to pay more for the program.
Part C – You will pay the same amount for Part B, but you might also pay an additional cost that your insurer sets.
Part D – The costs for the Plan D will vary, but you might expect a price of around $30/month.
With all the different health insurance plans, everything can get confusing. That’s why it’s advisable to contact an insurance company that could provide you with the correct information regarding your health insurance plan that suits you best.
However, your medical needs will best determine what plan you should choose.