Are you getting the best from your health care? Yes, Obamacare or health care reform or is now law and a tax. This means that everyone has opportunities to protect their family or try to protect their families. Health reform has, in my opinion, helped many people who could not get cover, but it will come with a high price tag.
Some companies that had great insurance programs also had to rethink strategies when it comes to covering you. Why? Well, if insurance companies are financially more at risk, they had to spread their risks. This leads to rising premiums for healthy people. Well, you may think so, but it must be affordable. This is true if you only have the required coverage, and the fact is that the deductibles are increased.
Feeling as if you were left in the cold?
I talked to many people, and they thought they were covered, but after talking to them, they were of the opinion that they were not. When they looked at the co-payments and deductibles, many felt that just having the general illness that a family would have or the broken bones, they were out in the cold and financially affected.
I was also told that they feel like they are insured. They say that too many insurance policies are required. I understand that. A recent Harvard study shows that 80% of people live from paycheck to paycheck. So, if the insurance does not cover them financially, they ask themselves what they can do. Taxes and insurance are devouring wages.
How do I protect myself?
Let’s talk about insurance for just a second. Property and causality (house and car typical) pays mortgages and car companies to protect the assets. Well, sure, your car insurance can pay medical expenses from someone you have an accident with, but often you are not on the list of coverage to help you. Even if your car insurance has medical plan for you, they still pay hospitals and doctors.
Then you have a life insurance. Who will pay for it? Well, definitely not you, unless you have a policy that you pay for when you reach a certain age. But it will pay for your final expenses and any extra will go to your beneficiary.
Then you have Major Medical. Is that to help you? No! They are treated and then the doctors and medical institutions are paid. As mentioned above, you have additional costs that your insurance does not cover.
The last one is disability insurance and if you have an unfortunate situation, this is money that will be paid to you. However, the government will not allow full income protection. Could you survive a percentage of your salary, especially if we saw the statistics from 80% live paycheck to paycheck.
We also have statistics that 60% of the bankruptcies are due to medical problems and 77% of these people had a large health insurance.
I know that sounds like there’s no hope, but there it is. Just as with Medicare, you can find ways to supplement your insurance. Most supplementary insurance will send you money for the livelihood of your family if you are injured or have illness.