Information About Personal Health Insurance Coverage
If you’ve ever visited a doctor without personal health insurance coverage, you probably remember feeling shocked when you received the medical bills. With insurance, most plans give you a simple co-pay of $10-50 and pick up the rest of the expense. But for the nearly 50,000,000 Americans who are without coverage, maintaining health can be a debilitating expense.
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Cost of Common Medical Procedures without Insurance
Here are some common scenarios using 2003 data from the Minnesota Council of Health Plans:
You’re cooking dinner at the end of a long day. You accidentally slice your hand while mincing an onion and the cut is too deep to take care of yourself. Cost of an ER visit, stitches and tetanus shot if needed: $3,066.
Even after exercising and changing your diet, your blood pressure is still dangerously high and your physician recommends that you begin a medication to lower your cholesterol. Average yearly cost of a 20mg/day prescription for Lipitor: $1,368.
Your child has a sore throat that gets progressively worse. You take her to see your pediatrician who says she has tonsillitis. Cost of tonsillectomy and a post-surgical check up without personal health insurance coverage: $4,875.
Harvard University reports that 50% of all bankruptcies in the United States were partly due to medical expenses, and that one American files for bankruptcy following a costly medical procedure every thirty seconds.
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Research Your Options for Personal Health Insurance Coverage
Finding a health insurance plan that protects you and your finances if you ever have a costly medical expense should be a priority for everyone. But with dozens of insurance companies offering several types of plans, it can be hard to navigate the many options on the market. Over time, “overinsuring” yourself with many types of coverage that you may not need can be as much of a drain on your wallet as not having health insurance at all. On the other hand, “underinsuring” yourself can leave you vulnerable to the same costly medical expenses as the uninsured if your plan doesn’t cover emergency care or expensive treatments you’re likely to need.
Many healthcare professionals advise patients shopping for health insurance coverage to speak with an independent insurance specialist to compare rates between many different policies. By requesting a free quote, we’ll put you in touch with an agent who can advise the best policy for your needs based on your budget concerns and medical history. They can explain exactly what coverage is offered in the plans so you’ll feel confident with your decision for years to come.