Advantages and Disadvantages of Traditional Health Insurance
Traditional health insurance as people have known for years involves fee-for-service or indemnity coverage. With this type of coverage, policyholders have the option of choosing the doctor, hospital, and other healthcare providers preferred. In addition, if the policyholder for this type of health insurance were to need care from a medical specialist, no referral would be required. This means that the insurance company would not have the right to make the determination whether care from a specialist was needed or not.
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Can You Live Without Health Insurance?
Now there’s a risky question, sure to upset some people in the healthcare business. Pharmaceutical companies, clinics and hospitals hate the fact that some people continue to live without health insurance, and probably despise people who encourage this rebellious streak all the more so. After all, nobody should have to pay for health insurance. Just look at other countries in the U.K. or in Canada that provide free healthcare to their citizens. In a perfect world, American healthcare would be absolutely free of charge. Service with a smile, right? Lung surgery should be just as easy as ordering a Big Mac or a pack of cigarettes.
That said, we have to get in touch with the real world. Like it or not, America does not offer free healthcare, and even if they wanted to, it’s virtually impossible in this time of economic crisis. There is the option of low-cost clinics that are mainly non-profit institutions and that charge according to how much income an individual makes. Nevertheless, these clinics do charge for their services, much like all hospitals, clinics and physicians do.
Yes, it is completely legal to live without health insurance. Some might even argue that health insurance is not required, particularly if an individual takes care of himself. However, the difference between having insurance and having no insurance is evident when you are given a $20,000 medical bill! Emergency room hospitals typically charge thousands of dollars for treatment. If you can’t immediately pay the bill then you will be billed the amount and this unpaid debt goes on your credit report.
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Buying and Saving with Individual Health Insurance
Today more and more people are finding themselves without employer-sponsored health insurance. They may be unemployed, or it could be they work for a small business that can’t afford to offer health benefits. For some workers, their employer’s insurance is too costly to afford, while for others, coverage is woefully inadequate.
Shop Around for Individual Health Insurance
Regardless of why you’re without employer-based insurance, it’s crucial to have some form of medical coverage. Today many companies are specializing in offering individual health insurance that’s affordable. You can take advantage of individual health insurance to cover yourself and your spouse and children, depending on your needs.
If you do some shopping around, you’ll find individual cheap health insurance premiums vary greatly. You’ll need to take the time to evaluate coverage and features as you evaluate costs. Consider limitations and exclusions, policies about choosing healthcare providers, and the cost of co-payments and deductibles.
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