Even at this age and time, after all the advancements in medicine, technology, and health care, there are still many people who do not have health insurance. Despite the discoveries that have unfolded, the cost of getting proper health care is still so high. Many people are still financially incapable of getting health insurance, which leads to not getting the right medical attention, especially on life-threatening illnesses, which is one of the possible causes of the high mortality rate.
There are a lot of things that could happen, and one event can turn everything upside down. Yet, many people still see health insurance as an unnecessary expense. Some prioritize their car insurance over health insurance, thinking that the former is necessary and the latter is not.
Little did they know that almost 50, 000 people die yearly due to lack of health insurance. There are cases where patients could’ve gotten better had they gone to a doctor for consultation and bought prescription, but with how expensive meeting a doctor could be, some opt to self-medicate.
A doctor’s appointment can cost as much as $200 – USD 600, and without health insurance, it is too much to pay for some people. It is killing people because of money or the lack of it. Then 2020 came with a surprise.
Unexpected things have occurred in the first half of this year. The world took a turn that nobody has expected, and everyone was affected by a global pandemic that has brought the world down to its knees. Millions of people diagnosed, more than half a million dead, and probably thousands, if not, millions unaccounted cases.
This pandemic hit us by surprise and spread rapidly like wildfire, but it is not impossible to cure. The problem is the medical expenses that most people do not have the means to pay. The lack of health insurance could be an unstated reason for the increased death tolls.
Almost everyone in the country knows what is health insurance is, the definition, and the basics. The United States is known to have one of the highest healthcare costs all over the world, yet it is still not enough.
What is health insurance?
Health insurance is a type of insurance that covers medical, surgical, and dental (dental coverage varies from the health insurance company and your plan). It can either pay the care provider for the expense or reimburse your costs. One of the most common health insurance types is HMO (Health Maintenance Organization) and is often offered by companies or employers as part of the company benefits.
This insurance is one of the essential coverage that a person can get, especially these days. Aside from getting your medical expenses covered, many benefits come with health insurance. Check-ups, hospitalizations, prescription medicines, preventative services, dental, are some of the benefits of having a health insurance.
Preventative services are services that help you to stay healthy as it enables you to detect health problems at an early stage for free.
What are the common types of Health Insurance?
- HMO (Health Maintenance Organization) – HMO provides health services through a network of health care providers and facilities. Before seeing a specialist, a referral should be done by the primary care doctor before going to a specialist. Seeing a specialist before getting a pre-authorization can be a reason to cover the expenses in full. You or your employer pays for a monthly premium, and there will be instances that you will need to pay out of pocket if it already exceeded your policy coverage.
- PPO (Preferred Provider Organization – PPO usually has a higher premium compared to HMO. Compared to HMO, PPO offers more flexible choices in terms of a healthcare provider in the insurance company’s network and does not require a referral for you to see a specialist.
- EPO (Exclusive Provider Organization) – EPO has lower premiums than a PPO but does not cover any out-of-network providers. If ever that you had yourself checked by someone who is out of network, you will need to shoulder the full cost. One advantage of EPO is that you can do consultations with a specialist in the network without getting a referral.
There are many different plans to choose from, depending on your need and budget, you can ask a risk manager for an opinion or assessment of what will be the most beneficial for you. Having health care insurance has several advantages. Here are some of them:
- Financial Stability – Regardless of whether you or your employer is paying, having health insurance helps keep your finances stable. One of the top reasons as to where a family spends their savings is hospitalization. The lack of health insurance exposes you and your finances’ vulnerability. A trip to the emergency room can easily cost you $700 to $1000, not to mention the medicines, and the operation cost if needed. The surprising expense can be avoided if you have health insurance to take care of you.
- Better Health – Knowing that you have a network of doctors who can help keep you in shape is a motivation you should have for your family. A simple cough that you usually ignore to avoid expenses can be checked right away, and you will be given prescriptions for proper medication. Regular check-ups are now part of your schedule.
- Serenity – the very idea of being covered, especially during emergency cases, gives you the peace of mind that you are longing. You no longer have to worry about what will happen in such cases because you know that it will be taken care of without cramming for your finances.
- Free Preventative Services – All qualified health plans must offer free preventative services like certain vaccinations, screening for cancer cells, mammograms, pap smear, etc.
- Negotiated Rates – Hospitals typically charge insured patients differently than patients who are not insured, and this is because your insurance company would have negotiated a price for them.
Adjusting your finances and expenses may not be easy, but the benefits that you will reap from having health insurance far outweigh the cost. It does not only protect you, but it also protects your family.
Health insurance is not cheap, and that’s a fact, but the cost of getting sick at this time is far more expensive. There are also numerous benefits to having health insurance. If you feel uncertain about what kind of health insurance you need to get or what plan will be beneficial for you, some experts can help you assess and manage risks to get the best fit for you.- Risk Managers provide an honest, unbiased assessment and help you to put your mind at ease.
Risk Managers have decades of experience and have always prided themselves in putting their client’s interests at heart. They have served Salt Lake City for years and have a spotless reputation in the business. If you need to get some advice, a recommendation, and proposals, it is best not to waste time looking for the right company because the right and the best are Risk Managers.