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| Credit Answers > Debt-Management-Articles-2008 > Staying Healthy is Worth the Money |
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The Importance of Health Care & Your Finances
Politicians and news reporters often discuss the rising cost of health insurance, a nationwide problem that affects many consumers. The U.S. Census Bureau reports that nearly
47 million Americans are uninsured and another 38 million have inadequate health insurance. If you fall into this category, below are some answers to common questions and
resources that may help you defray the cost of health coverage.
Do I really need health coverage?
According to a study conducted by the Kaiser Family Foundation, an independent, national health charity, more than one third of the
uninsured have problems paying medical bills and these unpaid bills often end up in collection agencies. Also, one quarter of uninsured adults said they had changed their way of
life significantly to pay medical bills. These statistics indicate that medical costs can spiral into many financial problems. You may want to strongly consider purchasing some
type of health care coverage in order to keep the costs of unanticipated medical bills to a minimum.
Should I obtain health coverage through my employer?
The National Coalition on Health Care reports that employers are the primary source of health insurance in the United States because they cover 120 million
people. If your company offers health insurance, take advantage of it. Although the cost of health insurance keeps rising, this is usually the most economical way to acquire
insurance, especially if the company covers a portion of the monthly premium. Visit your human resources department to discuss the plan that is best for you. If you are married,
determine if it is more cost-effective for your spouse to obtain insurance through his or her company, or if it is best to keep separate plans. Carefully compare coverage and
plans to find what works best for you and your family. If you have children, see below for more information on programs for children.
What if I am unemployed?
If you lose your job, your former employer will allow you to continue your insurance under the Consolidated Omnibus Budget Reconciliation Act, also known as COBRA. In most
cases, the cost is much higher than when you were employed. However, you will have the same type of benefits without any interruption in your coverage. COBRA permits you to
extend your insurance for at least 18 months. Decide if your budget will be able to handle these monthly payments. If not, contact an insurance broker for information on
short-term health plans.
I am employed, but my employer does not offer health coverage.
According to the Center on Budget and Policy Priorities, nearly 15 percent of workers had no employer-sponsored health coverage available to them in 2005. This is usually
the case if you work for a very small company or if you are a part-time employee. In order to obtain a minimum amount of coverage, you may consider a catastrophic plan, a type
of insurance that covers severe accidents and illnesses. These plans usually have a low monthly premium, but the deductibles are high.
Individual plans are also available to the uninsured. However, these plans may cost much more and have restrictions for pre-existing conditions. Contact a local insurance broker
for more details on the variety of individual plans.
Are there any programs that offer health coverage for children?
Before purchasing health coverage for your children, see if your family qualifies for a program under Insure Kids Now, a national campaign that provides free or low-cost
health insurance to children from birth to age 18. Many families simply do not realize that their children are eligible. In many states, programs are referred to as the
Children's Health Insurance Program (CHIP). Income requirements differ for each state.
I do not have any prescription coverage.
What can I do? You may want to contact the Partnership for Prescription Assistance (PPA), a coalition of pharmaceutical companies, doctors, and other health care providers
that help eligible patients who lack prescription coverage get the medicines that they need. Eligible participants will usually receive low-cost or free prescriptions.
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