Health Insurance-Don’t Compromise With Your Health

Health insurance is a protection that the insured is assured of when an agreement is signed between the insurer and the insured. The insured usually pays a premium for receiving the protection. The premium amount differs from person to person depending on the sum insured. In most of the cases, your employer will offer an insurance plan. However, if the employer doesn’t offer you one, you can buy health insurance coverage on your own.

Statistical facts about health insurance in United States:

* Reports suggest that in 2005, even though an average household in the United States had more income nevertheless, the number of uninsured dropped miserably. About 1.3 million citizens were without health insurance. This pushed the number of uninsured citizens in United States to 46.6 million during the same year.
* Just as the number of uninsured in the US escalated to 1.3 million in 2005, the same year, the number of people who bought health insurancecoverage was recorded as 1.4 million.
* The percentage of the people who didn’t have health insurance in United States in 2005 was 15.9%. This figure was the highest recorded since 1998, when poverty rates were static at 12.6%.
* American household having income in the range of USD$25,000 to USD$75,000 were the worst affected by the increasing cost of health insurance.

Why is health insurance a necessity? The cost of treatment and medical care is rising every year. If you have health insurance and it is adequate, you can get back the money you will need for your treatment. However, if you don’t have the coverage, you are at an increased risk. Not only that, you require money even for your routine check ups. If you are covered, you are shielded from the risk.

What you should know about your policy? Prior to settling for health insurance you should know the provisions related to your health insurance policy. This also includes limitations, riders as well as exclusions. One of the most important factors you should have a clear understanding of is the coverage being offered by your health insurance policy. In case you are self employed, you should be well informed about the health insurance related taxation benefits. Premium also plays an important factor while selecting your health insurance policy. Having a fair knowledge of Consolidated Omnibus Budget Reconciliation Act (COBRA) rights is also essential.