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Health Insurance

Health Insurance Information

Health insurance is a hot topic in the United States. Laws have been put in place to make health insurance more accessible for everyone. Considering that astronomical medical bills are the number one cause of bankruptcy in the United States, it’s no surprise health insurance is a top concern. Having health insurance can make paying your medical expenses much easier.

Most People Need Health Insurance

Most people should have health insurance coverage. If you’re wealthy and can pay your health expenses without help, then perhaps you don’t need insurance. But most people need help with the costs. And the older you are, the more likely you are to require frequent medical care.

However, young, seemingly healthy people can also have health issues. These can come from sudden, acute or chronic diseases that require regular medical attention. Young people can also get into accidents, so age isn’t really an indicator when it comes to needing health insurance. A reckless driver can cause major problems no matter your age. Health insurance will pay a percentage of the cost of treatment and hospitalization if the treatment you need is a covered expense.

Deductibles

Most insurance requires a deductible, and health coverage is no different. This is the amount you as a policyholder must pay out of pocket before the policy pays its portion. The deductible could be low or high, depending on your policy.

After you pay the deductible, the policy will pay a percentage of covered costs. This percentage can be anywhere from 10 percent all the way up to 80 percent.  You as the policyholder will be responsible for any amount that remains after the policy pays its portion.

If your plan has a deductible above $1,000, then you might qualify for a Health Savings Account (HSA). These accounts allow you to save money tax-free for medical expenses. The money is not taxed when you save it, nor is it taxed when used to pay for qualified medical expenses. Any unused amount can add up and serve as a retirement account once you reach 65 years of age.

Health insurance is a must for practically everyone. A policy can not only help to avoid going into massive debt over medical costs, it can also make it easier for you to access the medical help you need.






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