|
Tips and
Considerations For Affordable Health Insurance
by
JON ARNOLD
With
affordable
health
insurance constantly becoming
more and more of a mere pipe dream for more and more people, the
times clearly call for a deeper consideration of buying it than most
people ever give to the matter.
One of the problems with
considerations of
affordable
health insurance is simply
ignorance on the part of the public. People do not stop to consider
their true personal needs and therefore don't take the time to look
into the different policies and options that may be available to
them.
But another problem with the issue
of affordable health insurance is that so many people don't pay for
all or most of their health insurance at all: instead, their
employer pays it and takes a small deduction (if any) out of their
pre-tax paycheck, a deduction with they quickly become conditioned
to never miss.
Insurance in any context is
typically characterized by low premiums, a high deductible and
limited coverage. But in the U.S., this gets turned on its head by
collusion between the government and insurers (and the public just
asks for more and more). Health insurance is characterized by super
high premiums, low deductibles, and "comprehensive" coverage. Just
imagine how high your
auto
insurance premiums would be
if your plan covered oil changes and tire rotations!
This has led to much outcry about
health insurance reform in this nation; but for the time being you
have to deal with what's laid before you.
So, the way to begin searching for
more affordable health insurance if you have to pay for your own is
simply to accept a plan that pays out in fewer circumstances and
starts paying after a higher deductible threshold.
If you do this, you'll need to take
a careful personal risk assessment first. What is your health like?
What is your family medical history like? Do you have any special
needs? If you're looking for a family plan, what are the answers to
these questions for the members of your family? You'll also want to
be informed on "preventive medicine", or ways of living a healthier
lifestyle so you won't need to use or risk the need for payouts from
your health insurance as much.
Another consideration you may
come across is duration of needed coverage. Perhaps you are looking
for a
health
insurance plan only because
you are in between jobs but you fully expect to find a new job very
soon, and one with benefits. Again, you may want to cut costs by
(admittedly) taking your chances on a lower premium, higher
deductible, less comprehensive plan to tide you over before you can
get back to having a small deduction taken from your paycheck once
again.
One of the very best
solutions to this conundrum for people who are self-employed is the
MSA, or Medical
Savings
Account (sometimes called the
Archer MSA in honor of the congressman who helped create the MSA by
sponsoring its amendment, Bill Archer). The MSA is a savings account
that earns tax deductible interest for medical expenses and works a
lot like an
IRA.
The account owner makes contributions and earns interest on those
funds. These interest gains are tax-deferred or tax free when
withdrawn for medical expenses. There are usually limits on annual,
but not on lifetime, funding of the account.
MSAs are a more affordable health insurance because they have
relatively low premiums and higher deductibles, and the premiums are
further offset by the tax-free interest growth. For more insights
and additional information about
Affordable Health Insurance as well as getting a free online
health
insurance
quote, please visit our web
site at http://www.healthinsurancetipsguide.com |
