Home

small_business_health_insurance Directory


More
small_business_health_insurance Articles

WRITERS WANTED! (click-me)

Feature Article:

Finding affordable family health care insurance
Affordable family health care insurance Searching for affordable family health insurance can be a long drawn out affair. Most agents normally represent a few of their most popular companies and market their products. Where that of course falls...

Affordable Health Insurance...
Finding affordable health insurance is possible, there are many companies that will help you to find health insurance that will meet your requirements and stay within your budget. The fact is that many people simply do not know where to look for...

homeincome.com

Health, Health Care Insurance and Bankruptcy

homeincome.com       Navigation



Health, Health Care Insurance and Bankruptcy





Imagine for a moment that your health has taken a turn for the worse. You need extensive medical attention and expensive treatments. Would you be prepared to account for these medical costs? Or would you or a family member ultimately have to deal with this financial burden?





Surely, you would not want to suffer the consequences of paying big medical bills on your own. This is why health insurance is so important. A Harvard study conducted in 2001 found that medical bills caused half of all bankruptcies. Therefore, you should make sure that you have some form of medical insurance. You should also make sure that your money is well-spent on insurance that meets your needs.





Insurance Provided by Employer



You should feel lucky if you are in the minority of people who receive health insurance through your employer. According to bankrate.com, company health insurance is actually part of a group insurance plan. Your employer pays for most of your insurance and also pays for your insurance with portions of your paychecks. Everyone in your group plan pays the same rate. The premiums paid by healthy members go towards paying the bills of sick members. Bankrate.com recommends that you study up on your employee benefits package to make sure that the insurance plan you choose provides you with the services and options you will need. If you are young and/or relatively healthy, you may want to consider choosing to pay for your company's cheapest health plan.





Bankrate.com also recommends that you review your insurance plan periodically. You may be paying more money for services you no longer need. For example, if you have children that have graduated from college or are no longer on your insurance plan, you should change your insurance plan accordingly. Additionally, if you have lost weight or quit smoking, you could qualify for a cheaper insurance plan.





Have You Been Laid Off?





If you have recently lost your job, you may want to consider the Consolidated Omnibus Budget Reconciliation Act (or COBRA) plan. With a COBRA plan, you pay for the medical benefits your former employer paid for on your own. The plan lasts up to 18 months. Keep in mind that the COBRA plan is a bit expensive. In addition to paying the premiums your company used to pay, you would also have to pay a 2% service fee.





Are You Uninsured?





Unfortunately, according to bankrate.com you may face discrimination from insurance companies if you try to insure yourself on your own. You may have difficulty buying insurance if you have any medical problems whatsoever. Remember, with a company group insurance plan, your insurance provider only has to pay the medical bills of the sick members in the group.



Look for health plans that have higher premiums. You may pay more upfront for medical coverage, but you will ultimately spend less on deductibles. At the very least, financial analyst Suz Orman recommends paying for worst-case-scenario insurance for medical bills that top $5,000. This way you can at least be sure that you will not have to foot the entire bill for high costs.



Conclusion





No one wants to live their life fearing the worst. By insuring yourself, you can at least rest assured knowing that you are prepared if your health takes a turn for the worse. As a result you or your family would not have to suffer the additional hardship of having to pay for your medical costs yourself. The good news is that if you can not afford insurance coverage, filing bankruptcy could eliminate your medical bills if necessary.



About the author:



Shobhana R. Kasturi is a partner with Legal Helpers and specializes in consumer bankruptcy law. www.legalhelpers.com, the law firm of Macey & Aleman, is one of the nation's largest consumer bankruptcy firms. Legal Helpers can be contacted by phone, 888-743-5787 or by email, info@LegalHelpers.com .

homeincome.com

More Reading:


Solutions for Health Insurance Coverage

WHY IS HEALTH INSURANCE IMPORTANT

Aetna Health Insurance For Your Protection

Health Insurance medical insurance and individual health insurance plans

Health Insurance for the Home Based Business Owner

 
Divorce and Health Insurance Benefits

Affordable Health Insurance an overview

Health Insurance History

How to Find Affordable Health Insurance

The Immorality of Guarantee Issue Health Insurance

small_business_health_insurance Home

small_business_health_insurance Directory

Additional Reading


Securing Your Health with Private Medical Insurance
We scrimp and save over the latest designer wear, even the hottest cars or fancy jewelry but only a handful of people have actually thought about protecting their financial future with private medical insurance. This beauty behind having a...

Health Insurance - Comparing Health Insurance Plans
Health insurance coverage can be very confusing. The majority of Americans are able to get some sort of group health coverage through their employer, which makes the process very simple. Do you want the coverage or not? Yes, I want the coverage. But...

Fortis Health Insurance Is a Name You Can Trust!
Fortis health insurance has been a widely recognized name in the insurance since 1892. It has proven itself and won the trust of people around the world. Fortis health insurance is committed to providing the best solutions possible to meet...



 

 

Internet Search for: insurance, medical, plan, small_business_health_insurance

[an error occurred while processing this directive]

 

Copyright    homeincome.com