Many questions have been raised about the new Health Care Reform and how the changes will affect each one of us. Some of the concerns are about prices for coverage and the amount of coverage that is going to be extended. Since thousands of people have never had health coverage, they will have to become knowledgeable about the health care services they will be receiving, and how they will be billed.
One of the issues consumer will face is the higher costs associated with the health care reform and how to adjust their budgets accordingly. In order to afford the health care premiums, most consumers will choose a plan with a high deductible. The deductible is the amount the consumer will have to pay, out of pocket, before the insurance company will pay for health services. Since Americans have not been able to save money over the years, very few will have an emergency account set aside to handle unexpected costs, such as deductibles. The average consumer has less than $4000.00 in their checking or savings account.
We have experienced an economic crisis and we still have not changed our spending and saving habits, five years later. That is the reason why many people will benefit from purchasing a low cost supplemental health insurance policy. This policy will pay the out of pocket costs that most health insurance policies will not cover.
For example, depending on the type of cancer, the average cost of cancer treatment can total over $500,000 and out of pocket cost could total $1000 per month, with co-payments for drugs as high as $20,000. Most people who have cancer may not be able to afford the out of pocket costs. Some have opted not to have the treatment, especially if death is inevitable. Some may seek natural or homeopathic remedies for cancer, if they are willing to do the research involved.
The solution to this is to purchase a health insurance supplemental program which would cover all or most of these out of pocket costs. A health insurance supplemental program would provide cash to cover losses as a result of catastrophic medical bills. The cash payments would allow the patient to continue pay for daily living expenses of food, clothing, utilities, and transportation, while they are receiving treatments.
This failure to plan for unexpected costs has led to financial ruin for many people, especially business owners, causing them to file for bankruptcy, and lose their homes and other assets. Business owners incur expenses for operating their businesses and must also earn money to run their households. When they are sick and need medical treatment for serious medical problems, it can strain the budget.
In conclusion, investing in health insurance supplemental insurance and a long term disability policy would be wise decisions which could help to lighten the burden of having to pay for out of pocket costs. This would include payments for other insurance which the patient is paying at the time of treatment, such as automobile insurance, life insurance, and disability insurance, which are necessary for the financial security of the families.