Better Health Coverage Options

Having Medical Insurance doesn't guarantee your financial security. You are probably thinking I am talking about health catastrophes where your medical bills mount above $500,000, but I am not. In fact much more common are medical dilemmas that cost $10,000 to $50,000 and they happen every day to families across America. If this happened to you how would your Health Insurance protect you?

The answer depends a lot on your policy. If you have an ultra-expensive low medical insurance deductible you're in pretty good shape. In this case your deductible and out of pocket insurance copays might be less than $5,000.

That may sound good, but don't forget you have also been paying a high monthly premium for your insurance. As example, for a family of four the cost of a low deductible (Deductible lower than $1,000) could run as high as $1,500 per month. This depends on many factors such as what state you live in, age of policy holders, whether you're a smoker and your occupation, but the end result is you have paid $12,000 to $18,000 per year so that you only pay up to $5,000 on medical challenge that had a total cost of $10,000 to $20,000.

The other extreme is a high deductible policy. This entails less risk for the insurance company so they can offer this policy at a much lower rate. It would probably cost that same family of four $380 to $550 for a plan with deductibles in the $6,000 to $10,000 range. What would happen financially in the same medical mishap scenario as above?

In this case your Medical Insurance doesn't cover anything until you have passed your deductible. So you are obligated to pay $6,000 to $10,000. Once you pass the deductible you have your copay insurance out of pocket maximum, which is probably another $6,000 to $10,000. So in the end, you end up paying $12,000 to $20,000 on a medical procedure that only cost a total of $30,000 and that is how your medical insurance plan can guarantee your bankruptcy.

If this does sound appealing then check out Medical Discount Plans and learn about low cost options that can protect you better. You will be glad you did.