Hello Everyone! This week has been extremely difficult for me. I am writing from Minnesota on a last minute trip for some unfortunate circumstances. My grandfather was diagnosed with Cancer this past week and was given only a couple of months to live. This has been a trying time for my family. It has put a lot of things into perspective. Especially somethings that are not always fun to talk about, but will be beneficial if something should ever happen to you and your health.
With all this morbid talk about death and options on health care, I thought that it may be helpful to ask a health insurance expert on ways to insure yourself and hopefully help your family financially if something like this should ever happen to you.
Mike Martin an insurance agent in Denton, Texas, and also my dad, helped explain some of the costs and benefits of insuring yourself.
On average how much does a usual basic health plan cost? Approximately $286 a mo without a subsidy.
What is a subsidy? A subsidy is financial assistance that helps you pay for something. It’s not a loan; you don’t pay it back.
What you recommend for someone in there 20’s or 30s that is healthy? A bronze plan or a silver plan depending on budget. All plans come with a free physical / women’s physical, and most people don’t see their Doctor more than once or twice a year. Especially if they are in their twenties.
How much can having insurance save you? It can save you from financial hardship or ruin especially if they have an accident, are hospitalized, or even are having a baby. An average hospital stay is 4.9 days and the cost is $33,079 in 2010 and still going up in cost.
Is accidental insurance worth it? 67% of all Emergency Room visits are injury related, 1 in 8 persons seek medical attention from an injury each year
If someone is taking on more physical activities such as working out, cross fit, skiing, running would you recommend they had a specific plan? No, it depends on their budget, income (such if they get a tax subsidy), and if they are taking a lot of medications, or health conditions Example: such as Diabetes Type 1 or 2. Silver plans usually come with first dollar Rx coverage where you do not have to meet a deductible before you have Rx coverage where you just pay a co-pay for your Rx’s.
Anything else that would be good for someone my age (27) that is physically fit would need to know about finding a good plan and the benefits of having one? Most of the time it hurts you financially is when you have an accident (such as breaking your leg, hip, shoulder or multiple injuries where there is one to three month recovery or more. The health insurance will pay for your injuries but not the loss of income when you have to miss work and you can’t work, you have a deductible to meet and co-insurance which can be up to $6,850 for one individual or $13700 for a family.
A critical Illness such as cancer, heart attack, and stroke can also be very expensive and also cancer drugs, Chemotherapy, radiation treatment etc. If you would like holistic or alternative medicine that major medical insurance does not pay for, a supplemental critical illness or cancer plan will pay directly to the policy holder a cash lump sum with first diagnosis to use however the policy holder chooses.
So you actually need more than just a major medical plan you need also an accident and critical illness plan as well to cover up the unexpected and helps pay the deductible, co insurance, and lost wages.
If you want to learn more about health insurance feel free to contact my father, Mike Martin. He is licensed in multiple states including, Colorado, Texas, New Mexico, Oklahoma, Florida, Arizona, Kansas, and Kentucky.
He can be reached at 214-513-3077 or by email at firstname.lastname@example.org