Do You Know Why You Need Health Insurance?

By: Jon Caldwell

Monitoring whether your Medicare coverage have any gaps will be beneficial to you when you grow old and retire from working. A lot of elderly Americans these days have a hard time with paying for medical expenses they assumed would already be covered.

In case, you do see gaps in the Medicare coverages (or you might be worried in the future you will), it is advisable that you purchase Medigap. It is designed to fill in the gaps in your Medicare coverages. These are usually sold through private insurance companies and are standardized and regulated by state and federal law.

Haven't been insured in six months or more? You're in luck if you live in Florida.

There's a new law signed last Wednesday by Gov. Charlie Crist that lets insurance firms to offer a basic package for health plans without the usual required coverages. The good news? It might just cost Floridians $150 a month.

We mentioned last time about short-term health insurance, now we're going to talk about the opposite, the long-term health insurance.

Long Term Care Insurance or LTCI will be useful when you're in the twilight of your years and probably no more resource for money to pay for a normal health insurance policy. However, deciding when to buy an LTCI policy will depend on a lot of factors, as buying them while you're young means less expensive premiums to pay but you may be paying it over a very long time. It's suggested that one should buy this type of insurance at around the 50's to 60's age range.

Why would you want to get a short-term health insurance?

You just graduated from college and is now looking for a job, in the meantime you're no longer covered by your college and parent's health insurance.

You just found a job, but the health insurance benefit kicks in after three months

If you fall somewhere within these types, then you might be interested in looking for a health insurance that will temporarily cover you and/or your family.

Most short-term health insurance has a coverage ranging from 180 days to 12 months tops. It'll cover accidents or sudden illnesses. You'll be in charge of picking your own doctor or clinic, and get in and out patient services as well.

The negative side of it all is that it won't offer all permanent plan benefits. It won't include pre-existing conditions, routine medical exams, preventive care, optical or dental care, or pregnancy and childbirth expenses.

Health insurance plans sometimes don't cover the college student kids. There's a statistic saying that there are over 5 million of them not covered by their parents' health insurance. This is where the college comes in and offers health insurance for their college student. The question now is, should the parents sign the papers?

Having a Health Insurance policy usually made us feel secure for the future health of our family. However, according to a survey, only 7 percent of those who have health insurance say they are prepared for any health concerns in the future.

The main reason is that the remaining 93% feel that they have very limited coverage and are now paying more of their share for medical costs. 158 million people covered by employer health insurance programs are paying higher medical expenses due to various combinations of factors like higher premiums, less extensive coverages, and larger out-of-pocket deductibles and co-payments.

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