Is Finding the Right Health Insurance an Easy Task?

No! Not without help. Read on to find out why.

According to a study published by the American Journal of Public Health in 2009, the lack of health insurance is associated with approximately 45,000 excess preventable deaths per year in the United States. This shocking data underlines the importance of health insurance for every individual in today’s world.

Have you ever tried footing your medical bills without health insurance? If you have, you will understand the pain one has to go through to get the right treatment in a timely and affordable manner. Health Insurance provides the much needed medical care in time and without the hassle of carrying cash for every hospital visit. It is of particular importance in cases of sudden illness or accidents when a person is caught unawares.

A comprehensive health insurance cover provides you with an umbrella cover for footing unexpected medical bills, which would otherwise weigh you down even further during an illness. But, not all health insurance plans are for everybody and choosing the right health insurance can become an obsession or even a nightmare.

Why is it difficult to choose the Right Health Insurance?

The United States Health Care system relies heavily on private health insurance, which is the primary source of health coverage for most Americans. According to the CDC, private health insurance companies cover for approximately 58% of Americans. This is an enormously significant number and choosing from among the thousands of private players in the field can be confusing, if not intimidating.

It is true that private health insurance companies make good money in the business while at the same time helping out people during their hour of need. But, according to Better Business Bureau, in the wake of the new national healthcare reform bill, state and federal authorities in the United States are warning about the surge in healthcare-related scams and that consumers are advised to do their research before signing up for insurance coverage.

Considering this warning, choosing your health Insurance is no child’s play, and a serious effort is required on your part in deciding on a health plan that best suits your health needs. Putting your best foot forward in the right direction can be the difference between the genius of a health plan and the craziness of a lousy one.

The rising trend of healthcare-related scams have subliminally created a widening gap between the insurance companies and their clients thus requiring the expertise of specialists in healthcare insurance to bridge the gap, direct and guide the clients to the right health insurance.

How to choose the Right Health Insurance?

Where there is a Demand, there is Supply; where there is Supply, there are Suppliers.

The main players in providing Health Insurance in the United States are:

1. Public Health Care Coverage: Most of the Public Sponsored Health Care Coverage is focused on the poorer sections of the society. These programs constitute the main bulk of the insurance coverage for most seniors and low-income children and families meeting certain eligibility criteria. Medicare provides coverage for those in the older age group (65 years of age or more) and those with certain disabilities while Medicaid covers certain very low income children and their families. Those children who do not qualify for Medicaid but cannot afford private health insurance are covered by the State Children’s Health Insurance Program (SCHIP). Other well-known state-run health insurances include Military Health Benefits and Indian Health Service covering specific segments of the society.
2. Private Health Care Coverage: Private Health Insurance is expensive and provides medical cover to a financially stable clientele. Employer-sponsored health insurance is paid for by businesses on behalf of their employees and it constitutes a major chunk of private health coverage in the US. Small Employer Group Coverage, College Sponsored Health insurance for students, Federal Employees Health Benefit Plan (FEHBP) and Association Group Health Insurance all provide health insurance to their clients. Individually purchased health insurance still constitutes a significant segment of those seeking health insurance.

As per the latest data from the US census bureau, about 9% of Americans still rely on health insurance purchased directly. The individual market is much more expensive and a lucrative area for fraudsters to try their luck in with higher deductibles, co-payments, and other cost-sharing provisions. This form of insurance is regulated at the state level and do not have the force of the law unless adopted by a state.

While it is true that there is a rise in the demand for private health insurance, there is also the lurking danger of being caught in the net of healthcare-related frauds while involving a third party in making this important life choice. To tide over this, experts in health insurance are the only way to understand the intricate small-print that you might easily overlook.

What’s the Verdict on Finding the Right Health Insurance?

If you qualify for health insurance under Public Health Care Coverage, then it is best to stick to it. Employees would do themselves justice by availing Employer-Sponsored coverage. Lastly, individuals who are self-employed or those who are not provided health insurance by their employer or the government can avail individually purchased health insurance to avail tax benefits as well as peace of mind from a health care perspective.

Finding the right expert to help you decide on your health insurance itself can be a herculean task, and health insurance specialists are difficult to choose from among a multitude. Finding yourself a reliable health insurance professional is your best bet if you are to get the best possible health insurance for you and your family.

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