Insurance through employers
If you work for a company that employs at least 50 people, they are required to pay for at least part of your medical insurance. There was a time when that was enough. But with the changes in the health care system in the past presidential administration, insurance companies began charging much more. The average cost for a single adult person to have basic medical insurance coverage is over $300 per month. The average cost of employer assisted medical insurance for a family is in excess of $800 per month. The sad truth is, many Americans cannot afford this. These are averages. In some cases, the costs are much higher.
A person who works for a smaller company may have to purchase insurance on his own. He or she must search for coverage that complies with the law and that they can afford to pay. In order to do this, many families must opt for an insurance policy that has a very expensive copay or deductible. This will bring the monthly premiums down, but it creates another problem.
If you have insurance with a very high deductible, you must pay for all of your medical care from your own money until you have reached the deductible. For example, if your deductible is $4500.00, your doctor’s visits, tests, treatments, and any other medical expense must be paid by you until you have paid the first $4500.00. For families, there is usually a per person deductible amount and a family deductible amount. The end result is paying for insurance that often never pays a dime on your health care. Unless you have a serious illness or injury that requires multiple visits to the doctor and treatments, you could find yourself paying for your medical expenses until late in the year before your insurance is required to pay anything. However, you must still pay the premium every month.
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Why can’t we just skip the insurance and pay the doctor ourselves?
Having medical insurance is necessary. The cost of health care can become overwhelming, very quickly for the uninsured. One serious illness or accident can cost thousands of dollars. If you find yourself needing surgery or on-going treatments, you could be facing tens of thousands or even hundreds of thousands of dollars in medical expenses. Besides the expenses, citizens of the United States are required to have insurance coverage by law. For millions of Americans, the answer to this problem is Medicare.
If you are 65 years old or older, you qualify for Medicare. If you are under the age of 65 but are disabled, you are qualified as well. Medicare if not free, but it is much more affordable than that of private insurance companies. Medicare is an insurance that is offered by the government.
There are several Medicare parts. Each of them offers a particular type of coverage. Medicare part A covers hospital coverage. Medicare part B covers some of your doctor’s visits, tests, and lab services. Medicare part C is also called Medicare Advantage. Medicare part D is for coverage of eligible prescriptions.
Medicare advantage is a unique way of combining Medicare parts A & B. This is provided through private insurance companies. Normally this allows people to get better coverage and more choices. The cost of Medicare advantage is usually no more than you are already paying for your Medicare insurance.
It is up to you to find affordable companies that offer health insurance. While this may sound difficult, you will find the Marketplace a good place to start.