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Financing Health Insurance

April 20, 2012 by  
Filed under Insurance

Health insurance is needed now more than ever by many. It is not that we are generally an unhealthy nation, though we do seem to have more illnesses than in past years. It is more about the state of individuals’ minds. What is meant by this is that while we want to take care with our health we often opt for the fast food, ignoring the daily workout routine, and let stress take over. The financial economy is difficult for many. Jobs are being lost, some are not being paid what they are worth, and all in all income to debt ratios are skewed on the side of more debt. All of this makes our health at risk.

When one loses a job that offered health insurance suddenly financing health insurance becomes a big deal. Certain age groups cannot seek government aid like Medicaid or Medicare. You have to be in a very low income bracket, over 65, or have a disability to qualify. It makes paying into these programs doubly difficult because when you need it, it may not be there.

So what can you do to finance health insurance? Should you go out for a payday cash loan? Are you just going to forego the insurance? For a younger person going without insurance may not be a bad idea. If you pay insurance premiums of $300 a month but only use the insurance once, you have paid out a great deal for nothing. What if you have a pre-existing condition that is not covered under that expensive policy? Then you pay out for your medical expenses without insurance to help.

The one thing you never want to do is let insurance lapse if you already have it. Keep your work policy as cobra coverage until you can find something that will cover you for less. Check out state programs that are not part of Medicaid or Medicare. Some states have more affordable options, though you may have to wait one year for pre-existing conditions to be covered.

If you are in an older generation do not let the insurance premium scare you. As an older individual you are more susceptible to certain diseases. So, finance your health insurance through savings, family, friends, or anyone else that is willing to help out in order to ensure you are covered; then once unemployment or other benefits kick in pay these helpers back.

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