Health Insurance
The US does not have socialized medical care. If you have no health insurance coverage, you have to pay for health care out of your own pocket at the time of service. This can amount to many thousands of dollars for serious illnesses.
You buy health insurance for the same reason you buy other insurance: to protect yourself financially. With health insurance, you protect yourself and your family in times when you need medical care that could be very expensive.
Here Are Some Of The Top Reasons People Get Health Insurance
Health insurance pays for "lifestyle" services that you use often - many people do not realize that you can claim your gym membership, massage, and sports equipment on some policies.
You can save on income tax and effectively get your cover for free! For singles earning over $50,000 (more for families) the government will charge an extra 1% in income tax. This is called Medicare Levy Surcharge (MLS) and is applied if you don't have qualifying health insurance. Many people simply buy a policy that is cheaper than the 1% surcharge, the government will then waive the MLS fee, and you could walk away with free health insurance and money in your pocket!
?Self? insure - many studies show that in most cases insurance is a cheaper option in the long run. For example - Self funded knee surgery could set you back up to $13,000 - to save this money before the surgery would be impossible for some.
With private hospital insurance you have a much better chance of choosing your doctor. If you are a public patient, the hospital assigns a doctor to you. Another benefit is that private patients have shorter waiting periods for elective surgery.
You are getting yourself peace of mind. Choosing the right Private Health Insurance will put you at ease knowing that any unexpected eventuality is covered - your family will have access to high quality medical services when they're required, and without a huge financial burden.
Hospital luxuries- consider the "comfort factor" in private hospitals and the ability to stay at a hospital of your choice. They may also offer ?luxuries? such as single rooms, TVs and private bathrooms.
COBRA for Exiting Employees:
When leaving your job, a temporary option in acquiring
health insurance
would be COBRA - Consolidated Omnibus Budget Reconciliation Act, which is a federal law requiring companies of 20 or more employees to extend the company?s medical coverage to departing employees.
This
health insurance
typically costs more due to the fact that payment of the full premium plus administrative fee is incurred by the departing employee. Generally, COBRA is a good option if there are ongoing health matters, as you cannot be disqualified for any existing medical conditions. You can choose to continue in the same plan after the 18 months of COBRA coverage.
You can search in the internet with keyword "health insurance" for more information.
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