THE IMPORTANCE OF HEALTH INSURANCE IN AMERICA
The USA is a developed country and in recent years there has been a lot of change in the health insurance policies by the Government especially under President Obama. The affordable care Act has been passed and has been made into a law and there are many changes which have happened for health insurance under this law.
Some of the changes are:
• THE AFFORDABLE CARE ACT
There is no more a limit on how much your health insurance will pay. Earlier insurance policies had a lifetime maximum of up to dollar 5 million but after passing of the Obamacare ACT there is no more such a limit. Today there is no maximum limit and people with chronic diseases don’t have to fear of hitting on the maximum of the dollar 1 million or 2 million.
• CHRONIC DISEASE NO LONGER A DETERRENT
Insurance companies can no more cancel a health policy because of the patient having a chronic illness and they cannot discriminate against people with a critical condition and charge them more. Now with the Affordable Care Act, everyone is treated equally.
• NETWORK SERVICES
Now a day’s insurance companies are offering network services that are far less costly than out of network doctors and hospitals which has made healthcare more affordable.
• Preventive services are now covered for free under the Affordable Care Act mandate
Under the Affordable Care Act, preventive services are now covered for free. This is very helpful for screenings, vaccines, and checkups, and you don’t have to meet your deductible in order to get these services at no cost.
• Cost assistance is available to help lower the monthly expense of health insurance
In order to help lower the monthly expenditure of health insurance, a cost assistance is available now. It is known as the tax subsidy and it helps those that make between 100%-400% of the Federal Poverty Level.
With this assistance people are now paying a 100 dollar less on their plan monthly and saving money.
These are some important reasons for taking health insurance in the USA:
Emergencies come uninvited and when they come you have no choice but to surrender to them. If you have a health insurance then all your medical expenditures are covered under it and you will not feel the financial pain and strain, thus health insurance is a product every individual should go for to save guard himself and his family from sudden emergencies.
An accident can happen anytime and thus you should have a good health insurance plan you will be greatly benefited as the money will directly pay by the insurer through the hospital-insurer cooperation. You will then not have to run from pillar to post trying to get funds for the victim and all the funds for all the medical expenses will be paid by the insurance company on your behalf.
• FATAL DISEASES
Many times, there are fatal diseases like cancer which can occur and you should be ready for these kinds of diseases. The best way to take a complete health cover and if the disease occurs during the insured time period then the insurance company will pay all the medical bills for the chemo and other treatment.
• ON SPOT PAYMENT
With health insurance, you don’t have to run about here there and everywhere for the money for your disease. The money is paid to the hospital on your behalf by the insurer and you do not have to pay a penny extra. The payment is done on the spot and there are no hassles or issues
Health Insurance also helps you save on tax and also helps you when you are having a lack of finances for covering your medical expenditures. It is critical to start early with health insurance as when you start early you have a greater amount covered and if there are any emergencies, accidents and critical ailments then you don’t have to panic as the expenditures are covered under the Health Insurance.
important points to keep in mind before going for Health Insurance:
• Go for a health insurance even if your company has you covered as your cover will cease the moment you leave the company or when you retire. Moreover, the company might also exclude the family members from the cover if they wish to.
• It is also very important to choose the right amount to insure. If you have a chronic ailment then the premium will be more but you will at least be covered for all health expenditures. Also, remember to keep on increasing your health cover from time to time to take care of the medical inflation.
• It is also very important to start early and you should take a health cover the moment you start working that way you will never have a lack of funds for emergencies or accidents also your premium will be less.