Before You Cancel Your Health Insurance, Do Your Research
As living costs get higher, many households across Nevada are looking for ways to reduce expenses. For some, cutting down or even eliminating the cost of health insurance may seem like a simple way to keep more money in the bank without reducing their standard of living. This may be especially true for those who are young and healthy and do not expect high medical bills anytime soon.
Avoid the Temptation of Saving Money
Obviously, if you make it through the policy term without using your health insurance, you would have saved hundreds or thousands of dollars by foregoing coverage. The temptation is real! However, if you’ve ever spoken with a licensed financial planner, they always advise to get health insurance. There is an important reason. Without health insurance, it can be a serious gamble. Reason being, just one routine preventative care or mild medical event can result in large medical bills. Simple stitches at an Emergency Room can cost thousands!
A health insurance agent can help you consider your needs and budget and find a health insurance plan that you can afford.
Health Insurance Coverage When You Really Need It
The average American health insurance plan for a family of 4 without a government “Subsidy” is $18,000ish per year. Whereas, with a subsidy, what they pay could be much less depending on their income and if they don’t have coverage offered through their employer. Their coverage generally pays the total cost of annual check-ups, which have a value of approximately $200-$300 per person in the family. If the individual needs no other care that year, they could have saved a bundle skipping health insurance coverage. However, medical costs add up quickly. If you experience a simple medical emergency, such as abdominal pain, just checking into the emergency room can cost thousands!! The ER doctor that sees you may charge you another $1,000 or so, depending on what takes place, to provide immediate care. If they order MRIs or CT scans, the price may climb even higher.
If you experience a more extensive medical emergency and require hospitalization, hospital bills may quickly become a burden. A three-day stay, for example, could set you back about $60,000 depending on what tests are ordered and what happens during your stay. Fixing a broken leg could cost $7,500. If you are diagnosed with a serious medical condition, you could find yourself hundreds of thousands of dollars in medical debt.
Even if you are not living with any chronic conditions and are in good general health, you could experience an unexpected medical emergency at any time.
What Does Health Insurance Cover?
Health insurance plans sold on the Marketplace include 10 essential benefits.
These include:
- Hospitalization
- Emergency care
- Pediatric services
- Prescription drugs
- Laboratory services
- Outpatient hospital care
- Prenatal and postnatal care
- Rehabilitative and habilitative services and devices
- Mental health and substance use disorder services
- Preventive and wellness services and chronic disease management
Some health insurance plans have additional coverage for family planning services, vision and dental care and medical management programs.
How to Find Affordable Health Insurance with Nevada Insurance Enrollment
Rather than skipping health insurance coverage, consider looking for a comprehensive plan that fits your needs and budget. At Nevada Insurance Enrollment, our health insurance agents specialize in helping you review plans across multiple companies to find the one that best fits your needs. We can also help you determine whether you qualify for government subsidies that can help lower your monthly premiums.
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What is the Free Look Period in Health Insurance?
To help customers avoid buyer’s remorse, health insurance policies are required to offer a free-look period. If at any time during this period you find that you’re dissatisfied with your policy, you can cancel it and get your money back.
HRA vs Employer Sponsored Health Insurance
An employer-subsidized plan is a sensible option for employees. Not only does the employer pay at least 50% of the employee’s premium, but the remaining premium is tax-free and taken directly from the employee’s pay.
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Recent Posts
What is a Health Insurance Subsidy?
A “Subsidy” is a special tax credit that you can take to help lower the cost of your monthly health insurance premiums. If you qualify for a Health Insurance Subsidy, it’s kind of like getting a gift card from the Government to help pay your health insurance premium. This subsidy is sent directly to the insurance company, which pays a portion of your premium, and you will be responsible for paying the remaining balance.
Medicaid Basics To Know
Medicaid is a health insurance program administered by the state and federal government, to provide health coverage for those who meet income restrictions or have qualifying medical needs. Medicaid can also be used alongside other health insurance coverages such as private health insurance, Medicare, etc.
What is Tier Pricing With Prescription Medications?
Your health insurance company’s formulary is a list of all the different drugs that their plans cover. Within the formulary, there are drug tiers. These tiers determine the level of coverage your prescription drug plan offers for a specific type of medication.
Health Insurance with a Preexisting Condition
You may assume that since you have a preexisting condition, you’ll pay a higher premium than someone who is in perfect health. However, an insurer cannot reject you, refuse to pay for health benefits pertaining to your illness or injury, or charge you a higher premium because of your condition.