Understanding Health Insurance - HealthCompare

Understanding Health Insurance Prepared by REV Media Marketing LLC March 2010

Why You Need Health Insurance Someone in the U.S. files bankruptcy after a serious health issue every 30 seconds. Uninsured men and women are more likely to suffer death or more severe diseases that could be prevented by regular check-ups. Uninsured people are much less likely to receive preventive care, they have a 50 percent higher adjusted risk of death due to limited prevention care. Health care reimbursements are negotiated between insurance carriers and the service providers which reduces your costs. Source: According to the National Coalition on Health Care, The American College of Physicians

Uninsured Facts and Risks 44 million people are uninsured The biggest group of the uninsured are between the ages of 19 and 29. • ‘Young invincibles’ who believe that their youth somehow protect them. The reality of life is that youth does not protect us from illness or injury, and without health insurance a young person can suddenly fins himself with mounting medical costs •16 million uninsured woman are more likely to suffer serious health problems Source: U.S. Department of Health and Human Services Office on Women's Health and a report by MSNBC.com

May Suffer Financial Disasters Uninsured adults are more likely to die earlier than those who have insurance due to lack of preventative medical care. The financial strain can be just as devastating. •50 percent of all bankruptcy filings were partially due to medical expenses. •25 percent were unable to make their rent or mortgage payments and developed bad credit ratings due to medical debt. Source: U.S. Department of Health and Human Services Office on Women's Health and a report by MSNBC.com, study by Harvard University

Health Care Costs Can Be a Tax Advantage Health plans provided by an employer are a deductible expense for the employer and are provided to employees as a form of non-taxable compensation. An employee with a 30% marginal tax rate who receives a health plan valued at $5,000 is actually receiving a benefit that would equate to $7,142 in wages or salary. Health insurance premium expenses may be tax deductible for self-employed individuals.* Health expenses may be treated as an itemized deduction if they exceed 7.5% of one’s adjustable gross income. *Check with your tax advisor to determine your status if you are self employed.

Being Uninsured Actually Costs You Money! Doctors, hospitals and other providers may charge uninsured people higher rates than insured people.* You will receive your insurers discount regardless of what percent of costs you are paying out of pocket. Many doctors are hesitant to see uninsured patients because uninsured patients cannot guarantee payment. As a result, being uninsured may increase costs and reduce access to care. *This is because insurers negotiate prices or levels of reimbursement with doctors and hospitals and can often lower the cost to less than half of what an individual might pay outside of an insurance plan with cash.

Your Kids are Counting on You Children require routine check-ups as well as immunizations. Physicians can diagnose serious childhood problems that appear to be simple health concerns such as juvenile diabetes. Parents also need to protect themselves for the benefit of their children. Having a sick parent is emotionally traumatic and the financial consequences of an illness can add to the emotional costs. Child only policies are available at sites such as www.healthcompare.com

Health Insurance Gives You Financial Peace of Mind Someone in the United States files for bankruptcy due to medical costs every 30 seconds. An uninsured person could lose his or her house to foreclosure, rack up hundreds of thousands of dollars in bad debt, place a heavy burden on the shoulders of the rest of the family and be faced with bankruptcy. Source: Washington Post, 2005

Big Advantages of Preventive Care Early detection of serious diseases increases your chances for effective treatment and a cure. Preventive care can reduce treatment severity and lessen recovery time. It is less expensive to treat a disease at the onset than to treat it in advanced stages. Many more health plans today incorporate preventive care benefits into their coverage.

Health Insurance Helps You Gain Access to Services Individuals can receive medical attention when necessary Can provide coverage for preventative measures. If you're hospitalized, most insurers will pay for at least some of your follow-up treatment so you can remain healthy and avoid another costly hospitalization. Health plans provide lower cost preventative services. •Childhood immunizations are approximately $150 per shot, but many plans will pay the entire amount. Provides “disease management” services to help individuals control diabetes and other chronic conditions.

Sponsored by HealthCompare We Guide. You Decide. www.healthcompare.com

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Understanding Health Insurance - HealthCompare

by Health Compare on Mar 24, 2010

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