What You Need to Know BEFORE Buying Health Insurance [Part IV]
This is Part IV (“Risks of Under-Insuring”) of our five-part series on information to help you understand about health insurance costs, choosing the right plan for you, and how the industry works.
So far we have covered health insurance basics, choosing a provider, and strategies for HealthCare planning. So what if I ignored all this and just got the cheapest monthly insurance premium with highest deductibles and co-insurance? What could go wrong?
[12] Risks of Under-Insuring.
What is under-insurance risk? When you don’t have enough insurance to cover your particular liability. This can be related to any insurance, health, auto, personal liability, business liability, life and umbrella. When there is liability, or an accident and your insurance doesn’t cover the bills, one could end up in another difficult financial situation they may not have anticipated.
Report highlights also include:
[13] $50,000 Medical Bills Hypothetical Situation
“Catastrophic” Insurance Plan: $6,500 Annual deductible and 70/30 Co-Insurance Plan, with $50,000 medical bills:
[14] Analysis of Government HealthCare Plans
Is HHS Misleading Americans About the True Costs of Health Insurance?
[15] #1 Leading Cause of U.S. Bankruptcies are Due to Medical-related Bills.