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Health insurance helps you pay for your health care needs and costs. Having health insurance ensures that when illnesses and injuries occur you can get the care that you need without being burdened by the overwhelming costs of treatment. But what do we really know about it? This blog will attempt to answer some frequently asked questions about it.

Q: Why get health insurance?

A: High medical bills can put a family into a financial crisis causing extreme debt or even losing their home. Some people will not go to get health care when they need it because of the high costs, and not receiving the treatment you need can result in becoming more ill or even cause death.

Did you know? A broken arm without it can cost more than $7,500, and a three-day stay in the hospital can cost more than $30,000.

Q: What are the benefits of having health insurance?

A: You and your insurance company share health care costs. By making consistent payments towards your health insurance, the company will pay for your medical bills when you get sick or hurt. Depending on your health insurance coverage, the company may work with hospitals and care providers to reduce medical costs.

Why Do I Need Insurance?

You’ve worked hard to build a solid financial footing for you and your family, so you want to be sure that everything is protected. Accidents and disasters can and do happen, and if you aren’t adequately insured, it could leave you in financial ruin. You need it to protect your life, your ability to earn income, and to keep a roof over your head.

  • Types of Insurance You Need

You can insure almost anything under the sun, but certain things absolutely need to be properly insured. This typically includes your life, your health, and your property.

You can find an insurance policy to cover almost anything imaginable but some are more deserving than others of a place in your financial plan. You work hard throughout your life to build wealth and live a happy and comfortable life and your insurance coverage should offer protection for your possessions, income and for the loved ones you’ll someday leave behind. As you map your financial future, these four types of insurance should be firmly on your radar

Health Insurance

is easily one of the most important types of insurance to have. Your good health is what allows you to work, earn money and otherwise enjoy life. If you were to develop a serious illness or have an accident without being insured, you may find yourself unable to receive treatment or even in debt to the hospital. While health insurance will no longer be mandated by the government beginning in 2018, it’s not something to discount.

Thankfully, many employers provide health insurance benefits to full-time and even some part-time employees. If you do not currently have it covered this is the first place to check as it will generally be the most affordable. If you’re married, you may both be able to receive coverage under just one of the employer plans. When both employers make it available, a careful comparison can help you decide which plan to use. Consider the co-pays, deductibles, premium costs, network coverage, and covered expenses to determine which plan yields the most benefits.

If your employer does not offer health insurance or you’re self-employed, you’ll need to explore your insurance options. The federal healthcare marketplace is a good starting point; alternately, you can contact insurers directly to see what type of coverage is available in your state. Again, the same criteria used to evaluate an employer’s plan would be taken into account as you compare policies, in terms of the cost and coverage.

Life Insurance

This type of policy is more important if you are married and/or have children, but even single people can benefit from having life insurance. Life insurance can meet several financial needs. In the case of someone who’s married with a family, it can replace lost income, help to pay any lingering debts after your death or pay for your children’s college education. If you’re single, life insurance could pay for burial costs and pay off any debts you leave behind.

If you do not currently have life insurance your best bet is to check with your employer first. Many employers offer basic life insurance as a benefit and some even allow you to purchase additional coverage at a very affordable rate. Outside of employer plans, there are hundreds of insurance companies that can provide the right coverage for you.

One thing to consider is whether to purchase term or permanent life insurance. Term life insurance covers you for a specific time period, typically five to 30 years. Permanent insurance covers you your entire life, as long as premiums are paid. This type of coverage also allows you to build cash value that you can borrow against or invest for growth. Of the two, term life insurance tends to be more flexible and less expensive but if you’re looking for an investment component, you may prefer permanent coverage.

Remember, that with most types of life insurance your ability to get covered depends on your age and health profile. The younger and healthier you are, the lower the cost is likely to be but be prepared to take a brief medical exam as part of the application process.

  •  Types of Insurance You Probably Don’t Need

While you want to ensure that you’re adequately protected, there are a lot of insurance policies that are unnecessary for most people. Purchasing the wrong insurance, or simply spending too much on insurance can do more harm than good.

  • How Much Life Insurance Do You Need?

This is an important question, and you may find that you don’t need any life insurance, or that you need a million dollars or more in coverage. There are many factors that need to considered before purchasing life insurance. Find out whether or not you need life insurance, and if so, how much.

 Finding a Good Auto Insurance Policy If you own a vehicle, you need to have it insured. Auto insurance is a very competitive industry, and there are a lot of options available to you. Finding the right mix of adequate coverage at a good price can be challenging. Learn how to find the best auto policy for you.

 Save Money on Your Homeowners Insurance For many people, their home is one of their biggest assets, so it makes sense to provide adequate coverage. Unfortunately, insuring something expensive such as a house comes at a price, but there are many ways that you can save money on your homeowners’ insurance.

We love our patients and love to help them form healthy dental life that will last them a lifetime. For more information call us today to answer all of your questions so get an appointment today.