No one wants to find themselves on the receiving end of a heap of health care bills, but, unfortunately, many of us will end up paying for various treatments and tests over the course of our lives. Even though health insurance policies can help pay for medical expenses and health treatments, many people across the United States remain uninsured and end up paying for these procedures, medications, and tests out of pocket. Seeing as health care expenses can amount to some hefty sums, many Americans find themselves in debt because of medical bills.
If you want to avoid that same situation, it’s important to know your options. Finding the right health insurance for yourself or an affiliate is tricky. Researching the various coverage options offered by all the insurance companies out can be a full-time job. Plus, you’ll want to speak to a broker and know what a life insurance policy can do for you so that if you find yourself facing a terminal diagnosis, you know that your beneficiaries are covered. It’s a lot to handle, but you must get the insurance coverage you deserve for the premiums you’re able to pay. Read on to learn more about what to look for in an insurance company and what level of health insurance coverage is the best for your specific needs.
Do you qualify for Medicaid or Medicare? Should you get private insurance?
Medicaid and Medicare sound like the same thing, but they’re definitely not. Despite both being public option insurance plans, Medicaid is there so that individuals and families who have a low income and can’t get health insurance through an employer don’t find themselves unable to cover medical expenses. People who earn below a certain limit qualify for an insurance policy that will cover most things for either a small sum of money or no copay at all. Medicare is there to cover some costs, though not all, for United States citizens aged 65 or older. Check your local state’s website and speak to a broker to see if you qualify for either of these insurance programs.
Private insurance will be more pricey than public insurance, but you will have more choices for providers. Many doctors don’t work with public insurance, so you will get more options when choosing private insurance. Depending on your healthcare needs and whether you have a chronic illness, this might be the better choice despite a higher premium. Health insurance provided by a business entity is private insurance, so reach out to the human services department where you work and find out what your insurance policy covers.
Why get a life insurance policy?
A life insurance policy may seem like an extravagance, especially if you’re young and healthy with no chronic illnesses. Nevertheless, it’s worth anyone’s time to look into life insurance, regardless of age. We never expect disaster, but it can come knocking whether we like it or not. A car accident, a work accident, a sudden terminal diagnosis—all of these can leave your spouse devastated both emotionally and financially. If you are the sole provider or even the main provider, your family will be in serious trouble even if you’re an exceptional financial planner. Life insurers provide a death benefit to your beneficiaries that can buoy them through the difficult times until they’re financially afloat.
If you, like many people in the United States, have received a cancer diagnosis or similar and have purchased life insurance, you may want to consider a viatical settlement as well. Health care bills are hefty, as noted, and the debt you incur for chemotherapy, radiation, tests, and treatments or doctor visits can leave your family crushed. A viatical settlement provides a lump sum payout to a policyholder in exchange for their insurance policy. The viatical settlement broker would sign a viatical settlement contract, a written agreement, that explains that a third party will become the beneficiary of your death benefit when you pass. The third party takes on all the responsibility for future premium payments due to the purchase of a policy, and you get the additional finances to pay off any debts. A sum of money from a viatical settlement depends on the policy holder’s life expectancy, is not taxable, and can be used however you wish.
The business of viatical settlements may seem strange, but a viatical settlement broker can provide important help with a licensee’s finances. The transfer of your life insurance policy through a viatical may be in the beneficial interest of you and your spouse. You need to ask yourself—will the death benefit help my beneficiaries more now, or will the delivery of a sum of money into my hands allow me to go in peace, know that I didn’t have to find a lender to pay off my health care expenses? This is personal information and a personal decision, one that only you can make.