Health Insurance - To Take or Not to Take: is it worth the risk?

Unlike in Canada and parts of Europe, like Germany and The UK,where most health care costs are supported by the government,most healthy, mentally sound Americans below 65 usually have torely on their own resources to manage personal health carefunding. For most U S citizens, this means building some healthinsurance into their general personal financial plan.Nevertheless, over a period of time the costs of health careinsurance mount up, and the total cost can be unbelievable. Thequestion is should you take out health insurance? Is it worththe risk not to? Obviously, there isn't an easy answer to thesequestions, but there are many things you should take intoaccount before coming to a decision about your future healthcare insurance.Firstly, almost 15% (around 44 million) US citizens are notcovered by any health insurance. Many of these individualsbelong to poor families who are not eligible for for Medicaid,employment-based health insurance and have been refused or can'tafford personal cover. If you are thinking of getting individualhealth care insurance cover, make sure you're aware that thecosts are usually higher and less user-friendly than planssponsored by employers. There are many types of personal or individual private healthcare insurance available and it's easy to get confused aboutwhat kind of health insurance you should buy, and how much coveryou should have. You may think you don't need a few hundredthousand dollars worth of medical insurance cover, but thinkabout the cost of one hospital visit if you needed a common,major procedure like heart surgery or even minor surgery toremove tonsils or impacted wisdom teeth. Slight complicationscan result in a huge medical bill.If you are lucky enough to get a health benefits package withyour employer, you will be accepted under the company's planwhatever the state off your health. But when you apply forindividual cover, those guarantees do not apply and you may notgete the cover you need, even by trying for reduced benefits.The same applies when renewing your health care insurance. Ifyou are employed and covered under a company plan, you will beable to renew your coverage as necessary, even if you are ill.Most individual plans have no guarantee that your policy willnot be cancelled.There are differences between employee and individual insurancewith regard to limitations and portability. If you have anexisting medical condition when you apply for job-relatedmedical cover, there is a limit of around a year to a eighteenmonths on what can be counted 'against' you. With individualcover however, limits are prescribed by the state, and varyenormously between states. Generally, you may not be eligiblefor cost cover related to a pre-existing medical condition forthe entire duration of your policy. With portability, depending on the state in which you live, it'spossible that you may not receive credit for past cover. Thismeans that even if you qualify for medical insurance, you mayhave to wait for the whole of the pre-existing conditionexclusion period.Whether you choose job-related, employer-sponsored healthinsurance or a private, personal plan, health care insurancewill cost you much money, particularly if you if you have anyongoing medical issues and/or have a family. tObviously, Thetotal amount will depend on your particular circumstances. It'spossible, of course, that you may never need medical attention,in which case you might consider the cost of health careinsurance as money wasted. However, at some time in our lives, most of us need medicalattention. Even people with a healthy, positive approach to lifehave unexpected health issues, accidents and broken limbs. Youcan never forsee these events, or how severe they will be, butwithout sufficient financial means or a good health careinsurance plan, you could become destitute. Are you willing totake that risk? Being unable to pay for medical services orproducts that you or a family member may need? Money spent onpremiums must be a consideration when deciding whether to buyhealth care insurance. However, before you make a finaldecision, there are many other crucial elements to consider.