Friday, October 23, 2009

The "Big Three Myths" of Health Insurance

Myth #3: Health insurance is a waste of money for the young and healthy.

It is true that different people need different levels of insurance. It does not make sense to pay for prescription drug coverage or maternity benefits if you know you don't need it. A surprising number of people are paying for insurance benefits they don't need. Health insurance should be viewed like car insurance. Would you pay a high premium to insure a car that isn't worth very much money? Of course not! So why do people pay for "Cadillac" health insurance when all they really need is financial protection in case they get seriously injured? There are options. Younger and healthier people may benefit more from a low cost health plan with a high deductible. Emergency room services are extremely expensive and it makes sense to protect yourself from the financial havoc that can result from injuries beyond your control.

For many people, the only reason to have health insurance is financial protection. Clearly, if you're in a car accident or injured while snowboarding or white water rafting or hiking, you are going to want medical attention. Don't let unexpected injuries from your favorite activities cost you your financial security; get the insurance you need to protect your future.

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[1] "Employer Health Benefits 2004," Kaiser Family Foundation and Health Research and Education Trust, released September 9, 2004.

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