Myths and Truths about health insurance

It seems like you hear two sides to every story. But with health insurance there can be more than two sides, which makes it even more confusing. There is more than one right way to get health insurance; you just have to sift through what is a myth and what is a truth so you can find the right health insurance for you.

Myth: health insurance is one size fits all. It only comes in one package.

Truth: Health insurance can be tailored to your needs and budget. If you are generally healthy, you will need a different health insurance plan than say, someone who has a terminal illness who requires frequent doctor’s visits and medical fees coverage. Your deductible and premiums can be adjusted to your needs, as well as your coverage and out of pocket costs. That is not to say you can tell your insurance company you want a low premium with a low deductible (you usually have a trade off), but you can find which trade off benefits you best. If you do not think you will be using your health care very often, you can pay less with fewer options to keep costs low. There is a plan that can fit anyone.

Myth: health insurance is only for the rich.

Truth: Hardly! Health insurance is for everyone! Although it is not required (which is a current condition that could change if Obama’s health care reform plan goes through), health insurance is not something just for “rich people.” There are affordable health insurance plans for every budget. Mentioned in the truth above, you can tailor your plan to fit your needs and budget. It is especially important for those who do not have a lot of money to have health insurance. Without it, you could face serious financial woes if you are faced with an unexpected illness or medical cost. Most of the bankruptcies filed last year were related to medical bills. Those who have a tighter income might be more susceptible to financial ruin if they do not have the safety net of insurance in place.

There are also many health insurance plans that cater directly to those with a low income. For those with a low income, Medicaid can be a good option. The plans are subsidized by the government. It has limitations for what type of health care you receive, but it is much better than no insurance at all.

Myth: I don’t need health insurance as a student.

Truth: You especially need health insurance as a student. Students are in a prime position to receive medical aid. Universities and colleges often offer cheap student health insurance that can help students pass off the burden of the cost. These plans will have approved doctors and clinics (like most, if not all, health insurance plans do), but they can help students at a time when their immune systems are most susceptible. Many schools also have on campus health clinics to provide services for students.