Spend smart: get affordable health insurance

There is something about summer time that makes you feel like your money is burning a hole in your pocket. Spending increases during the summer months as people splurge on vacations, luxury food items (hey, popsicles aren’t free people), cars and other summer time events (concerts, water parks, barbecues). With kids getting summer jobs, it seems like cash is flowing.

Now, I hate be the downer of the party, but the economic situation is not looking so great. That is not debatable. What is debatable is how we are going to fix this economic crisis. I am not going to pretend that I have all of the great answers to solve our national debt crisis (if I did, I would take that talent to the bank!), but I want to be a realist. While the ease of the warm summer time air tries to lure us into overspending, I am going to urge you to stop. Or at least spend more wisely.

First off, get more bang for your buck. If the sunshine is making you realize that you need all new things, think about getting new things that will have a good long term impact. While you might be thinking a new patio set, I am thinking more along the lines of an affordable health insurance plan. Now is the perfect time to reevaluate your health insurance plan to make sure it is still meeting the needs of you and your family.

Things to consider: does your monthly premium still fit in with your monthly budget? Have you had any big life changes that would affect your insurance? Are you paying too much out of pocket for medical bills?

To start, look at your needs. If you are healthy and rarely see the doctor, you can opt for a low monthly premium, which is the amount you pay every month to keep your insurance. A low monthly premium does have a trade off- to offset the cost, your deductible will be a lot higher. Which means, if you do need more medical help at the hospital, for example, you will have to pay a certain amount out of pocket before the health insurance will start to kick in. If you are pretty healthy, and do not plan on encountering any health insurance problems, this would be great for you. However, if you or someone on your plan will require more medical attention for a disorder, disease, etc. it might be more advantageous to have a higher monthly premium, but the health insurance will kick in earlier on a lot lower deductible. You must determine which trade off will work best for your family.

Health insurance is not as glamorous as a new summer wardrobe (that will be out of style by September, mind you), but it can save you from severe financial woes. If you don’t have insurance and a serious medical issue arises, you will be footing the bill alone.

This summer, think twice before making any big purchases and make sure you have your health insurance taken care of first.