Limiting exposure is the name of the game.

There are many ways that people look at insurance, and I would like to offer my perspective.  All insurance is designed to offer some sort of asset protection.  Auto, home, life, health, long term care;  all of these protect us from becoming bankrupt in the event of a catastrophy.  A little known fact is that 60% of all medical bankrupcies are experienced by people that have health insurance.  This is where education comes in.  Regardless of how robust your health insurance policy is, it is designed to make sure the doctor/hospitals get paid.  It does nothing to help "you" to pay the bills (house, car, food, etc.).  A poorly designed health plan is little more than a band aid if a major health event occurs. 

There are a unlimited ways to structure health plans to put the policy holder in the best position possible.  The first thing to consider is "what events could occur that would put you in a precarious financial position"?  The answers are endless, but the obvious things are cancer, heart attack, stroke, illness, or an accident.  Any of these things would be life changing, but there are ways to prepare for the possible financial burden that would definitely follow such events.  The best way that I have found to cover these possibilities is with supplemental products.  There are products available on the market today that will pay cash in the event of heart attack, cancer, stroke, coma, hospitialization, er visits, any form of an accident, and a myriad of other coverages that are essential to a true health coverage plan. 

When I speak about limiting exposure, the idea is that I am limiting the amount of money that you would be "on the hook" for if a medical emergency were to occur.  My goal is to offer the most comprehensive coverage for "the big stuff".  If I can design a plan that will put cash in your pocket for all of the things that would cause you to hit your deductable, then I have done my job.  If you are reaching your deductable, generally something bad happened.  There are the cases of people that have some drawn out illness, or injury that require multiple doctor visits, and other care.  These instances are difficult prepare for, and almost impossible to totally insure. 

The truth of the matter is that there is no perfect insurance package.   We can get close with a combination of traditional health insurance, cash benefit supplements, and discounts through certain associations.  The amount of variables involved in how we manage our health care are ever changing.  Our best bet is to put ourselves in that best position possible, and control what we can.  We limit our exposure by educating ourselves on the process, understanding how products work for us, and by building the most comprehensive plan commensurate to our needs and budget.

Opinions, thoughts and comments are always appreciated.

 

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Todd Uzzell
www.insphereis.com/tuzzell
todd.uzzell@gmail.com