Health insurance is a catch-22 situation. You can't afford to not have it and you can't afford to have it. Health insurance premiums are sky-rocketing due to mal-practice suits.

You never know when you might need good health insurance!

The financial impact of total disibility may be far greater than the financial impact of death. A person may live for many years totally disabled, and therefore, unable to generate an income to pay high medical bill and living expenses caused by the disability.

Health insurance can provide payments for loss of income and or medical expenses for illness or injury.

Types of losses and benefits;

Loss of Income from Disibility...this type of insurance pays weekly or monthly benefits for disabilities due to an accident or sickness. The primary purpose is to replace lost income due to a disibility.

Accidental Death and Dismemberment...these policies (or riders) pays the policies principle sum for accidental death. The principal sum is similar to the policy's face amount. The same amount is paid for the loss of two arms, two legs or two eyes due to an accident.

Medical Expense Benefit...commonly referred to as hospitalization insurance, provides benefits for expenses incurred due to in hospital medical treatment and surgery as well as outpatient expenses such as doctor's visits, lab test and diagnostic services.

Note: Hospitalization insurance may be issued as an individual policy which can include all family members, or as a group insurance policy provided by an employer. Hopefully, you can obtain health insurance through an employer's group policy. Normally, the premiums are much more affordable this way.

How can I afford health insurance if I am self employed or the company I work for dosen't offer group insurance?

I'm glad you asked that question. I don't know!...not really but this is where it gets tricky. An individual or family  health policy premiums will send you reeling! Unless you make over 100k a year, you'll have to work three full time jobs!

or you could...

cut some corners!

Unlike auto insurance where the policyholder wants low deductibles, you may want to opt for the higher deductibles.

Look at it this way....had you rather have a five-hundred or one thousand dollar deductible and pay twice as much for your health insurance or have a five-thousand dollar deductible and pay half as much in premiums as the lower deductible. I know which one I would choose!

I want a co-pay that pays for doctors visits... Ok, get ready to pay on an average of sixty dollars per person extra for a health policy with co-pay.

Let's think about this for a minute...how many times a year does one go to the doctor? I'll give you a minute.....

maybe once!...and how much will the doctor visit cost?... seventy-five to one hundred dollars. Ok, lets do the math...sixty dollars a month added to your health insurance policy comes to seven hundred and twenty dollars a year per insured. By not having a co-pay you just saved yourself approximately seven hundred and twenty dollars a year per insured.

Co-pay is quite affordable and great to have...if you are insured under a group health insurance policy.

What are my options?...a medical saving account or HSA - (Health Savings Account). Same rules apply as above for reducing premiums. The only difference here is that you can contribute toward your deductible in your premium payments. Do yourself a favor and get a quote on a Health Savings Account. Compare the savings with the higher deductibles. ie..thousand, twenty-five hundred, five thousand. You will be pleasantly surprised with your savings and it's tax deductible.

Should I carry a Cancer Insurance policy? If you are insured under a major medical policy the answer is absolutely NO. Treatment for cancer is included in all major medical insurance policies. There is no benefit in carrying a seperate cancer policy.

Note: Most states offer assistance to individuals who don't have health insurance. Check with your local hospital or health department. They should be able to assist you in contacting the appropriate agency. You may want to check for Vocational Rehabilitation. This agency will normally pay 100% of the fees associated with the surgeon and hospital expense if you do not have health insurance.