Not Having Adequate Health Insurance Coverage Can Cost You
Sometimes, just having a health insurance policy does not mean your medical needs are taken care of. There are many scenarios in which health insurance fails, due to exclusions or limitations. Not having adequate coverage can be an expensive ordeal, and the out of pocket expenses can easily run into the thousands.
One way having inadequate coverage can cost you is when you have preexisting conditions that are excluded from coverage. This is not usually a problem with group coverage, but individual insurers may deny you coverage for them, or at least deny coverage for procedures related to the condition. The only solution for this problem is to get group coverage or, if you qualify, get coverage through Medicaid, a government sponsored health insurance program.
Another way that you could spend more than necessary is if your insurance does not pay for prescriptions and medical supplies. In this case, you can add supplemental insurance to fill in the gaps of your regular coverage. It will cost you a little more for the supplemental coverage, but in the long run you can save hundreds or even thousands on your health care. On average, supplemental prescription insurance will only cost a few dollars per month, as opposed to the potential cost of a single prescription being as high as several hundred dollars.
The most expensive mistake is to not have health insurance at all. In that situation, even a minor illness could cost you several hundred dollars after doctors and prescriptions. Additionally, federal law has changed and everyone will be required to have health insurance coverage by 2014. This may sound like a difficult ultimatum, but there are procedures being put into place now that will make it easier for everyone to receive adequate health coverage, saving the average uninsured American a great deal of money over the long term, plus increasing the average health of all Americans.