The new year is here and for a lot of people improving their health is a resolution. Now it’s a mandated law for all of us!
With that being said, this creates a new budget for a lot of people. This can either be something that has never been in a person’s budget, an increase in an existing budget, or a decrease. Either way, a lot of health insurance deductibles are rising.
This is similar to what happens in the automotive insurance world because people choose a low monthly payment with a high deductible. I believe this is because most car damage wouldn't be a necessity to fix. Quite frankly, it’s a little less important to fix your windshield than to fix your heart. Therefore a lot of people will be financially exposed by going from an average deductible of $2,000 to $4,000. This doubles the amount that you are responsible for towards your health carrier. Health expenses planning should be as high on your list as getting your beach body because they both need to be handled by March!
The great thing about this new law is that it greatly improves citizens access to means of preventative care and reduces small emergency costs. You have to realize though that these health insurance companies will get their money one way or another. Either you will pay more monthly and less at the hospital or pay rock bottom monthly and take out a loan when you’re in the ER…….
Plan for the worst and hope for the best is what my wife has always said and now we all really should. Don’t let a decision to get a cheap insurance bill now affect your family later when you actually have to use that plan. Cover your risk (the deductible) so bankruptcy doesn't cover you.
Have a plan not a plea.
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