Medical Insurance

 

Medical Insurance

What is Medical Insurance?


The purchase of Medical Insurance is a way to mitigate financial risk when you are sick and need expensive medical care.  The concept of Medical Insurance is that you pay small amounts of money monthly to a pool that has 80 to 85% of its funds going to pay claims incurred by sick people.  The difference will go to sustain the business.  If the amount of money going into the pool is greater than the amount of money being paid out, then an insurance company will make money.


When is Medical Insurance Un-Profitable to Insurance Companies?


When the amount of money coming into an insurance company exceeds the amount to pay claims and keep the organization running, then an insurance company is no longer profitable.   This happens if an insurance company accumulates sicker than well persons on its books.  As a result, medical insurance companies will end up paying more money in claims than the aggregate to their monthly rents.   This is why the Affordable Care Act insists that everyone purchase health insurance.  By everyone participating in the system, this will have more well persons on the books than sick, ultimately keeping the price low. 


How Do I Know if I Have the Right Medical Insurance for My Family?


Choosing the right policy for a family can be difficult, especially if you are not familiar with medical insurance.   Annual checkups and statistics should be used to pick a plan.  If you know your family is overall healthy, meaning not on medications, non-smokers or have no weight issues, then most likely you should save money by purchasing a high deductible plan for your family.  For the higher the deductible, the less expensive the monthly payments will be.  You may even want to choose an HSA, where your contributions to a saving account are tax deductible and tax deferred. 


On the other hand, if you have a young family and your children are at the age where they visit their doctor’s office once a month, it would make more sense for your family to have a traditional plan that has doctor’s office visits and maybe a lower deductible.  Overall, it is best to consult with a broker that is familiar with companies medical policies who can help you choose the right plan for your family.


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