Health Insurance and You!

An estimated 26 million Americans are currently without insurance, presumably because the price is too high. Yes, health care reform will help this group of people by subsidizing a basic insurance policy. But the promise of a better deal looming on the horizon is actually causing harm. How many of those who are currently uninsured could afford at least some minimal coverage now but are deferring their purchase while waiting for reform?

We heard in President Obama’s address to Congress that federal reform may take 3-5 years to take effect. I urge everyone to not put off this decision. Individual plans aren’t necessarily more expensive than employer-based plans and can be tailored to offer benefits for an individual’s needs and exclude benefits mandated for employer-based plans. For example, there are low-cost plans available that provide catastrophic coverage. Such an inexpensive plan won’t cover preventive and non-urgent care, but it will pay for treatment in the case of an unexpected accident or serious illness while saving the individual from financial ruin.

Another possibility for those seeking minimal coverage while waiting for federal reform is a short term policy. A short term policy typically lasts six months, and the insurer is not obligated to renew it, but can be an affordable interim solution for some.

There are many people who could and should be getting more coverage than they currently have, rather than waiting for health reform legislation to pass before taking action. And, when a health reform law is passed, those who are eligible can supplement their insurance with more complete, subsidized coverage.