Health Insurance

Everyone needs health insurance but not everyone has.

We all need health insurance. The first thing you are asked about when you enter an emergency room is your insurance, not where does it hurt. So we've established that everyone needs health insurance. However, not everyone has it, and many young adults just starting out think it is an expense they can forego. Wrong! Your health is part of the big stuff you need to insure.

No matter what type of health insurance your employer offers or you have purchased on your own, read the fine print of the contract and know what services are covered. How long are your kids covered on your policy---until they reach 18 or until they are finished with college? Are your stepchildren covered it they live with you? If both you and your spouse have health insurance, which policy covers the kids? Is there a lifetime limit on your coverage, meaning that, if there is a catastrophic illness, will your insurer continue to pay the bills? Some insurers stop coverage at $250,000. If you are switching policies, are you covered immediately by the new policy for pre-existing conditions? For example, if your son has asthma and is a regular visitor to the emergency room, will that be covered? And here's biggy that I have seen undermine many financial plans of young couples: Does your policy include maternity care?

The best way to cut your health insurance costs is to stay healthy and practice preventive medicine. Exercise, eat well, take a multivitamin, stop smoking, and get enough sleep. These practices won't prevent everything, but you'll know you are doing something to help the bottom line.