Featured
 Article


Health, Health Care Insurance and Bankruptcy

 

Shobhana R. Kasturi

 

Health, Health Care Insurance and Bankruptcy


Imagine for a moment that your health has taken a turn for the worse. You need extensive medical attention and expensive treatments. Would you be prepared to account for these medical costs? Or would you or a family member ultimately have to deal with this financial burden?


Surely, you would not want to suffer the consequences of paying big medical bills on your own. This is why health insurance is so important. A Harvard study conducted in 2001 found that medical bills caused half of all bankruptcies. Therefore, you should make sure that you have some form of medical insurance. You should also make sure that your money is well-spent on insurance that meets your needs.


Insurance Provided by Employer



You should feel lucky if you are in the minority of people who receive health insurance through your employer. According to bankrate.com, company health insurance is actually part of a group insurance plan. Your employer pays for most of your insurance and also pays for your insurance with portions of your paychecks. Everyone in your group plan pays the same rate. The premiums paid by healthy members go towards paying the bills of sick members. Bankrate.com recommends that you study up on your employee benefits package to make sure that the insurance plan you choose provides you with the services and options you will need. If you are young and/or relatively healthy, you may want to consider choosing to pay for your company's cheapest health plan.


Bankrate.com also recommends that you review your insurance plan periodically. You may be paying more money for services you no longer need. For example, if you have children that have graduated from college or are no longer on your insurance plan, you should change your insurance plan accordingly. Additionally, if you have lost weight or quit smoking, you could qualify for a cheaper insurance plan.


Have You Been Laid Off?


If you have recently lost your job, you may want to consider the Consolidated Omnibus Budget Reconciliation Act (or COBRA) plan. With a COBRA plan, you pay for the medical benefits your former employer paid for on your own. The plan lasts up to 18 months. Keep in mind that the COBRA plan is a bit expensive. In addition to paying the premiums your company used to pay, you would also have to pay a 2% service fee.


Are You Uninsured?


Unfortunately, according to bankrate.com you may face discrimination from insurance companies if you try to insure yourself on your own. You may have difficulty buying insurance if you have any medical problems whatsoever. Remember, with a company group insurance plan, your insurance provider only has to pay the medical bills of the sick members in the group.



Look for health plans that have higher premiums. You may pay more upfront for medical coverage, but you will ultimately spend less on deductibles. At the very least, financial analyst Suz Orman recommends paying for worst-case-scenario insurance for medical bills that top $5,000. This way you can at least be sure that you will not have to foot the entire bill for high costs.



Conclusion


No one wants to live their life fearing the worst. By insuring yourself, you can at least rest assured knowing that you are prepared if your health takes a turn for the worse. As a result you or your family would not have to suffer the additional hardship of having to pay for your medical costs yourself. The good news is that if you can not afford insurance coverage, filing bankruptcy could eliminate your medical bills if necessary.



 


Shobhana R. Kasturi is a partner with Legal Helpers and specializes in consumer bankruptcy law. www.legalhelpers.com, the law firm of Macey & Aleman, is one of the nation's largest consumer bankruptcy firms. Legal Helpers can be contacted by phone, 888-743-5787 or by email, info@LegalHelpers.com.

 

 

 


Recorvery Rebate Credit
Mileage Deductions
Car Donation Deductions
Bad Debt Right Off
Hybrid Cars Deductions
Tax Cash Today at Western Union
CPA Moms - Services Offered
Tax Preparation
Electronic Filing
FREE IRS Forms
Enrolled Agents
Tax Moms
Recovery Rebate Credit
CPA Moms
Representation before IRS
Non Profit Tax Services
Accounting
Bookkeeping
CPA Loan Letter
$7500 Downpayment for your Home
Medical Home Pages
Medical News
List of Medical Related Articles
Additional Resources
Want to Join the Moms?
Questions for CPA Moms?


What is a CPA Mom?

CPA Moms is trade name given to Accounting and Tax Professionals who chose to work in an “relaxed” environment. 

Some work from home, other work from personal offices.   Not all are moms, there are some dads.  Each CPA Mom is independent and licensed by their state CPA agency.  

 

Being in a relaxed environment has many advantages.  Lower overhead, faster response time, more availability etc.
 
To be a member of CPA Moms, the CPA must ALWAYS be in good standing with their state licensing CPA agency, experienced, and must demonstrate  a high level of ethics, professionalism and proficiency.  

Tax Net Inc, the parent company of the CPA Moms, has developed marketing and on line systems to help qualified CPA’s work from their relaxed environment and offer better service at a lower price to the consumer.  Since the CPA Moms do taxes and accounting of all complexities, there is always a CPA Mom available for every level of work.  


For reliability and dependability of CPA Moms organization click on the Better Business Bureau icon below.
 



 

 

 

 

 

 

 

 

 

 

Privacy Policy  .....About Us  ......Disclaimer ..........Copywrited 2005  - 2006 & Sponsored by Tax Net Inc