From msnbc.com
Reports Downsized Employees Consider Dropping Health Insurance Unnecessarily
ARROYO GRANDE, CA - Facing severely decreased household income after a job loss, unemployed workers risk further financial distress by dropping their health insurance. Health insurance experts warn against making this budget cut, explaining that good medical insurance protects a family, especially if major illness or injury occurs. Struggling families can find affordable plans that offer excellent coverage.The initial step is to learn about the options that are out there for affordable medical insurance. By taking the time to investigate how plans are different, consumers can learn which one best fits their needs. Sometimes by giving up certain control over healthcare choices, they can save money on premiums and overall healthcare costs. An HMO is a good example. There is typically a restriction on which doctors and facilities the insured can use, but the deductibles and co-pays on this type of policy are much lower than other policies like PPOs. This means that often healthcare costs are lower overall in the long run -- especially for families that make frequent visits to the doctor.
For many people, a more basic medical insurance plan is sufficient. In many cases, a comprehensive insurance plan represents spending more money for little true added benefit. Experts also recommend cutting dental and vision coverage if they are not absolutely necessary. Raising the deductible can be a sound move, providing the insured has a cash reserve. Higher coinsurance percentages will also mean taking on more of the risk, therefore premiums will be lower.