Before You Cancel Your Health Insurance, Do Your Research
As living costs get higher, many households across Nevada are looking for ways to reduce expenses. For some, cutting down or even eliminating the cost of health insurance may seem like a simple way to keep more money in the bank without reducing their standard of living. This may be especially true for those who are young and healthy and do not expect high medical bills anytime soon.
Avoid the Temptation of Saving Money
Obviously, if you make it through the policy term without using your health insurance, you would have saved hundreds or thousands of dollars by foregoing coverage. The temptation is real! However, if you’ve ever spoken with a licensed financial planner, they always advise to get health insurance. There is an important reason. Without health insurance, it can be a serious gamble. Reason being, just one routine preventative care or mild medical event can result in large medical bills. Simple stitches at an Emergency Room can cost thousands!
A health insurance agent can help you consider your needs and budget and find a health insurance plan that you can afford.
Health Insurance Coverage When You Really Need It
The average American health insurance plan for a family of 4 without a government “Subsidy” is $18,000ish per year. Whereas, with a subsidy, what they pay could be much less depending on their income and if they don’t have coverage offered through their employer. Their coverage generally pays the total cost of annual check-ups, which have a value of approximately $200-$300 per person in the family. If the individual needs no other care that year, they could have saved a bundle skipping health insurance coverage. However, medical costs add up quickly. If you experience a simple medical emergency, such as abdominal pain, just checking into the emergency room can cost thousands!! The ER doctor that sees you may charge you another $1,000 or so, depending on what takes place, to provide immediate care. If they order MRIs or CT scans, the price may climb even higher.
If you experience a more extensive medical emergency and require hospitalization, hospital bills may quickly become a burden. A three-day stay, for example, could set you back about $60,000 depending on what tests are ordered and what happens during your stay. Fixing a broken leg could cost $7,500. If you are diagnosed with a serious medical condition, you could find yourself hundreds of thousands of dollars in medical debt.
Even if you are not living with any chronic conditions and are in good general health, you could experience an unexpected medical emergency at any time.
What Does Health Insurance Cover?
Health insurance plans sold on the Marketplace include 10 essential benefits.
These include:
- Hospitalization
- Emergency care
- Pediatric services
- Prescription drugs
- Laboratory services
- Outpatient hospital care
- Prenatal and postnatal care
- Rehabilitative and habilitative services and devices
- Mental health and substance use disorder services
- Preventive and wellness services and chronic disease management
Some health insurance plans have additional coverage for family planning services, vision and dental care and medical management programs.
How to Find Affordable Health Insurance with Nevada Insurance Enrollment
Rather than skipping health insurance coverage, consider looking for a comprehensive plan that fits your needs and budget. At Nevada Insurance Enrollment, our health insurance agents specialize in helping you review plans across multiple companies to find the one that best fits your needs. We can also help you determine whether you qualify for government subsidies that can help lower your monthly premiums.
Recent Posts
Nevada Insurance Requirements for Vehicle Registration
Confused about insurance requirements for vehicle registration in Nevada? Learn why auto insurance is mandatory, with minimum liability coverage of 25/50/20. Understand how to provide proof, navigate the registration process, and avoid costly lapses. From required documents to penalties, this guide covers it all. Discover optional coverages and cost-saving tips to stay protected.
What Is a Health Insurance Carrier?
A health insurance carrier provides plans to cover medical expenses, like doctor visits and prescription medications. Understanding your insurer’s network, plan types (HMO, PPO), and costs (premiums, deductibles) is key to choosing coverage. In Nevada, carriers collaborate with Nevada Health Link to offer ACA-compliant plans, ensuring access to preventive care and essential benefits. Learn how to select a dependable health insurance company and manage costs effectively.
What is a Prescription Drug Deductible?
In the world of health insurance, “deductible” is a common word. It refers to an amount of money that you pay out of your pocket before the insurance company begins to pay. A prescription deductible is the portion you’d pay first, then after you’ve paid the deductible, you may only have to pay a co-pay when you pick up your medication.
If you are single, you would only have to meet your prescription deductible. If you have two or more people in your family, each member may have to meet their own prescription deductible which could be up to 2 deductibles in the family. A prescription deductible is different and separate from the medical deductible, unless otherwise stated. One deductible is for medical, ie: hospitalization, doctors, etc., and the other deductible is for filling your prescriptions.
Search This Website
Most Popular Pages
By page visits (this month)
#1) Health Insurance Subsidy Chart
#2) Health Insurance
#3) Health Insurance WITH a Subsidy
#4) Insurance Blog
#5) Request a Quote
Top 5 Most Popular
By page visits (this month)
#1) Health Insurance Subsidy Chart
#2) Health Insurance
#3) Health Insurance WITH a Subsidy
#4) Insurance Blog Posts
#5) Request a Quote
Recent Posts
What is a Prescription Drug Deductible?
In the world of health insurance, “deductible” is a common word. It refers to an amount of money that you pay out of your pocket before the insurance company begins to pay. A prescription deductible is the portion you’d pay first, then after you’ve paid the deductible, you may only have to pay a co-pay when you pick up your medication.
If you are single, you would only have to meet your prescription deductible. If you have two or more people in your family, each member may have to meet their own prescription deductible which could be up to 2 deductibles in the family. A prescription deductible is different and separate from the medical deductible, unless otherwise stated. One deductible is for medical, ie: hospitalization, doctors, etc., and the other deductible is for filling your prescriptions.
Are Ambulance Rides Covered By Health Insurance?
If you have a qualified health plan (QHP) the answer is yes, ambulance rides are covered. A QHP is an insurance plan that is certified by Nevada Health Link in Nevada that covers “10 essential health care benefits” including emergency transportation. You may need to pay a deductible, co-payment, or co-insurance for your ambulance trip.
Does My Auto Insurance Policy Cover My Trailer?
You have an auto insurance policy that covers damage to your vehicle, but what if you regularly use your vehicle to pull your trailer? Does that trailer have the same coverage as your car or truck?
What Is a Qualified Health Insurance Plan?
A Qualified Health Plan, or QHP, is a health insurance plan that provides coverage for the 10 essential benefits outlined in the 2010 Affordable Care Act. Qualified Health Plans MUST cover these 10 items without any lifetime or annual limits on these “Essential Health Benefits.”