The truth about health insurance

A common misconception about health insurance is that it is health care, when in fact it is only a tool that facilitates access to health care. In reality, no one really needs health insurance in order to see a doctor or have procedures done. They could just as easily pay cash for these services as they become needed. The concern most people have about paying cash is they can't truly plan on how much they will have to spend. Doctor's rarely disclose the cost of their services and each visit with all of its extra labs and procedures, varies greatly. An individual also lacks the bargaining power by themselves to achieve lower pricing and will typically pay a higher cost for cash services.
By purchasing any health insurance you transfer some or all of the risk of medical bills to the insurance company. That company also has multiple members and individuals who have given these companies their risk as well. The insurance company then collectively bargains with doctors, hospitals, etc to keep costs down. The reason most doctors prefer to have patients who have insurance is because they have contracts in place with these insurance companies that allows them more protection on whether or not they will be paid.
When you choose to pay a higher fee to your insurance carrier, you typically relinquish more of the risk to them (typically lower deductibles and preset co pays). If you choose a health plan that fits your budget but the deductible seems too high, don't stress. It just means that you have taken on a little more risk when it comes to your health care costs. The beauty is you have joined a health insurance network and have become privy to the contracts these carriers have negotiated. Also, when I talk about risk, it means possibility. Not everyone will get sick on the same day or even everyday of their lives. The way health insurance companies make money is by taking monthly checks and assuming that some people will use their insurance and most of them won't. This is what keeps the cost of insurance down. The less risk the insurance companies take on you, the more likely they are to collect a check from you and not pay any claims.
The goal when looking for health insurance is to remember there is always risk. Pick a plan that fits your budget. If you can pick a plan slightly under your budget, do so and put some of the extra money into savings. This will help pay the bills on those high-risk times. Make a health plan and get you know your benefits.

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