This week, we need to talk about medical insurance costs. I’ll discuss other insurances at another time. The medical issue is big enough for one post.
Regrettably, medical insurance is one of those things that almost everybody needs. Like college costs, the rich don’t need to worry about this. Government programs, like Medicaid, will typically insure the extremely poor. The care may not be the best, but it’s care.
Those of us in the middle have an insurance problem. While you’re in college, there’s usually some relatively inexpensive plan offered through your school to provide basic coverage. And since you are typically young and healthy, you don’t need much more than that. Or, you may be able to stay on your parent’s health plan for your school years.
When you graduate, things change. Assuming that you are single and healthy, your available plans run all over the map. You can have small monthly premiums but copays for just about everything and rather large deductibles. Deductibles typically mean that you have to spend thousands of dollars before the insurance pays anything. One company in my state quotes deductibles for their most expensive plans starting in the upper $3,000s to the $7,000s for lower monthly premiums. Choosing the right plan can be a nightmare. But medical is the one insurance that you really need.
May I suggest the strategy I’ve used for many years? Health sharing networks help you pay for big expenses without the complications of normal insurance. In fact, they are not insurance. They are Christians helping other Christians pay their bills and they negotiate amounts due with the providers. The monthly share is comparable to or less than many health insurance plans. The money you pay every month goes to helping other Christians pay their medical bills. And when you have a need, others’ monthly shares come back to you.
When I was looking for health insurance, we decided to try Christian Healthcare Ministries (CHM) and have stuck with them for close to 15 years. There are other ministries like CHM. But they have been very good for me. I also get to pray for others who need prayer for medical issues. And I love to pray for others.
May God bless you as you sort through the insurance jungle. Please forward this to anyone who would benefit from reading it or anyone who would benefit from the upcoming posts. And thanks for reading.
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