Get Out of Debt Guy

Stop Gambling With Medical Debt

Posted December 2, 2013

People who don't like to gamble and think it is stupid, gamble every single day with the biggest debt they may ever owe. But then again people are not the most logical creatures.

Some would no more consider wasting money on lottery tickets because the odds of winning are so low but they gamble by not having health insurance because they feel the odds are so low about getting sick. It is a crazy gamble to make.

Not having health insurance is the riskiest gamble you can make with your financial health. All it takes is one unexpected event or accident and you can wind up hundreds of thousands of dollars in debt. 

Not having insurance has other implications as well. Folks who don't have any coverage wind up paying the full price for medical office visits, medications and procedures. As counterintuitive as it may sound, people who don't have insurance pay the highest fee for the same procedure as someone who pays the lowest rate does. The only difference is the lower rate is reserved for someone who does have insurance.

But here is a key point people miss all the time. Your insurance may not pay for the service due to a high deductible for a low cost policy but just having the policy gets you the lower negotiated rates with doctors and hospitals who participate with your insurance company.

Like it or not, the Affordable Care Act is rolling out. If you put your political objections aside and look at the benefits for people you will find some new good alternatives are available for people to lower the cost of their health insurance. 

Take me for example. Going through HealthCare.gov my wife and I were able to lower our health insurance payments by $100 a month and save $1,200 a year. The new policy is not only cheaper but also lowers our deductible from $5,000 a year to $500 a year and covers up to 80%, from 60%, of covered items.

If you don't have health insurance now I urge you to visit HealthCare.gov and just check to see how much a policy will be to protect you, even from just catastrophic medical expenses. And remember, just having a major health insurance policy gets you lower rates with most doctors and emergency rooms.

Stop gambling with the biggest bills you may ever get and get health insurance.

In Wake County we even have a little known but very special program to help eliminate the cost of expensive ambulance rides. For just $60 a year you and your entire household can be covered for all emergency ambulance rides for a year. Not having this kind of protection, or insurance, means you can wind up with a $500 bill or more for just one ambulance ride alone. Ambulance rides are not free.

For more information on this visit this link.

Steve Rhode
WRAL Get Out of Debt Guy

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2 Comments

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  • Raleigh Rocks 1 Dec 5, 2013

    Going through HealthCare.gov my wife and I were able to lower our health insurance payments by $100 a month and save $1,200 a year. The new policy is not only cheaper but also lowers our deductible from $5,000 a year to $500 a year and covers up to 80%, from 60%, of covered items.

    You forgot to add thanks to other Americans who are helping me pay this lesser amount by paying the additional amount Im not having to pay. It easy to lower your debt GUY if you take money from others.

    you say..Like it or not, the Affordable Care Act is rolling out....when Oct 1 Jan 1, or is Obama gonna change it again...like it or not, If we the people vote these socialist out, then it will not be rolling out. You may even have to pay your own way....shocking

  • Raleigh Rocks 1 Dec 5, 2013

    Consumer reports recommends us to stay away, but you say to go. Ill stick with Consumer reports. Watch out recommending folks go to an unsecured website, you could be liable.

    Your income must be pretty low if you are saving money.

About this Blog:

Steve Rhode has had careers in opthalmology, real estate and as the head of a nonprofit debt counseling firm. On his blog, he offers hard-won, free advice about getting out of debt, consolidation and making the right choices as you manage your money.