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This morning to start my day I read an interesting article called “Putting the “Insurance” back in Health Insurance” that was published in Forbes.  While I don’t have a crystal ball to see into the future of how any change will truly work out.  I found some of the points interesting and worth diving into for further research.
 
The article began talking about the purpose of insurance and how you don’t buy insurance on a car after a car accident, or on a home after it burns down.  The article then indicates that we are creating a system for health insurance that rewards people for not carrying insurance for health until you need it.  While this is only one of many perspectives on the topic, the author’s argument followed that the changes and evolution of the Health Insurance industry in America compared to a country like Sweden is actually discouraging the people that should be buying health insurance to subsidize premiums for people who need it from participating in the system and thus raising costs.  He also continued to talk about how regulations and interstate discrepancies also impact the costs and availability of such plans. 

While there is no arguing that the purpose of insurance is to return a product to its original or agreed upon state prior to the purchase of the policy.  Health insurance is a bit of a different world.  Some illnesses do not allow for this to be a smooth process.  There is more cost sharing related to claims, and wellness programs can actually improve the condition of willing participants allowing for improvement of premiums.  All of these are factors that impact our health care system in cost, efficiency, and quality.  What was fascinating about this article to me was that it only lightly touched on how people value insurance.  There are many people who value the purchase of insurance are comfortable with how it is meant to work and are very happy to participate.  At the same time there are also many people who look at the insurance companies as private corporations that are there for profit and to take money from people by taking advantage of their fears.  Many of my acquaintances with this perspective value insurance as a unnecessary evil (or necessary if mandated) that is a burden to their budget.  Regardless of what perspective an individual has, I have never met anyone who, when they understood their policy and have suddenly needed it, was upset that it paid out properly.  Unfortunately, regardless of how someone value’s insurance I still run across individuals on both sides that do not understand their policies, how and when they work and their features.  I will leave you with some questions to consider when shopping.

1)    How does my policy work if I go to the Dr. for a diagnostic test such as an Endoscopy?
2)    How does my policy work if I go to the Emergency room for an accident or an illness?
3)    How and when do my deductible and co-insurance apply and what are the annual limits?
4)    What does my policy not cover? 

For more information on Health Insurance in the Mid-west states such as Minnesota, Texas, Wisconsin, Illinois, Iowa, and Michigan contact the Garsys Agency at 866-432-4753.
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