Average Cost Health Insurance – What is Normal?

The United States has done a commendable job, as far as insuring its citizens are concerned. The United States is among the nations in the world that has the highest number of citizens insured health wise. Despite this commendable achievement, a certain section of the population is still not insured.

This means a large set of problems for the specific population section and also for the nation broadly. Other than the people who are not insured at all, there are also people who are under insured. Both categories, in varying degrees are vulnerable to financially insecure future.

Let us take a look at the implications of no insurance and under insurance.

First, an individual with of no insurance or under insurance can be denied suitable treatment facilities when the individual is faced with a contingency as the treatment costs cannot be financed.

Second, when an individual is faced with a situation where the treatment costs need to be met out of own pocket or savings, this means a drain on the savings and a possible taking away of funds which could have been invested on more productive avenues. Hence, the individual loses out on monetary as well as real terms. Health insurance could have easily averted this situation.

Third, if the individual is required to finance the treatment costs institutionally because the average cost of the insurance cannot be met, the amount needs to be repaid with interest. This means a huge drain on the resources of the individual.

Now, let us take a look at the possible reasons for under insurance or over insurance.

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First, the average cost of the insurance can at times become prohibitive and prevent everyone from subscribing to a health insurance policy. With the cost of insurance multiplying by the day, paying higher premiums for a medical insurance policy can at times be a real challenge.

Second, there is an acute lack of awareness among the people about the benefits of medical insurance. People are at the same time not aware of the inconvenience and the hassles of not having a health insurance policy. Even if the awareness grows at a later stage, people find it difficult to pay the hefty premiums and sustain the health insurance policy for a long period of time.

The solution to the problem lies in increasing the awareness about the benefits of medical insurance and the inconvenience and the hassles of not having a health insurance policy. The audio visual media can be used effectively to achieve this goal. Also, it is imperative to have cheap health insurance so that it can reach out to the mass in general and people can reap the benefits.

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