Long Term Health Care Insurance

Health insurance is crucial to plan for yourself and your family, not just for the short term, but for life. Preventive health care has been shown to decrease hospitalization and fatalities from disease as well as overall costs for services. Healthy people are more likely to stay healthy with long term health care insurance, and people with chronic conditions will receive better care at lower premiums in the long term.

In addition, people with existing health insurance are not likely to lose their health insurance even if they develop a serious condition or disease. Without health care insurance, people with a serious disease will have a difficult time finding a health plan, especially for the long term. People who come to a new health plan with more health problems at the time when they sign up pay higher premiums as a result. Some people may choose to wait until they can ‘afford' health insurance, but in doing so, they run the risk of paying more money in the long term if they have an accident, need to see a doctor, or stay in the hospital.

For example, if you sign on to a health care insurance long term plan in your 20s or 30 when you have no significant health problems, or through your employer, your premiums will be on the low end of what is offered. While health insurance is never “dirt cheap”, you have a good chance of paying the lower rates if you get health insurance early.

A study published by the journal Health Affairs reported in February 2005 that as much as half of all bankruptcies in the U.S. result from high medical bills. What are known as “medical bankruptcies” affect 2 million Americans a year, a number that includes 700,000 children. These numbers alone are adequate warning for anyone without health insurance or with limited insurance: it is wise to have health care insurance for the long term. To live without health insurance is too risky—for health and financial reasons.

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