Health issues are a hot topic as health care costs have increased over time. Whether you have health insurance or not, you are affected by the rise in health care costs and need to understand how to plan your finances around medical and health care issues. Drug and annual medical expenses are a large component of health care costs, but you must also consider hospitalization and other costs associated with aging that affect your financial health. As health issues become more important with an aging population, the issue of “health” involves medical choices, health insurance choices, hospital issues and choices, doctor selection issues, long term care costs, choices and issues.
The Health Savings Account is a tax-sheltered savings account similar to the IRA, but earmarked for medical expenses. Like an IRA, deposits into health savings account are 100% tax-deductible for the self-employed and can be easily withdrawn by check or debit card. HSAs can accumulate from year to year, if you're healthy and don't need to use the money.
How can someone who has a health "history" get covered by health insurance benefits? There are several resources for those who are self-employed or unemployed to find health insurance. Even if you have preexisting health issues, you can get health insurance, but you're challenge is getting it an an affordable cost.
If you are in dire financial straits because you are unemployed or don't have insurance, and if you can't afford to pay for your prescription drugs, help is available. Almost all of the major drug companies offer a patient assistance program in which your prescription drugs will be made available to you at a greatly reduced price or for free. You can check with the individual drug company, either by visiting the website or calling headquarters on the telephone, for more information. Also, ask your doctor to check with the pharmaceutical representative when he or she is in the office.
As the cost of health care rises, so does the cost of health insurance. As health insurance costs rise, employers are putting more of that extra cost on employees. Employees are facing higher health insurance costs because doctor and hospital fees are going up, as are the prices for prescription drugs.
When you have a pet you may decide you want to buy pet insurance to cover your pet's health costs. How can you decide on the right pet insurance? You can ask questions similar to what you'd ask for a human health insurance policy.