The economy is not doing so well and the future appears fairly bleak. Families are wondering where they can cup back and frequently health insurance is the first thing to go, especially if the family is healthy. There are two reasons why this happens. First, health insurance is incredibly expensive and it can provide funds for the family during hard times. The second reason is that if nobody is currently sick there is no real reason to have insurance, right? While this type of reasoning is quite common it is actually a very risky choice to make. Without insurance a family could experience complete financial ruin as a result of a medical emergency. And while it is nice to think that everyone will stay healthy for the duration of the economical downturn with no insurance, which is unlikely and can actually be very risky.

So, when the economy is in the dump and you are looking at ways to save money don’t drop your insurance. It could be your financial undoing should you decide to do this. What you need to do is up your deductible or buy only a catastrophic insurance plan. That way you won’t be paying as much out of pocket and you will still have insurance coverage should an accident occur.

It might sound shocking, but insurance premiums during an economic downturn can be more affordable than actually visiting the doctor. It’s quite amazing, but a simple well child checkup can cost up to $200 and should the child need immunizations or other types of medicine the price can go up significantly. Then, a follow up checkup will be needed and that can be quite costly as well. If you don’t have the money to pay for the care then your child could become even sicker and end up in the emergency room, which can cost a fortunate. It might seem simple to simply stop paying $200, $300, or even $400 a month for health insurance, but you can find more affordable plans and ensure your family is provided for in case of a medical emergency.

Posted in Home Budget

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