Health insurance can be expensive, and many asked themselves, “Is it really worth what I am paying?” If you happen to be young or in generally good health, this can be a nagging question and do not need much more than an annual check-up and flu shot.
The simple answer is “yes” unless you can financially pay health care bills of tens or hundreds of thousands of dollars should your health take an unexpected turn for the worse. Even a quick, unplanned visit to an urgent care facility can quickly add up to more than $1000.
Millions of perfectly healthy people spend more time worrying about the health of their household budgets than budgeting for their health. But, we break bones. We become ill. We require surgery. And if the conditions are severe, serious medical bills can arise, and some could easily wipe out a family’s savings.
For example, Mark Smith breaks his ankle while playing tennis and is rushed to the Emergency Room. When Mark is billed for that ER, he could expect to see a charge of $5,353. That’s the average charge for an ER visit at a New Jersey hospital and doesn’t even include the costs for the care Mark receives from ER physicians.
If Mark is admitted to the hospital for his injury, the charge for that admission is $16,561 per day. Time spent in the hospital varies based on the patient, but an entire in-patient hospital stay in New Jersey averages $72,609 in charges.
Then, Mark’s charges can grow by $20,000 to $30,000 per day when doctors and specialists at the hospital see him to care for his broken ankle.
Prescription medications vary drastically in price, depending on whether a specific pharmaceutical company offers them, are a “generic” version or are a “specialty” drug.
When you look at the most frequently “brand name” medications used, the average cost is $503 per prescription. If your condition requires and your doctor recommends that you go on a “specialty drug,” charges can add up quickly.
The most frequently used “specialty drugs” range from $208 per prescription to $21,000, with the average cost for each Rx of $6,339.
Prescription drug costs are the fastest-rising highest health expense and are growing faster than wages and inflation.
Peace of Mind, Health, and Wellness
With an insurance card in their wallet, you can be confident knowing that you are protected from the catastrophic costs of being sick. But, just as important is knowing what the coverage buys to stay well. Coverage starts with “Essential Benefits” (which come with every Affordable Care Act policy).
Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.