Health Reform and Your Expenses – What does the debate mean for your wallet?
Dr George Matthews | June 17th, 2009What does health reform mean to you?
With President Obama and Congress looking to make major changes to the health care system, most people are wondering if and how these changes will affect them.
Given that approximately 60% of all personal bankruptcies are due to medical bills, it makes sense to be ready no matter what program eventually is developed, and do your best to understand how each of these policies may affect you.
What about National Health Insurance?
The multiple proposals being considered in Congress are dealing with universal coverage, mandating that all US citizens have some form of healthcare coverage (as drivers are required to have auto insurance for their cars). Though exactly who is paying for this is under heavy debate, the price tag is estimated to be about $1.2 trillion over a 10-year period, meaning our national deficit of $11.3 trillion will go up at least 10% over health care coverage.
What this means to most people is that healthcare will cover broadly, but perhaps not comprehensively; care will most likely be rationed out to people, based on need and cost. Though may or may not cover the population, this does not guarantee that each person’s particular health needs will be met, nor does it guarantee that individuals won’t have to pay for some or a lot of their own care.
What should you do?
You need to know your health risks up front, as well as determine how much and how effective your treatments are in controlling your conditions (if you have any).
* Once you’ve assessed your health risks and conditions, figure out what you will have to pay for, either through your insurance or out of pocket. (See this CNN Article, “10 Ways to Beat the Rising Cost of Health Care” http://finance.yahoo.com/insurance/article/107194/10-ways-to-beat-the-rising-cost-of-health-care?mod=insurance-health)
* Check into your finances and your retirement plan, and see how much excess expense your budget can take with and without your treatment expenses
* Consider long-term care policies – 70% of all seniors are expected to require long-term care, but most people do not plan their expenses accordingly. Keep in mind that your costs are usually lower the earlier you start.
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Tags: cost of health care, dr george matthews, health care, health care reform, medical bankruptcy, national health care, national health insurance
About the Author: George Thomas Mathew, MD, MBA has spent the last 20 year in the healthcare field trying to help patients get access to and afford care. He is a Yale-trained Internal Medicine physician, and has worked at General Electric, Goldman Sachs, Pfizer and WebMD. Dr. Mathew has also contributed to Businessweek’s “MBA Journal” section, and has lectured at Duke University’s Fuqua School of Business for their Health Sector Management Program.
