With the costs of some medications, including breast cancer medications, exceeding $10,000 per dose, and treatment for some types of cancer and other expensive medical conditions running to six figures, some form of medical insurance is a must. Without catastrophic medical insurance in place, even relatively minor medical events can potentially drive a family to bankruptcy. While the basic plan structures are the same for both men and women, women also have their own health issues that show up when shopping for medical insurance.
Basic Plans Available
Broadly, you can choose a health maintenance organization, which controls costs by appointing a primary care physician and contracting with a limited number of area providers willing to give the HMO preferred pricing; or you can choose a point of service, or POS plan, which provides you more flexibility in selecting your physician and more access to specialists, albeit perhaps at a higher premium. If you qualify, you can also elect a health savings account, combined with a high-deductible health plan. These provide coverage against major medical expenses, while also allowing you to save money on a tax-favored basis to pay your deductibles for future health care costs. If you are wealthy enough to withstand any likely medical expense, you can also choose to go without insurance.
Factors for Women to Consider
Although most policies provide similar coverage for both men and women, women must also consider the risk of becoming pregnant and the costs of delivering a child to term. Delivering a healthy baby can cost $8,000 to $10,000 out of pocket, and the cost can rise even more if there are medical complications. Women also have additional special medical concerns, including screenings for breast and cervical cancer, fertility treatments and medical issues less common in men, such as bladder and kidney infections. These services and medical conditions tend to make medical insurance more costly for women than for men.
Maternity Coverage
Maternity coverage is expensive for a very simple reason: It is easy to buy maternity coverage shortly before you expect to need it, while those not expecting to become pregnant never enter the pool of premium payers. The result is high premiums in a marketplace phenomenon known as "adverse selection." To counter the adverse selection problem, some states mandate that insurance policies sold within their borders cover maternity care. States with these mandates that include policies sold in the individual market include Alabama, California, Georgia, Illinois, Massachusetts, Montana, New Hampshire, New Jersey, New York, Oregon, Vermont and Washington.
Fertility Treatment
Some states also impose mandates to cover fertility treatments for women, even with individual policies. These states include Arkansas, Connecticut, Georgia, Hawaii, Massachusetts, Maryland, Montana, New Mexico, New York, Ohio, Rhode Island and West Virginia.
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