Money Blue Book

This post is for people like me who used to live life without even the most basic of health insurance coverage. Did you know one of the major and perhaps number one cause of bankruptcy in the United States is unanticipated medical bills caused by inadequate or even complete lack of health insurance coverage? Currently, unpaid medical bills due to unforeseen and catastrophic medical related ailments compete with debt mismanagement and credit card bills as the number one contributor to personal bankruptcy.

We all make many important financial investments in our lives, but believe it or not, health insurance might be one of the most important. It’s a silent safety net that will catch you in the event the worst happens and will prevent you from completely falling into the financial abyss. Without at least basic coverage, having to fully pay all of the medical costs out of pocket can be very expensive and difficult. Just a single night’s stay at a hospital for emergency care can cost upwards of thousands of dollars. Without at least basic coverage, you are one appendix or broken leg away from a pile of insurmountable medical bills.

While today’s basic entry level premiums do not offer full financial protection from serious illnesses, having basic coverage will at least cushion the burden to a more manageable degree. It’s important to maintain a healthy lifestyle by eating your fruits and vegetables and exercising regularly, but sickness and physical accidents are inevitable in life. You might get lucky for a long time but eventually the odds will turn against you when you least expect it.

Apply For Health Insurance Coverage That Fits Your Age, Health Condition, and Family Size

The amount of health insurance coverage needed depends on many factors including the age of the person, overall health status, as well as the number of family members and other dependents relying on the person for financial support. While many people have health insurance coverage through their employers, not all of us are that fortunate, myself included. I performed contract work in the past so during those periods of time I didn’t always have employer coverage. However, I always made sure I purchased my own basic plan.

Perhaps you are self employed, a college student, a recent graduate, or maybe you are working for a company that doesn’t offer a discounted group policy. Whatever the reason, it’s imperative that everyone at least go out and obtain a basic level of coverage. Medical disasters can strike when you least expect it and financially wipe out your existing savings. Don’t gamble with your family’s health and financial livelihood. Basic coverage is easily available, particularly if you are willing to settle for a higher out-of-pocket deductible plan. We all have enough on our minds everyday to worry about – don’t let your lack of basic health insurance coverage be an issue.

Buying Basic Health Insurance Coverage On Your Own

When I did contract work (essentially temping), I was not insured by my employer, so I went out and purchased health coverage on my own. Fortunately, coverage for a healthy person in his late 20’s was reasonable, so long as I was willing to take on a high deductible plan with a higher out-of-pocket requirement. The insurance plan I purchased was through Care First Blue Cross Blue Shield with a deductible of $5,000, total out of pocket expense requirement of $6,000, co-insurance of 20%, with a monthly premium of $49.00 a month. Yes my deductible was high, but for a healthy, relatively young person like myself, it was more than adequate to protect myself from possible financial catastrophe and even bankruptcy risk.

There are many ways to buy health insurance, but the easiest way is to do it online through an insurance broker such as eHealthInsurance or InsureMe. I requested quotes from many sources, but ultimately chose to obtain my health insurance package through eHealthInsurance. Their prices were affordable and adequate to suit my basic coverage needs.

Open A Health Savings Account To Cover Unreimbursed Expenses Of Your Basic Health Insurance Policy

For those with high deductibles, I also suggest opening a tax advantaged Health Savings Account (HSA) to compliment your insurance plan. Your tax free contributions towards your HSA are either pre-tax or you can make deductions when you file your taxes. The amount you contribute can be accumulated and rolled over from year to year and be used to pay for qualified medical expenses as well as unreimbursed medical costs like deductibles, co-payments, and other services not covered by insurance.

The end of the year is here, but don’t just take it easy and forget about important end of the year financial moves you may need to make. For those who have one through their employer, make sure you’ve fully maxed out your Flexible Spending Account (FSA). For the remaining unused funds, my usual end of the year routine is to get creative and spend the rest on qualified health care items like Tylenol, Advil, and over the counter cough medication like Delsym and Robitussin. Covered FSA medical expenses also include items like contact lens solution and eye care drops. If you have no immediate health needs, it’s always a good idea to stock up on emergency, medical kit type supplies like Band-Aids, gauze, and Betadine for common scratches and scrapes, particularly if you have kids.

What Is A Flexible Spending Account And How Does It Work?

Flexible Spending Accounts are tax advantaged arrangements set up by some employers to allow employees to set aside a pretax portion of their regular paycheck to pay for qualified expenses, usually for medical care, but frequently also for child care costs. The smart use of pre-tax savings through FSA’s can help you save up to 30% of the cost of out-of-pocket medical related expenditures. Most people contribute about $1,000 towards their FSA, but it varies depending on individual need.

Benefits of the Flexible Spending Account Include:

1. Contributions towards your FSA are pre-tax.
2. When you provide receipts to get reimbursed, the FSA reimbursements are tax free.
3. Convenient FSA debit cards are now frequently being used to make it easier for employees to use the funds in their FSA.
4. Medical FSA’s are pre-funded by the employer – when you set aside an amount for the year, the entire amount is available for use immediately at the beginning of the year, even though your periodic contributions will actually be made later.
5. FSA’s are well, flexible – they can be used to pay for a wide array of health care related expenses including dental, vision, over the counter drugs like painkillers and allergy medicine, and even elective medical procedures like Lasik laser vision correction surgery. FSA’s also cover health care related costs like insurance co-pays, deductibles, and other related out-of-pocket expenses.

The FSA “Use It Or Lose It” Rule – Two Way Street Between Employer and Employee

It’s important to properly and accurately estimate how much you are likely to need in your FSA for the plan’s coverage year. The biggest drawback of the FSA is that it is a use it or lose it account. If by the start of the new year there is still money left on your previous year’s FSA not spent, the amount is forfeited back to the employer, where it is used to cover administrative costs. Don’t let this happen because you’re just giving away your own money back to the employer!

However, this use it or lose it policy also works in reverse as well. As I mentioned earlier, one benefit of the FSA is that the entire allotted amount is available immediately at the start of the year. If you leave your job before the end of the FSA coverage plan year and have already used up the entire year’s amount, you do not need to refund or return the amount back to the employer. Some employers may attempt to recoup the loss by informally asking you reimburse them for the amount since you’re leaving the employment, however officially, employers are not permitted to see seek repayment of FSA monies so long as the original distribution was properly substantiated.

I had Lasik surgery a few years ago and it completely changed my life for the better. For those considering the procedure, I highly recommend it wholeheartedly. Particularly for those people like me who spent the majority of their lives dependent on corrective lenses, Lasik will truly transform your life in an almost miraculous way. Freedom from glasses and contact lenses has been such an amazing and liberating experience.

The procedure is considered elective by most health insurance companies and the cost can range between $3000 to $5000. Although the cost has gone down over the years, it’s still quite an expensive procedure. But if you can afford it, the potential benefits greatly outweigh the limited health risks and possible fear factor. It’s one of the best financial expenditures I’ve ever made for myself.

My Background Of Wearing Glasses and Contact Lenses At An Early Age

Since I was little kid I’ve always had terrible eye sight. I started wearing glasses during second grade and my prescription only worsened and thickened over time till they essentially became bullet proof eye guards. I went from thick plastic frames and lenses to sleeker wire frames and ultra thin prescription, but with my horrendous eyesight of -7 in the left and -8 on the right, it was impossible to reduce the lens thickness by much.

I’m not particularly vain but I guess I always felt constrained with having to wear such thick glasses and being recognized by my thick “nerdy” goggles. Since my vision was so bad, I was basically blind without my glasses, frequently having to fumble around for them at night just to do simple things like checking the time. One one occasion, I broke my frames in college, popping out the lenses by accident, causing me to have to tape them up like an uber-dork and attend classes because I did not have a backup pair with me.

Thankfully, I eventually transitioned into contact lenses, but the honeymoon was short lived. Contact lenses were easy and clutter free, but required extra time and effort day and night to maintain and clean them properly. I tried different types of contact lenses but even Acuvue disposables caused eye irritation problems. I had severe dryness in my eyes and they frequently turned blistering red due to contact lens irritation and oxygen deprivation. Remembering to take them out before sleeping or swimming, and having to readjust them after unwittingly rubbing my eyes and dislodging them were always problems to contend with.

It was not until my last year in college that I finally decided to do something about my vision situation and seriously pursue Lasik vision corrective survey as the solution to permanently correct my vision and rid myself of the shackles of contact lenses and glasses forever.

What Is Lasik and What Does Laser Vision Corrective Surgery Involve?

Lasik stands for Laser Assisted In Situ Keratomileusis and is a type of refracted laser eye surgery used to correct most forms of near sightedness, far sightedness, and astigmatism. It has become a very popular alternative to wearing corrective eyeglasses or contact lenses. The operation is performed by an ophthalmologist who creates a thin flap on the surface of the eye using a specialized blade, and uses a special excimer laser machine to modify the eye tissue underneath the flap. After the laser has corrected the vision surface, the flap is then returned to its normal position where healing commences fairly rapidly.

The procedure is usually performed with the patient awake, sitting in an operation chair with the head rest tilted back. Anesthetic eye drops are used to numb the eyes while the surgery is underway. There is usually little to no pain involved other than temporary dryness or mild soreness in the eyes after the procedure. Functional recovery occurs within a day but permanent healing takes a few months.

My Lasik Experience At The Laser Eye Center (TLC Vision)

I had my Lasik procedure done in 2000 at The Laser Eye Center, a popular laser vision correction center in my area known for its Lasik procedures on celebrities like Tiger Woods. There were other popular Lasik center choices available aside from TLCV, such as Lasik Plus Vision (LCAV), but I chose the Laser Eye Center due to its strong local presence. There are even more Lasik choices available today, but personally, I would still choose to go with more established brands.

The Lasik procedure itself was pain free, albeit a bit scary. Two close friends came with me for moral support and to drive me back home afterwards. Since my vision and eye had already been mapped out and calibrated during a consultation the day before, all I had to do was pay the $5500 Lasik charge in full by credit card before the procedure would begin.

I remember nervously sniffing the refrigerated freon scent as I sat in my operating chair. Once the anesthetized drops were placed in my eyes, and the eye clamps were put on to keep them open, everything else seemed quite automated. The suction device caused my vision to fade into white but I felt no pain or discomfort as the blade created the flap and the laser device went to work. I remember the physician and his nurses talking excessively to one another during the procedure, which I found kind of annoying since I was a bit nervous and wanted complete silence. The laser excimer created an electrical tapping sound as it zapped my eyes and the buzzing sound lasted longer than usual since my vision was so bad, requiring extra correction. After one eye was done, the procedure was repeated for the other eye. All in all, it only lasted maybe 15 minutes before I hopped out of my chair to face the world again. Immediately I knew my vision had been corrected because I could make out distinct objects, although it initially felt like I was peering through a sheet of gauze.

I was given pain killers and antibiotic drops for my eyes and I went home with my friends who had been watching the entire procedure from a video monitor in the waiting room (I think they were fascinated and grossed out at the same time). The next day, my vision was almost a perfect 20/20 and I was on my way to vision bliss, already returning to my normal routine like nothing had happened. Since then, I’ve remained extremely satisfied with my long term Lasik results.

My Advice To Those Considering Laser Eye Surgery and What To Keep In Mind:

1. Not Everyone Is A Good Candidate For Lasik - Lasik is not a good idea for those whose vision is still fluctuating or for those with unusually thin corneas. Ethical physicians will usually reject those that don’t qualify as good candidates for the procedure. I did not become a good Lasik candidate until my vision stabilized during college. Once your vision has remained consistent for a few years, I recommend undergoing the procedure sooner than later. The younger you are, the quicker your eyes will heal and the lesser the chances that complications may arise.

   Also, if the corneas in your eyes are too thin, you might be rejected for the Lasik procedure as well. A sufficient corneal diameter is needed to properly create and lift the flap. Unlike cornea thickness, having a high prescription is generally not a major problem for the Lasik procedure since advances in laser technology have greatly enlarged the treatment range.

2. Lasik Is Permanent, But Over Time, Your Vision Is Likely To Regress A Bit – It’s been several years since my Lasik surgery and my vision has since regressed very slightly towards nearsightedness again. Fortunately, I still have excellent vision and don’t require a follow up procedure.
3. The Nighttime Halo and Glare Problems That Lasik Patients Complain About Are Real – Lasik has been known to cause one to see fuzzy halos and glare at night – this is true. When I gaze at a street lamp at night, I will frequently see an unusually large ball of light surrounding the light source. It was a bit strange at first, but I’ve gotten so used to it that I don’t even notice it anymore. It’s not a real inconvenience at all. The glare was much more significant immediately after the procedure but my eyes have since adapted well.
4. After the Lasik Procedure Your Eyes Will Likely Turn Red and Become Very Dry – Immediately after the procedure my eyes hemorrhaged slightly and displayed small patches of red, but this went away after a day or two of rest. This is a normal and natural response, and you eyes will soon recover. My eyes were also very dry for weeks afterwards and I remember avoiding malls because the dry air wrecked havoc with my post op vision. Your eyes recover within days after the procedure, although the corneal flap doesn’t fully seal until 9 months later.
5. Price Is Important But It Should Not Be Your Main Consideration When Choosing A Lasik Physician Or Facility – For both eyes I spent a total of $5500 for the procedure, back when Lasik was just coming out. The price was high but it was the best decision I ever made. I paid a premium for it but I received premium results. Don’t try to save money by going to some unknown or amateur physician with little experience in using the Lasik machine or in creating proper corneal flaps. Yes, your chances of ending up blind are extremely remote, but eye surgery is still serious business. Don’t risk it!