Why the Insurance Imbalance in Healthcare is Draining Your Wallet and What You Can Do About It

Many people are thinking about healthcare these days. Changes at the federal level could impact those on Medicare and Medicaid. In West Virginia, about 19% of the population is covered by Medicare, and about 28% relies on Medicaid or the Children’s Health Insurance Program, according to the Association of Health Care Journalists.

It’s not just about Medicare and Medicaid. A report from WalletHub shows that West Virginia ranks second in the nation for health insurance costs. People in the state spend around 18.81% of their median monthly household income on insurance, just behind Vermont at 19.61%.

High premiums and low incomes are a big part of this issue. The average monthly premium for a silver plan in West Virginia is about $908, making it the third-highest in the U.S. Meanwhile, the state has the second-lowest median household income at $57,917. This leaves many residents in tough situations.

WalletHub has some tips for managing these costs. They recommend that people don’t skip health coverage altogether, as even one major medical emergency can lead to financial ruin. Instead, consider budgeting wisely, looking into high-deductible plans if you’re generally healthy, and staying on a parent’s plan if you’re eligible. Preventative care is also vital, as is selecting in-network providers.

However, some might respond with skepticism about these suggestions. Many West Virginians may have grown up in households with a distrust of healthcare professionals. This could lead to hesitance in seeking preventative care, allowing minor issues to escalate.

It’s also worth noting how personal health habits play a role. According to the CDC, nearly 40% of adults in West Virginia report being obese, which is higher than the national average. This obesity rate can increase healthcare costs and make it difficult for residents to find jobs with good health insurance benefits. Tackling these health issues could lead to better job opportunities and reduced insurance costs in the long run.

In sum, let’s rethink our approach to health insurance and wellness. Understanding the connection between our physical health and financial well-being can help us make smarter decisions. The costs we face today are significant, and they deserve our attention.

For more information, you can check the full WalletHub report on health insurance costs [here](https://wallethub.com/edu/states-where-people-spend-the-most-and-least-on-health-insurance/79943).

Source link

Editorials,Health Care: Insurance imbalance is costing us dearlyOpinion,Health Care: Insurance imbalance is costing us dearly