A Different Way

to look at Life, Health, Business and Politics

How might the financial market crisis affect your healthcare?

Posted by Marietta chiropractor on October 7, 2008

Good question.  Probably NOT the first thing folks think about when they hear and read reports about the (almost $1 TRILLION) Government bailout of the financial industry.  However, this nonsense will ripple throughout our entire economic sytem with repercussions not yet considered by our “leaders”.

The real estate, banking, securities and insurance industries are all linked in a variety of ways.  In good times, insurance companies are flush with cash and invest heavily in the stock market and real estate.  Also during good times, bankers tend to get a little over-enthusiastic and get very aggressive in their lending.  As we have seen from this “bailout” madness, securities firms speculated on the value of real estae and bought and sold essentially worthless mortgage backed securities in astounding volumes.

As the market turned, all of these entities became less liquid and started pulling in their horns.  If it were just one bank, or securities firm or insurance company, there would be virtually no problem as a result.  However, everybody involved started pulling back at the same time and in a drastic way.  The result is what we are seeing right now,  a liquidity crisis throughout the financial industry.

So, just how will all this affect your healthcare?  Good question.  Specifically with insurance companies, I think you’ll see a few things happen.  As they try to improve their liquidity, I think you’ll see premiums increase while payouts are tightened.  In other words, t’s going to cost you more to have insurance AND it will pay you even less than before IF they pay, at all.  You can expect underwriting criteria to get insurance to get much toughr.  You may see your healthcare providers ask you to pay up front and have your insurance company reimburse ou directly.

So, how might you deal with this scenario?  One alternative might be to purchase a higher deductible insurance policy.  Another would be to think twice about even using your insurance.  Isn’t THAT a heck of a note?  Pay out the nose for insurance and not be able to use it.  Still another might be to seek out providers that operate on a cash basis and offer reasonable fees based on what YOU need instead of what your insurance policy might pay.

However you decide to deal with this situation in the banking and finance industry, you should keep your debt down and try to manage your expenses as much as possible.  Stay healthy and on the job.  If you need to find a good chiropractor to help you stay healthy and on the job, just let me know.  I have friends that can help you stay on the job AND save money while doing so.  Best wishes.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

 
%d bloggers like this: