Preparing for the unknown as open enrollment approaches again



Everyone needs health insurance for the personal financial protection it affords. As with other things in life (i.e., eating fruits and vegetables, flossing your teeth, etc.), having health insurance is good for us and simply the smart thing to do. If you work for Texas Tech University Health Sciences Center, one of our excellent benefits is quality health insurance and the opportunity to purchase it for eligible loved ones.

This is no small thing. Popular media personal financial experts, such as Dave Ramsey and Suze Orman, repeat over and over that it is absolutely critical to have health insurance.

Of course, no one plans to get sick or hurt, but most people will need medical care at some point. Health insurance covers these costs and offers many other important benefits. Having health insurance protects us and our families from financial losses in the same way that home or car insurance does. Working in health care, most of us have a pretty good idea what a trip to the hospital cost. But, here are some examples that I obtained from a Blue Cross Blue Shield website:

• The average cost of a trip to the emergency room for an adult is about $700, not including any tests or hospitalization, which may increase the bill to well over $1,000.

• A broken leg can cost up to $7,500.

• Average costs for childbirth are up to $8,800 and well over $10,000 for cesarean section delivery.

• The total cost of a hip replacement can run a whopping $32,000.

The average family cannot handle this type of unexpected expense. Furthermore, did you know that unpaid medical bills are a major source of personal bankruptcies affecting some 2 million Americans annually? A sudden accident or frightening diagnosis can touch anyone and unleash torrents of bills.

If you are reading this, you most likely have health insurance coverage, but friends and family may not. Tell them it is very important. Have a great week!