Not only can the loss of income be a serious financial challenge for most individuals and families, the loss of health care benefits can be devastating.

Even in the midst of the mortgage and banking crisis, medical bills remain the leading cause of bankruptcy
filings. Most financial analysts agree that in order to survive these tough economic times, maintaining health insurance coverage is crucial and should be a top ranking necessity just below the need for housing and food.

Many individuals only look at their current medical expenses to determine if they can do without health
insurance and choose to take the risk that they will not need hospitalization or incur greater medical expenses. With an average hospital stay exceeding $4,000 a day, not having health insurance presents a big risk of financial catastrophe. A $50,000 emergency savings account that took years of discipline to grow would be wiped out in less than 2 weeks. Even a low cost major medical plan with a $10,000 coinsurance maximum would be a financial savior in this situation.

However, this is easier said than done. For many people that have recently lost their jobs, paying health insurance premiums becomes virtually impossible, because they are forced to pay the COBRA premiums if they wish to continue coverage under their previous group health insurance plan. COBRA premiums can be very high and impossible to afford by individuals or families without enough emergency savings.

When faced with this dilemma, it is more important than ever to get professional advice in understanding the options. If people have been insured under an employer’s group health plan, knowing where to go for personal health insurance guidance can be intimidating. How do they know if they are getting good advice or just a “pitch” from an insurance agent trying to make the sale? How can someone know which health insurance option is best for their family based on their financial situation?

Healthinsurancefinders.com which has released a “Guide to Family Health Insurance” describes the  different options available and the things to consider in reviewing these options. Once people have attained the basic knowledge provided in this guide, they need to seek the assistance of a licensed health insurance professional in their state who can provide them with further guidance and walk them through a plan comparison process.

Speaking with a few different insurance brokers, and choosing the one with whom people are most comfortable with is highly recommended. One of the first things people need to discuss with an insurance broker is their current eligibility status. All insurance companies have health underwriting guidelines of whom they will insure or not, and a knowledgeable broker is familiar with these guidelines.

If people have any existing or recent health concerns, regardless of how minor, this should be the very first thing to discuss with an insurance broker. Plan options and rate quotes are irrelevant if people are classified as uninsurable. Pre-existing medical conditions, as well as smoking and being overweight, can also affect the rates that are quoted. So, be honest, since the truth is likely to surface during the insurance company’s application review process. The last thing someone wants to do is acquire health insurance through a falsified application. Insurance companies have the resources to determine if a person's medical condition existed prior to applying and can deny claims or cancel the insurance policy as a result.

Be cautious of “discount” health plans. These are not insurance policies and often will provide you little or no protection in the event of a major medical claim. These plans are often disguised as “health insurance”, so if people receive information on a plan that seems “too good to be true”, be diligent about verifying this coverage with the applicable State Department of Insurance before purchasing.

To read the guide, visit http://www.healthinsurancefinders.com/family/guide/