Insurance is a necessity these days because you never know what will happen and you don’t want your medical bills to break your bank. Many individuals believe that they can avoid paying the insurance premium. Suppose you are among those 50 million individuals who believe that avoiding regular premium payments and other expenses related to it would help you save a good amount of buck. In that case, it will cause you trouble only later in life. There are many reasons why you should be prepared for future medical costs. Here are a few:
- One of the Biggest Financial Risk: The United States is facing heart attacks as the leading cause of death. An open-heart surgery costs around $324,000. If the money you are saving by not investing in insurance will save you from such situations, then you are good to go. It is unwise to opt for a mortgage or loan at that moment instead of investing in insurance now. The mortgage will cost you way more than the insurance premium.
- Affecting the People Around You: When people are not insured, they avoid going to regular checkups. Such behavior may put them at risk of a serious situation. Going to the emergency room cost more than a person can afford. When they are not able to afford the cost, the unpaid expense is divided by the hospital across the board, hence, making other patients pay a fraction of that amount. Such behavior increases the expenses of other patients who are not liable to pay it.
- Preventive Care: People with health insurance tend to go for regular checkups, which helps them identify the deadly diseases at an early stage. On the other hand, uninsured people avoid going to a doctor at all costs to avoid any expense. This results in the late diagnosis of disease or mental condition they have.
- Insurance Premium is Better Than Bankruptcy: it is better to invest in insurance and pay the premium on time rather than getting insured and going bankrupt due to an emergency procedure. Medical emergencies cost way more than the insurance premium. Avoiding getting a regular checkup to save some money is the worst thing you could do to your body.
- Affordable Care Act: The recent Affordable Care Act has made it mandatory for individuals to sign up for health insurance to avoid any more cases of people going bankrupt due to the lack of finances to afford the hospital bills. However, it is advisable to apply for health insurance through a reliable institution. Also, read the instructions and key points while applying for health insurance.
- The Necessity: Individuals consider medical coverage an extravagance. If you are endeavoring to set aside some cash, cut the cable, drop the gym membership before surrendering your medical coverage. It may wind up costing you more.
Nowadays, even colleges are requiring students to sign up for health insurance before taking admissions. It is becoming a necessity considering the cost of medical services in the United States. If you are deciding to live without medical insurance, make sure you have several thousands of dollars set aside in case of an emergency. Even a minor surgery or a single accident can cost you more than $20,000, which a person on an average pay rate cannot afford to pay suddenly. Therefore, if money saving is your motivation, you may try to cut back on the gym membership, cable, stop eating out in a restaurant, and stop using luxury items, but do not put your health and future at risk. Medical procedures are becoming more expensive by the decade. You should continuously be saving money to protect your future self.About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.