Suppose you are among the fifty million Americans who believe that staying young and healthy means you do not need health insurance; you are wrong! It is an effortless way to avoid monthly insurance premium payments and other associated costs. However, you are putting yourself at significant financial risk. Let us discuss in detail why we need health insurance and how does it help us in any way?
It is a substantial financial risk
For a moment, it may seem like you are saving a pile of money by not going for health insurance, but the future is always uncertain. Heart conditions are the leading cause of death in the United States, and open-heart surgery costs $324,000. Even a mortgage payment on that would cost you around $2,000-$3,000, which is much more than the insurance premium. Honestly, it is a considerable risk you do not want to take.
It will affect the people around you
Uninsured people avoid regular checkups and wait for their condition to get severe enough to enter the emergency room. When they fail to pay the emergency room expenses, the hospitals divide the unpaid liability of the uninsured person across the board, where a fraction of that expense goes into the account of the other patients.
People with health insurance tend to go for regular checkups, which helps them identify deadly diseases early. On the other hand, uninsured people avoid going to a doctor at all costs to avoid any expense. Avoiding healthcare results in a late diagnosis of a disease or mental condition they have. And since prevention is better than cure, it is wise to take necessary preventive actions.
Better to pay for insurance than to go bankrupt
You can never predict the future. Even a single accident on a skiing slope can cost you thousands of dollars. Medical emergencies cost you more. You cannot cover the medical bills based on your salary, especially when you will not be working then. It is not possible to cover the expenses without health insurance.
Affordable care act
The latest changes under this Act require a person in his twenties to sign up for health insurance considering the recent bankruptcy Americans are facing in medical expenses. If you do not sign up for it, you will end up getting penalties. Always be careful while signing up for health insurance, and go for the best company in town. Do not confuse health shares with health insurance.
People consider health insurance a luxury. It is not a luxury but a necessity. If you are trying to save money, cut the cable, cancel the gym membership, and stop eating out in restaurants before giving up your health insurance. You can always look for low-cost health insurance but do not avoid it to save bucks. It might end up costing you more.
Nowadays, colleges require students to sign up for health insurance before taking admissions. It is becoming necessary considering the cost of medical services in the United States. If you decide to live without medical insurance, make sure you have 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.