Health insurance is just as important as auto and home insurance. It protects you from the unexpected. So even if you think you’re in perfect health or nothing will happen to you, it’s best to have health insurance.
Here’s why.
Do you Need Health Insurance?
Most people think health insurance isn’t just for the sick or elderly.
It’s not.
It protects everyone from infants through adults. For example, think about what you would do if you had a major illness, such as a heart attack or a major accident that landed you in the hospital for a week.
Could you afford the high cost of medical services?
Even if you could, would you want to spend your hard-earned money on medical costs, or would you rather pay for health insurance that protects you in these situations?
Why do you Need Health Insurance?
There are many reasons to get health insurance. If you’re single, it protects your finances should you have a medical emergency. But if you have a family, it can save you even more money.
The more people in your family, the higher the risk is of having medical emergencies or regular medical issues. Kids especially see doctors often. They undergo many screenings to ensure they are in optimal health, and treatments when the screenings turn up something abnormal.
Even routine screenings can be hard on the pocketbook, which is why having insurance to cover the expenses is so important.
Is Health Insurance Necessary if you’re Young and Healthy?
It’s a common myth to think that you don’t need health insurance if you’re young and healthy. However, nothing in life is guaranteed, and the best time to get health insurance is when you’re young and healthy.
The better health you are in, the lower the premiums you’ll pay. Like any insurance product, the higher your risk, the higher the premiums insurance companies will charge. However, they charge much lower premiums when you’re young and in good health. So locking those premiums in now can save you thousands of dollars in the future.
What Happens if you Don’t Have Health Insurance?
If you don’t have health insurance, all financial obligations fall on your shoulders when you have medical bills.
This could mean paying thousands of dollars in medical bills if you have an emergency. Most medical facilities have agreed-upon rates when you go through insurance. This means your responsibility is only the agreed-upon rate with the insurance company.
Without insurance, you might pay much higher fees for the same medical services, which could put you in financial distress if it’s anything major.
Most people without health insurance also avoid routine preventative care, which could lead to more medical issues in the future. Routine care helps identify issues early so that you can get proper treatment early, preventing major medical and financial issues down the road.
Final Thoughts
Most states don’t require you to have medical insurance any longer, but that doesn’t mean there aren’t benefits to having it. Not having medical insurance can be one of the costliest mistakes you make. Find a policy that’s affordable for you through your employer or the marketplace and ensure you have the financial protection needed against the unexpected.