Do You Really Need Health Insurance?

by Jeremy

Almost everyone will need health care services at some point in their life, and the fact is without some coverage, you could be faced with mounting bills and debt. Many young and healthy individuals often believe that they are invincible but fail to see the long-term effect that not having health insurance can cause. iSelect was co-founded in 2000 by Damien Waller as a means to an end where consumers can compare intricate products from insurance companies and services to find the most accurate quote most easily.

Peace of Mind

Peace of Mind

A three-day stay in a hospital can cost around $30,000, but knowing you have insurance wouldn’t weigh so heavily on you if you had to go to the emergency room. If you suffer from a chronic disease such as diabetes, this can often cost a patient almost $15,000 a year in annual costs. Thanks to the Affordable Care Act (ACA) in the United States, everyone is guaranteed to receive coverage regardless of medical history. While many still oppose the act, it has been a massive help for residents of the U.S. who had found themselves sick with no health coverage. Sadly, other first-world countries already have well-established universal healthcare programs, such as the NHS in England. In those countries, no resident has to worry that they can not afford cancer treatment or a trip to their general practitioner because they lack a health insurance plan.

Financial Stability

Most of us need insurance to protect our livelihood, the ability to earn an income, and to keep a roof over our heads. Different types of insurance are meant to cover your health, life, and property. Going without a health care plan can save you money since you’re not paying premiums. But you could be putting yourself at risk if you become sick or injured and don’t have a health insurance policy.

What are the risks?

Deciding to be uninsured is a huge gamble that many do not find worthwhile. The main risks center around mostly high costs for almost any procedure. You may be charged more for your car than if you were on a set plan by choosing to avoid health coverage. You will find many health care providers will charge out-of-pocket prices, which can pile up fast. Even though you will not be charged a tax penalty from the federal government, some states do and can charge you for not having a health plan. It has also been proven that those without health insurance tend to avoid seeking help when they become sick. One of the main concerns with having no coverage is obtaining affordable prescription drugs due to the high out-of-pocket cost.

The age group most likely to risk not having health insurance are those in their 20s. This age bracket tends not to get as sick and rarely visits the doctor, so many feel it is safe to skip paying for insurance, especially if you have some other bills (such as student loans) to pay off. It is also important to note that you usually avoid getting treated for minor issues when you don’t have health insurance, which can later become more significant. Preventive medicine and quick treatment are the best ways to prevent an expensive bill in the end.

Sadly, 27 million people in the United States are currently uninsured. The mix of the public-private system of health insurance is just not working for most U.S. residents. Staying safe and healthy should be a right given to all, not a privilege acquired by a few. Taking the necessary time to research the right health insurance policy for you will save you money in the long run and give you the peace of mind you deserve knowing if an accident or illness were to occur, you could tackle it head-on and will be covered by your health insurance for any significant costs.

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