Health insurance is expensive and going without coverage can be very tempting for people who rarely get sick. Premiums and out-of-pocket expenses can easily rack up. With all this money going out of your bank account, it does not seem like a good idea to have any coverage. Aside from health insurance being mandatory to buy, there are plenty of reasons to get health insurance.
Bankruptcy
The first important reason to be insured is that medical emergencies can bankrupt you. Medical bills are the number 1 cause of bankruptcy. Visiting the doctor’s office is an expensive experience. Taking a trip to the hospital can mean financial ruin for most Americans. People who take preventative care of their health have a hard time finding a real need for insurance. However, missing that last stair at home and dislocating an ankle, or having an accident on the ski slope and breaking an arm, could cause an injury that costs thousands of dollars in medical bills. These bills can quickly become unmanageable, especially if there are emergency surgeries or ongoing rehabilitation.
Prevention
Without insurance, most people would avoid getting minor ailments treated. These minor issues will make doctor visits much costlier. Preventive medicine and quick treatment are two of the best ways to avoid prolonged hospital stays. People with insurance do not have to worry about the financial side of things as much when health problems occur. Additionally, if you put off going in for treatment and wind up developing a serious medical condition, you may have a difficult time finding health insurance after you have not had any for so long.
Who Needs Health Insurance?
Instead of paying out-of-pocket for all doctor and hospital visits, pay them as you go along through insurance. It is a much safer and cost-effective way to pay medical bills. Dave Ramsey, a renowned financial planner and owner of a non-profit organization called Ramsey Solutions, says, “If you are alive and breathing (and we assume you are if you are reading this!), you need insurance. Not a maybe, not an “Oh, I’ll wait and see.” You definitely need it!”
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