Health insurance is one of those monthly expenses that you may be tempted to overlook when you’re feeling strong and healthy. If there’s no immediate risk, it makes sense, to some degree, to consider simply saving the money, or reallocating the funds elsewhere. If it doesn’t fulfill an urgent need, you may think, “well, why bother?”.
After all, there may be more pressing expenses that come up like student loans or car insurance, and maybe you’re holding out for a job that will finally offer you health insurance as a benefit. If you’ve been postponing the purchase of a good health insurance plan, or you’re not sure if it’s worth it, to begin with, then this article could probably offer you some much-needed information.
Emergencies happen, and few things could leave you feeling as vulnerable in life as not having health insurance.
Protect Your Financial Status
One part of the “Obamacare” policies that had people up in arms is the penalty they would pay if they did not get insured. This part of the law has been struck down as of 2019, but your tax return will still indicate whether or not you have insurance; being able to account for your health insurance policy still looks good in front of tax authorities, and allows you an extra veneer of protection when it comes to your finances.
Hospital Bills Can Be Heftier Than You’d Expect
One of the main reasons you need to make sure that you have health insurance is to avoid paying a small fortune in medical bills. If you suddenly get sick or are involved in an accident, then you’ll find yourself without a safety net to land on. Whether you’re young enough to qualify for Medicaid or need to peruse the Medicare Faq section, be sure to research the most appropriate plan for you as soon as you can.
Medical emergencies are extremely expensive, and if you end up needing surgery, you will find yourself dealing with an astounding amount of medical debt. One of the main reasons Americans suddenly find themselves filing for bankruptcy, or facing financial hardship is because they simply cannot afford the medical care that they need.
Getting into accidents or falling ill are both traumatic life events that will have a lasting impact on your life one way or the other. Why go through the additional headache of not having a safety net?
Besides the hospital bills – depending on the severity of your injury – you may be unable to work for some time. Having health insurance at least saves you the headache of worrying about how to pay for hospital bills. You don’t need the added pressure of having to think about lost income.
So, you may feel absolutely fine now, and there are no indications that you may have any underlying conditions. The truth is that you won’t know for sure unless you’re able to go to a doctor and get routine check-ups.
Without insurance, you’ll find yourself avoiding potentially life-saving treatments or even small interventions like an annual physical or flu shot. You may also avoid getting treated for minor issues, which can very quickly turn into major health problems even without you realizing it.
Preventative medicine is the best way to avoid long and debilitating – not to mention expensive – stays at the hospital. Health insurance offers the freedom of being able to get treatment whenever you need it, without worrying whether you’re betting your entire farm or not. Also, if you don’t find ways to pay for preventive care early on, you may end up developing a long-term condition that will make it hard for you to buy health insurance when you are ready.
The infamous “pre-condition” stipulation many health insurance companies set aside may allude to an amoral wasteland. Unfortunately, that is the current state of affairs, and you may be denied health insurance if you develop a pre-condition. For this reason, preventative care can be a lifesaver, and it is in your best interests to have health insurance early on to better take care of your health, as opposed to feeling that you always have your hands tied.
The health insurance system is complicated and may feel like a costly labyrinthine. This is partially true. However, it is definitely worth taking the time to research the options available to you and finding a plan as soon as possible. Even if you’re in excellent health, purchasing health insurance is a crucial step towards maintaining a long-running sense of stability for yourself and your family.
In fact, it should be heavily prioritized for any individual and factored into their financial planning. It should never be an afterthought.