Health insurance is not cheap and it can be tempting to go without it. With the expensive monthly and out-of-pocket costs, you may be wondering if you really need health insurance. When you are healthy and rarely see a doctor, it may seem like a good idea to go without health insurance completely.
However, this is faulty reasoning. It is essential for everyone to always have some form of health insurance.
Here are 4 things to consider before ditching your health insurance.
1. Medical Emergencies Can Bankrupt You If Do Not Have Insurance
If you have a medical emergency without insurance, it is easy to find yourself with a crippling amount of medical debt, and maybe no way out of the mess. One accident could cost you thousands of dollars in medical bills, and it can quickly climb higher if you need surgery and rehabilitation. Generally, that is a time when you will not be working either, and meaning that you will lose money that way, as well. Even with insurance it may be difficult to pay for health care costs in these instances.
2. Preventative Care and Early Intervention Are More Likely When You Have Insurance
Minor issues can turn into big problems. When you do not have insurance you avoid going in and getting treated for the little things, which can escalate into bigger things quickly. Preventive medicine and quick treatment is one of the best ways to avoid long hospital stays. If you have insurance, then you will not worry about this as much. Additionally, if you are diagnosed with a serious medical condition, you may have a difficult time finding health insurance after you have not had any.
3. Health Insurance Is a Necessity
Health insurance is not a luxury; it is a necessity. Many people in their twenties feel that they are safe and relatively healthy and choose to go without it.
Do not make this mistake begin looking for a good low cost insurance now. There are several things you should do without before you choose to go without insurance. Take the time to find the extra money in your budget to cover your healthcare costs.
4. Cover Yourself With High Deductible Insurance If You Cannot Afford Insurance
At the very least you should have a high deductible insurance plan, and set up a health savings account with it. These plans are lower in cost then other insurance plans. You will be responsible for the cost of your medical until you hit the deductible, but then the insurance plan will pick up the rest of the bills. It is much easier to find a way to pay $5,000.00 in medical bills as opposed to $50,000.00.
You can also often work out a payment plan for the $5,000. This means that you will not face bankruptcy due to medical bills.