Nobody likes to think that the worst will happen to them, but the reality is that bad things happen all the time. Whether it’s for an accident, a sudden illness, or even a sports injury medical expenses can be extremely or even impossibly expensive. Having an accident with no health insurance coverage could spell financial ruin for you and your family.
The Financial Risks of Being Uninsured
Health costs continue to rise with each passing year. Even with careful planning and saving for financial crisis medical bills can reach into the tens of thousands of dollars. Trying to pay for medical expenses out of pocket can eat away at savings so fast it may seem like they disappear in an instant. All it takes is one unforeseen accident without insurance to be plunged into debilitating debt. When this happens your health insurance provider would usually pay the majority of your medical costs so that you don’t have to take food off the table to cover it—if you had it.
Other Risks of Being Uninsured
Financial liability is a big issue, but without health insurance coverage you run the added risk of actually being turned away from the hospital without treatment. In a life or death situation this is all that is needed to turn the tide and transform an accident into something much more serious. Delaying care even in a non-life-threatening situation can lead to complications that will end up costing even more in the long run. These reasons, coupled with the financial impact of being left with high medical bills, make a strong case for getting health insurance as soon as possible.
The Relatively Low Cost of Premiums
Many Americans forego health insurance coverage because the monthly premiums can seem like too much to pay. In the end living without health insurance is a dangerous gamble that can cost a whole lot more once major medical care is actually needed. To avoid monthly premiums on health insurance you can always opt for an indemnity plan, which allows you to pay as the service is needed in exchange for a yearly deductible. This saves the hassle of putting aside a few hundred dollars each month to keep the policy going.
The Peace of Mind of Health Insurance
More than anything, health insurance provides peace of mind in daily life. When you drive there’s always a chance that you will get into an accident, but knowing that your car has airbags and secure seatbelts offsets a good amount of that worry, making it easier to get on with the important things in life. The same is true with health insurance. Even if you get sick or have an accident, you will still be taken care of to the full extent of your health insurance policy.
Falling into financial ruin because of huge medical bills is a much bigger possibility than most Americans are led to believe. Although it is not a cure-all for every bad situation having health insurance not only insures your health, it insures your bank account and your peace of mind.