Reasons why you should purchase health insurance
Health insurance helps people with their financial needs by paying for part of their medical care. As we all know, we don’t know when we’ll get sick, but with good health insurance you don’t have to worry about the financial aspects. Having said that, there are many reasons why you should purchase health insurance not only for yourself, but also for your family. But before we get to the reasons why you should purchase health insurance, let’s talk about what health insurance is.
What is health insurance?
Health insurance offers you financial support for medical costs by paying your medical bills. As we all know, the medical bills are huge and a large part of the population cannot afford to pay them with their income alone.
When it comes to insurance, there are many types on the market. There are government administered insurance plans namely Medicare and Medicaid. Medicare is health insurance for people 65 years of age and older or people under 65 with a medical disability. Meanwhile, Medicaid is health insurance for people with low incomes.
Private insurance, on the other hand, is offered by health care companies. You can mainly see this type of insurance from your employer or business. The biggest difference between public health insurance and private insurance is probably that private insurance often makes you pay premiums every month. Government-run health insurances generally do not have monthly premiums.
So how does medical insurance work? It mainly works like auto insurance. When a car has an accident, you’re going to get it fixed, and the repair costs are often high. If the damage is severe, you can just go ahead and buy a new car. Auto insurance itself would pay for either of them. But unlike auto insurance, health insurance covers more than hospital bills from an accident. It also covers annual checkups, preventative health, and even immunizations. It’s like auto insurance, but the supplier also pays for the tires, oil change, and other maintenance costs.
So why take out health insurance?
To save money
According to Peter G. Peterson Foundation, the United States has some of the highest medical costs in the world, and they continue to rise. When you’re uninsured, you’re in a world of injuries because you’re paying a lot of medical bills yourself, and they’re not exactly cheap. Of course, you’ll be fine if you already pay annually for routine checkups and antibiotics, but in an emergency, like an injury or an acute medical problem, you’ll be responsible for all costs. Although the costs for various ailments vary from state to state, HealthCare.gov notes some of the most common medical expenses as follows:
Cancer treatment: above $ 100,000
Broken leg: $ 7,500
Hospital care for three days: $ 30,000
Having insurance helps you stay healthy
It’s just a myth when people say that health insurance is only for people with chronic illnesses. This is far from the truth. In fact, nowadays a lot more people health insurance even though they are in perfect health, especially with the still ongoing COVID-19 pandemic. In addition, health insurance encourages you to be healthy and do an efficient job. Under the ACA, most health insurances cover many preventive health care services. Some of them include:
- Screening for type 2 diabetes
- HIV testing
- Cholesterol screening
- Tuberculosis screening
- STI screening
- Vaccination, etc …
With all of these preventative services and more, you can say that having health insurance is convenient and beneficial for your health and finances. And with these free services, you will be as healthy as possible and be able to avoid illnesses in the long term, which will save you money.
You also have the advantage of catching an illness early to prevent it with all the screenings available to you. But again, health insurances vary from each other in terms of services. Having said that, you can try to shop Health insurance if you want to find something that will suit your needs.
This reduces the risk of bankruptcy
Of course, having health insurance won’t save you from paying all of your medical bills, but those costs will be capped with health insurance. In fact, most health insurances tend to have a maximum when it comes to copayments, coinsurance and even deductibles. Most plans also have a maximum when it comes to out-of-pocket expenses. Once you reach this limit, your provider will be responsible for all future costs for the remainder of your hospital stay.
With the pandemic still ongoing and another variation in the spread of COVID-19, there’s no better time to get your own health insurance than today. Sure, you’ll still pay a lot of medical bills, but in the long run you’ll thank your past for getting one. So with health insurance you are not only medically safe but also financially secure.