Many people wonder why they should spend their money on health insurance each month, especially if they are generally healthy and don’t have ongoing medical bills or concerns. In some cases and for some people, health insurance premiums have gotten more expensive and it can seem like a waste of good money. However, just like with other kinds of insurance, there are good reasons to have health insurance. Here are some reasons even healthy young people should consider getting coverage:
Accidents Happen
No matter how healthy you are, accidents can still happen. An unexpected injury or illness can result in costly medical bills that could drain your savings. One accident, such as a fall, a car crash, or a broken bone, can easily cost thousands of dollars in ambulance services, imaging fees, doctor bills, and hospital stays. These kinds of accidents can happen to anyone and once you need this kind of care, the bills can quickly become overwhelming. Many people have had to face major life changes, such as selling their house or cashing out their retirement accounts just to help them pay for these accidents.
Preventive Care
Health insurance covers preventive care, such as annual check-ups, vaccinations, and screenings, which can help catch health issues early on, potentially avoiding more serious and expensive health problems down the line. People who don’t have health insurance are much less likely to stay on top of routine preventative care because they don’t want the expense.
Most insurance companies prioritize preventative care because this saves the insurance company money in the long run. They know that when people receive early care, the bills are often much lower than if they don’t. For this reason, many insurance companies have no co-pay for some of these services.
Access to Healthcare Services
Without health insurance, you may not be able to afford necessary medical care or medications, resulting in delayed or inadequate treatment that can negatively impact your health and well-being. While you are healthy right now, things can change quickly, leaving you without the option of getting the care you suddenly need. Going without the care you need can quickly cause further problems, which can in turn cause you to have more expenses.
Protection Against Major Medical Expenses
Health insurance can protect you from significant financial losses due to high medical bills associated with serious illnesses or injuries, which can easily cost thousands or even millions of dollars. Sudden chronic or acute illness, from cancer to a bad case of influenza, can require hospitalization, expensive treatment in specialist centers, or long-term care. This can happen to anyone, no matter how healthy you are right now. In many cases, families that go through an unexpected severe illness such as cancer will experience extreme financial hardship including bankruptcy. In fact, medical issues are the most common cause of bankruptcy in the US.
Mental Health
Mental health is just as important as physical health, and many health insurance plans now cover mental health services, such as therapy and counseling. Many people are more likely to postpone or dismiss mental health needs than they are other concerns, such as immunizations or getting their teeth cleaned. Many people are hesitant to spend money on mental health services, especially preventative services. This causes mental health problems to get much worse, which can then escalate into other problems or even severe issues requiring hospitalization.
Legal Requirement
In many countries, it is a legal requirement to have health insurance. Failure to have coverage can result in penalties and fines. In some areas that require health insurance, government assistance is also available to help make insurance more affordable. In some countries, health insurance isn’t needed as the government provides healthcare for its citizens.
Peace of Mind
Knowing that you have health insurance can provide peace of mind, allowing you to focus on your health and well-being, rather than worrying about how to pay for medical care. Many people don’t want the expense of health insurance but also worry extensively about how they would pay for a major catastrophic claim or medical problem. They would feel much better if they would buy health insurance that would protect their family and their finances in the case of an expensive or catastrophic illness or accident.
Community Health
By having health insurance, you are contributing to the overall health of your community by helping to support a system that provides access to affordable healthcare for everyone. This can help prevent the spread of communicable diseases and promote overall population health. When people purchase insurance and don’t need it, they contribute their money to a larger pot that is then used to pay for the expenses of other people. This is how health insurance works. By spending a little money each month, you buy into a system that stockpiles money and uses it for people who have large expenses. Sometimes it seems like your money is being wasted, but it is being used for others. When you have a large expense, it will be your turn to benefit.
Conclusion
Buying health insurance is one of those troublesome and irritating expenses that people hate having to pay for until it is needed. Keeping a good, affordable, and beneficial health insurance policy for your family is one of the wisest and most important financial decisions you can make. And, unlike other financial decisions, health insurance can directly impact the health and quality of life of your family.