Health crises such as heart disease are on the rise and so are medical costs. While the majority of Americans have health insurance, 30 million people of all ages remain uninsured, according to the National Centre for Health Statistics. If you belong to the 13.5 percent of the adult population that is still unprotected, here are some compelling reasons to consider securing health insurance as soon as possible.
In Case of Emergency
Many young adults feel that they do not need health insurance. However, accidents can happen to anybody. In times of emergency, you want to focus on immediate medical care instead of your financial situation. Health insurance gives you peace of mind to seek medical attention instead of trying to avoid accessing healthcare until it is too late.
Without insurance, a visit to the emergency room may cost anything from a few hundred to a few thousand dollars. With insurance, this can be reduced to less than a hundred dollars of copay. Most health insurance policies will also have an out-of-pocket maximum. Once you have reached the maximum sum, all your healthcare costs are covered for the rest of the year.
Protect Your Savings
Although health insurance may seem expensive, the cost is far less compared to certain healthcare services such as specialist consultations and in-patient treatment. The Centers for Medicare & Medicaid Services (CMS) estimates that a broken leg can cost as much as $7,000 to treat while a three-day stay in the hospital will rack up an average bill of $30,000.
While medical professionals and facilities are required to treat all patients in an emergency regardless of whether they have health insurance, an uninsured person will be liable for the full brunt of the costs. On the other hand, people with insurance only have to pay the stipulated deductible and a percentage of the medical bills while insurance covers the rest.
Uninsured patients can be subject to mounting debt and face constant pressure from bill collectors. Furthermore, if you lost work hours while you were injured or severely ill, you will have reduced funds available as well. According to the American Journal of Public Health, significant medical debt contributes to two-thirds of all bankruptcy filings in the US.
Preventative Healthcare
Prevention is better than cure. Due to our sedentary lifestyle and poor diet, diseases such as heart disease and diabetes are on the rise, even for adults under the age of 45. Regular medical tests are essential to keep track of your health. Health insurance typically covers laboratory tests and preventive services so you can stay in the pink of health.
In addition, early detection can help you to better treat and manage chronic conditions. For instance, early control of blood pressure, cholesterol, and weight are essential in lowering the risk of heart attack and stroke. Similarly, the odds of surviving cancer are far greater with early diagnosis and treatment than when the cancer is detected at a later stage.
According to the American Cancer Society, the five-year survival rate for lung cancer is 64 percent when it is discovered early compared to a mere 8 percent when detected at a later stage where the cancer has already spread to distant parts of the body. For breast cancer, 99 percent of cancer patients survive for five years if the cancer is detected before it spreads.
Ensure On-Going Care
Prescription drug costs can quickly add up when you are paying full price. If you get sick or injured and require regular maintenance medication, you do not want to have to choose between your bank account and your health. Health insurance can subsidize the cost of your essential medication, allowing you to have a better health outcome and quality of life.
Likewise, maternity costs from initial pregnancy to post-partum check-ups can end up costing you a fortune; Health insurance will help you to cover that. After a serious illness or injury, health insurance will also pay for services such as physical therapy, psychiatric rehabilitation, or speech-language pathology that will help you to recover your former function.
How to Get a Health Insurance Plan
Under the Affordable Care Act (ACA), companies with a minimum of 50 full-time employees must offer health benefits. Talk to your company’s human resources department about your health insurance options. You can also consult a health insurance agent to explore a variety of health insurance options that may be more suitable for your needs.
When choosing a health insurance policy, consider your current state of health and level of risk. Add up your healthcare costs from the last twelve months to have a sense of your annual outlay. Be sure that the insurance plan you choose meets all your coverage needs. If you visit a doctor frequently, you should choose a plan with lower copays and deductibles.
With the rising costs of healthcare treatment and medication, health insurance is a necessity. If you are confused about the numerous options available, consult a health insurance agent for expert advice. When you have health insurance, you can rest assured that your healthcare and financial needs will be met when you are at your most vulnerable.