Health insurance is one of those things you probably don’t think about unless it’s open enrollment period or you find yourself in need of medical care.
Many people wonder if paying an expensive monthly fee is worth it, especially when you can go months or even years without needing serious medical attention. This sentiment seems to be common because, in 2018, 27.5 million people were uninsured. While this is a staggering number, it is projected to increase, showing a growing population of uninsured people.
Although you may not need serious medical attention often and the costs of healthcare are steadily rising, having health insurance is essential. Going without can result in serious health conditions, medical debt, and even death.
Are you thinking of buying health insurance but not sure whether it’s worth it? Here are reasons why health insurance is important.
If you have been wondering why health insurance is important, here are 10 reasons why you should always have health insurance.
1. Gives You Peace of Mind
Like auto, life, or homeowners insurance, having health insurance gives you peace of mind. Insurance is a safety net to catch you if you have any expected or unexpected medical issues.
While this may not seem like a big advantage, reducing stress and worry improves your mental and physical health and increases your quality of life. Peace of mind is one of the most important reasons why having healthcare is essential.
2. Leads to Early Intervention
Having health insurance, and using it as directed leads to early detection and early intervention. Some health conditions are minor and can be treated and cured easily. However, some turn into major, life-threatening illnesses if they are not treated right away.
Attending all the recommended check-ups and following your doctor’s orders reduces your risk of developing life-threatening conditions, a life-saving advantage of having health care coverage.
3. You May Qualify for Tax Benefits
By purchasing health insurance, you may qualify for tax benefits. The premium tax credit helps offset the cost of your health insurance premiums. You have to be eligible for this tax credit and there are some rules to follow when filing.
While everyone won’t be eligible, for those who are, this is a great benefit of having health insurance.
4. Easier Access to Healthcare
Have you ever tried to get medical care without insurance? It’s a stressful and frustrating process that seems like it will never end. Not having insurance puts you at a huge disadvantage for having access to healthcare.
While hospital emergency rooms are required to treat uninsured patients, doctors and other medical professionals are not. You can get care by paying out-of-pocket but the fees are so expensive, it’s more affordable to buy health insurance.
5. Protects Your Family
Purchasing health insurance allows you to care for and protect your family. Having healthcare means you, your spouse, and your children can receive life-saving medical care without the worry of finding a doctor who will treat an uninsured patient. Health insurance also means you and your family can get the medications you need to treat illnesses and live a healthy life.
6. Allows for Free Preventative Care
With preventative care, you can keep an eye on your blood pressure, get vaccinated, explore counseling options for weight control, and even get help for substance abuse. All of this, and many other services, are generally free with most health insurance plans. These services are essential for early detection, helping you stay healthy, and for reducing your medical costs overall.
7. Affordable Prescription Medication
One of the many reasons to buy health insurance is to purchase affordable prescription medication. Many insurance co-pays drastically reduce the price of prescriptions, sometimes as much as several hundred dollars. For those on a fixed income or a tight budget, saving on prescriptions is essential.
8. Save Money on Doctors Visits
When you visit the doctor as an insured patient, you only have to pay a small co-pay for the visit. When you visit the doctor as an uninsured patient, you have to pay the entire fee, out of pocket, and in many cases, up-front and in full.
Doctor’s fees are not cheap and paying out of pocket becomes expensive. If you have a condition and need to make many visits to many different doctors, the out-of-pocket fees can add up quickly. Having health insurance offsets the doctor’s fees, so you can pay a small co-pay but still receive the full range of care.
9. Covers Follow-Up Care
Imagine you are uninsured and have a medical emergency. You will likely visit the emergency room, receive treatment, and be sent on your way. The problem now becomes how you will receive follow-up care.
Depending on your condition, you may need rehab for an injury, or regular tests to monitor your condition. You may need several follow-up visits with an expensive specialist. Being uninsured makes receiving the proper follow-up very difficult, likely resulting in a worsening of your condition.
10. Covers Emergency Medical Situations
Perhaps one of the most important benefits of having insurance is having coverage for emergency medical situations. The expenses that come with an emergency, such as an ambulance, emergency room visit, and follow-up care are expensive, even with insurance. Without insurance, a $1500 emergency room bill can quickly double, or even triple.
Medical emergencies are also why you should get short term insurance and make sure you are covered in the most stressful of times.
Having healthcare allows you to have the peace of mind that you and your family are protected in case of an illness, accident, or emergency.
There Are Many Reasons Why Health Insurance Is Important
There are many reasons why health insurance is important. Using your healthcare benefits as recommended is useful for preventative care and early detection. In this way, having health insurance can save your life. Insurance coverage also gives you access to affordable medical care so you can get the treatment you need without breaking the bank and ending up crushed by mountains of medical debt.
Ultimately, having healthcare allows you to have the peace of mind that you and your family are protected in case of an illness, accident, or emergency. With all the benefits you receive from health insurance, it’s not something you can afford to ignore.
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