As we all know, Health Insurance is not cheap and it can be really tempting to go without coverage, especially if you are relatively healthy. With the expensive cost and out-of-pocket expenses, you may be wondering how much you really need coverage. Many younger people feel they are healthy enough to skip out on proper Health Insurance. When you seldom have to see a doctor, and especially if things are already tight financially, it may seem like a good idea to cut the expense and forego coverage.
You CAN pay for medical expenses as you go instead of worrying or bothering with Insurance Premiums and Co-Pays, however this could be very difficult if you have a serious, unexpected illness, or an accident causing serious injury, or even ongoing health issues because the costs can become very large very quickly. That’s why its really essential for everyone to have some form of Health Insurance.
Medical Emergencies Can Bankrupt You Without Insurance
Medical emergencies are very expensive. If you have the misfortune of undergoing a medical emergency without insurance, it is easy to find yourself with a debilitating amount of medical debt, and seemingly no way out of the mess.
If you take good care of yourself and take preventative measures to stay healthy, it’s hard to see why you’d really need insurance if you didn’t know any better. However, we can’t see the future so a scenario such as slipping in the driveway at home, missing that last stair, or having another kind of accident causing unexpected injury, would cost you thousands of dollars in medical bills, and it can quickly climb higher if you need surgery or any kind of ongoing rehabilitation. Emergency surgeries such as an appendectomy, can be very costly as well.
You may not be able to work while you’re laid up getting well, and that means that you could lose pay causing financial distress. Even with insurance you may find it difficult to pay for health care costs in these instances. It is very hard to pay for medical costs without health insurance, especially if you are checked into a hospital even just overnight. Medical bills can go from hundreds to thousands and even tens of thousands or more depending on the issue at hand.
Health Insurance and The ACA (Affordable Care Act)
As of 2019, you will no longer have to pay a penalty on your federal tax return if you’re not insured, as the fine was rescinded for the 2019 tax year, though some states may have their own mandates.
Even though there isn’t a penalty, you’re protecting both your health and your financial status by taking out a Health Insurance Policy. There are Health Insurance Exchanges or Marketplaces in each state that you can use to sign up for Health Insurance, or you can look at other options such as your employer’s health care plan.
Preventative Care and Timely Intervention
When you do not have insurance, you may avoid getting treated for minor issues which sometimes can escalate into bigger problems pretty fast. Preventative medicine and quick treatment are the best ways to avoid expensive hospital stays. If you have insurance, then you won’t need to worry about this as much. Additionally, if you put off seeking treatment and wind up developing a serious medical condition, you may have a difficult time finding health insurance after you haven’t had any for so long.
Which Plan Fits Your Needs Best?
Health Insurance is not a luxury, it’s a necessity. There are many other things you should go without before you choose to go without health insurance.
If you want insurance but feel unsure about what coverage works for you, there are some questions you can ask yourself, and with your answers you can help determine what and how much coverage to purchase.
How is your health? Are you currently in good health, do you see a doctor regularly and do you engage in any risky sports or occupations? Like other forms of insurance, your insurance needs are based on your degree of risk.
How often do you go to the doctor? Did you go several times last year and spend money on copays for office visits, labs, urgent care and prescription drugs? Add all of this up to get an idea of your typical annual health care needs.
What current options fo you have? See if you can get cost-effective, quality health insurance through your employer, your state’s health care exchange, a health share ministry, or even a group insurance through membership organizations such as Costco.
What are your priorities? If you see the doctor often, you’ll probably want a plan with lower copays and deductibles. If your monthly expenses are already straining your paycheck, perhaps you are better off with a plan that has lower monthly premiums. High Deductible Health Plans can lower your premiums, and if you don’t go to the doctor very often, it doesn’t make sense to pay large premiums for a low deductible plan.
What are your coverage needs? Boil down all of the available insurance plan options to those that fit your needs, then dig into the details. While the cheapest plan may grab your attention, it may not provide as much value per dollar as some of the other plans.
Have you gotten an expert opinion? Some people find that the whole experience of health insurance shopping is overwhelming, and there are many insurance experts who can help you sort through the options. It is recommended to seek the help of a licensed and experienced insurance broker, because unlike an agent, a broker is able to help you obtain a plan through all or most of the insurance companies available out there, whereas an agent may be able to only show you options through the company they are solely contracted with. Brokers are free to work with and can help you optimize your current plans or search for new options fro ma large variety of health insurance companies.
Contact us to work with one of our experienced brokers! As a family business operating since 1977, Group Plans has the knowledge and reputable experience to help you expertly manage your risk with the best plan options available for you.
If you would like someone to contact you, please fill out the form below or call 623-889-7600!