Today More Than Ever You Need Great Health Insurance
Why You Need to Have Health Insurance
Who is exempt from ever needing medical care? A broken leg, the need for some stitches, a routine surgical procedure, they all might sound like minor health situations. However, there is a cost associated with each of them —a problem we aren’t always prepared to face. Of course, prices will vary from one case to the next, but usually, the more severe the medical condition, the higher the cost.
Whether you are young and healthy, or older but still healthy, you could have a medical emergency at any time. Your health insurance will come in and save the day when that hypothetical scenario becomes a reality.
As of 2019, there is the elimination of the individual mandate penalty that required you to pay an additional fee when filing taxes if you didn’t have insurance. Even though there is no longer an exact cost for not having health insurance, that doesn’t mean not having it won’t cost you anything at all. It could cost you much more than you imagine.
Health Insurance Can Help Minimize the Cost of Unforeseen Medical Bills, and May Keep You from Bankruptcy
Going back to that broken leg example, can you imagine how much treatment for that can cost? It averages $7,500 but can vary depending on your health care provider and location. If you had to take that money out of your pocket right now, could you? Would that affect your financial stability?
For emergencies like that, you will likely have to pay your deductible before your coverage kicks in. However, even if you must spend some money out of pocket that first time, your insurance will cover the rest and help soften the financial punch. Also, health insurance will cover the cost of preventative care, such as your annual wellness checkup, flu shot, pap test, etc.
Millions of people file for bankruptcy every year for many reasons, including medical costs. Having health insurance doesn’t mean you will never have to pay a medical bill in your life; it will put a limit on the amount of money you’ll have to pay to cover those bills. You can rest assured that the rest will be taken care of, and that is worth more than words can say.