Why Do I Need Health Insurance?

Many people, especially those that are young and healthy, might think that they don’t need to spend money on health insurance.

They aren’t familiar with things like high blood pressure, high cholesterol, or even preventative medicine. But... what if they have an accident?

Why Do I Need Health Insurance?
An accident on the street can bankrupt you if you don't have health insurance | Foto: GETTY IMAGES

You don’t think twice about purchasing car insurance, home insurance, or even insurance for valuable items you might have.

There are many ways to save money, but deciding not to have health insurance is not one of them. Here are at least six reasons you should have health insurance:

1) Sky-High Cost of Health Care. Insurance can be expensive, but not having it could end up costing you a lot more. An accident, a broken bone, heart condition diagnosis, high cholesterol, high blood pressure, a skin problem, an asthma attack, or just  your child falling off their bicycle , can result in unexpected doctor visits and a cascade of medical bills you might not be able to pay easily.

2) Help Covering Bills.  Your health  insurance pays for preventative care, as well as for other medical expenses in general when you’ve met your deductible (costs you are required to pay up front before the insurance company will cover any expenses).

3) Family Prevention. When everyone in your family has medical insurance, you all tend to receive more preventative care, such as annual check-ups, getting mandatory vaccines and flu vaccines. If you don’t have medical insurance and a health situation or emergency arises, you will surely end up in the emergency room, which is far more costly, either for you (if you have the ability to pay out of pocket), or the hospital (if they end up having to absorb these costs).

4) Free Medical Care. When you have health insurance, by law you will receive vaccines and check-ups at no cost, even before you meet your deductible.

5) Belonging to a Network. By having insurance, you will pay less when you receive care from health care providers in your plan network, even before you meet your deductible.

6) Collective Benefits. When you pay for health insurance, the money you pay in premiums goes into a sort of collective account the insurance company uses to pay for its members’ medical expenses. Healthy people spend less, and of course, people with medical conditions, more. This balance, which is constantly changing because healthy people can fall ill, helps to keep premiums (monthly payments) stable, in addition to contributing to the overall health and well-being of your community.

Additional Important Information About Health Insurance:

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