Due to the nature of the healthcare system in the United States relative to that of other countries in the world, health insurance is essential. The United States healthcare system is not nationalized, which is why you need to carry an insurance policy.
This is not a problem in countries such as Belgium, Germany, Greece, Australia, and Argentina which have universal healthcare for their citizens. Costs to obtain healthcare in these countries are cheaper, and insurance is not needed as it is in the United States.
The cost of insurance is a major reason one may go uninsured. Also, one may argue the coverage is not needed due to their current health state or risk of having a problem of major financial impact.
While the costs of health insurance premiums can indeed prove to be high, here are five compelling reasons to own a health insurance policy.
Medical Costs
Medical costs continue to rise as the price level in the country rises. New medicinal methods and technologies have increased the costs of treatment throughout the years. Staffing, buildings, and equipment directly impact all medical cost levels from services received.
Emergencies
Emergencies tend to be the main reason one may choose an insurance policy. “Just in case” is a popular term that justifies the need for a policy. Unexpected events can lead to a greater financial burden in the future. For example, a client in college suffered from unexpected appendicitis that required surgery and two days in the hospital. The total bill was cut from roughly $60,000 to only a few hundred dollars out-of-pocket due to his insurance policy.
Prescriptions/ Drugs
Insurance covers most prescriptions and drugs partially or in full to bring the cost down. Prescriptions and drugs without insurance can prove costly.
Preventitive Healthcare
A policy can be used to obtain care for a longer, healthier life. Insurance will cover check-ups, tests, etc. to find and prevent further illness.
Indebtedness
Insurance is the most effective method to avoid owing large medical debts. Coverage can significantly lower medical bills, leading to a lower financial burden. One large bill could be hard to recover and may take years to pay back.
While one may pass completely on obtaining a health insurance policy or receive lower coverage, it is best not to see insurance as a misuse of money. Insurance is essential due to the setup of the current healthcare system in the United States. Insurance can prove a great help due to current high medical costs, emergency coverage, prescription/drug coverage, preventative healthcare, and the looming threat of indebtedness.