importance of health insurance

The Importance of having health insurance

importance of health insurance

In 2019, an estimated 30.9 million people in the United States, 9.4% of the population had no health insurance. Another 38 million Americans have inadequate health insurance plans. The numbers are expected to increase as millions continue to lose health insurance in pandemic-driven recession. If you’re among the 69 million Americans who are uninsured or underinsured, you may wonder why having adequate health coverage is so important—especially if you never get sick. With the cost of healthcare increasing constantly, health insurance is a necessity. Medical emergencies are unpredictable and can be financially strenuous. The best way to be prepared against unpredictable health risks is to ensure you have adequate health insurance. 

Reasons why you need to get health insurance:

  1. Avoid medical bankruptcy 

Medical emergencies are extremely expensive and can easily bankrupt you. For example, emergency surgery can cost up to $20, 000 or more and a broken arm can cost around $16,000 if surgery is required.  If you find yourself in a situation where you require a medical emergency and you don’t have health insurance, it’s easy to sink into a huge amount of medical debt. Having health insurance provides financial protection if you have a serious illness, an accident, or an ongoing health problem. 

  1. Fight lifestyle diseases

With the increasing prevalence of lifestyle diseases, health insurance is more important than ever. Lifestyle illnesses like heart disease, diabetes, hypertension, and atherosclerosis are on the rise among the older generation and younger people as well. These illnesses can take a toll on your finances if you don’t have health coverage. Along with making the necessary lifestyle changes to fight these illnesses, it’s wise to invest in a health plan that will make it easier to take care of medical expenses. No matter how healthy you are today, you cannot be so sure about the future. 

  1. Preventive care and early intervention

Having health insurance allows for preventive care and early intervention of medical conditions. Typically, most people with no health insurance tend to avoid seeking treatment for minor health issues which eventually escalate into serious complications. Avoiding getting treated for minor health issues is a recipe for long and expensive hospital stays. If you have health insurance, you won’t have to put off going in for treatment. If you don’t have proper health insurance, do not wait until you have a serious medical condition to buy a health insurance policy as it will be very expensive. Besides, you may have a difficult time finding health insurance because most insurers will perceive you to be at high risk. 

  1. Protect your savings

Medical expenses have dramatically risen in recent years and it takes one serious medical condition or emergency to exhaust your savings. By buying a health insurance policy, you’ll not need to dip into your savings in case you have a serious illness, an accident, or an ongoing health problem. Moreover, health insurance comes with tax benefits, which further increases your savings. 

Generally, health insurance is necessary to protect yourself and your loved ones from any eventuality that could leave you in a bad financial situation. 

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