If you’re living from paycheck to paycheck and don’t have savings when things go dire, opting for health insurance might be a good idea. This is especially true for young adults nowadays, with their feelings of invulnerability since they’re young and healthy and, in most cases, don’t have any medical history that concerns them.
However, many skip out on insurance and reject their employer’s offer as it’s often taken out from their payout. Some people think that they could use the money elsewhere.
But is it wise to skip out on health insurance? There’s no denying that health insurance is expensive. They don’t even cover everything, so many think it’s unnecessary, especially if you’re careful about your health and don’t need medical care. Why even bother getting one?
Medical Bankruptcies are Real
Medical emergencies are expensive, especially if you have the misfortune of having a medical emergency without having insurance. When that happens, there’s no way out of medical bankruptcy. Of course, when you’re healthy and young, you don’t have to worry about being sick. But again, medical emergencies come without warning.
A small medical emergency cost can quickly become higher, especially if you’re going to need rehabilitation. The longer you stay in the hospital, the more expensive your medical bills will be.
And the worst thing about it is that while you’re in the hospital, you can’t work, which is another big hit to your finances. Even with medical insurance, it’s still a challenge to pay those bills, but what more when you don’t have insurance?
How Health Insurances Save Your Money
So how does health insurance work? Medical needs, especially emergencies, are financial risks. They are expensive, and they pile up fast. Your health insurance works by transferring that medical financial risk to them in exchange for a premium, which you will pay monthly.
Yes, health insurance premiums are expensive, but medical expenses are far more costly, not to mention that the expenses will be higher the more medical needs you have. At least your insurance premiums are already set. Also, they can give you discounts on medications. This works nicely if you also have a discount on prescriptions with a rx card.
For example, you broke your leg, and you need to be brought to a medical facility. Surgery will be done to fix your leg, and you will have to stay in the hospital for a long time. After some time, you’ll be able to have rehabilitation to have your leg working fine again.
The costs of surgery, rehabilitation, and even a room for yourself cost a lot of money. The longer you stay in the hospital, the bigger the bills you have to pay.
Preventive Care and Early Intervention
When you don’t have health insurance, you may have difficulty getting treated, even more for minor issues. And those minor issues can sometimes become bigger and more serious.
That said, with health insurance, you can get preventive care and early intervention to avoid your minor issues becoming worse. Also, when you have health insurance, your doctor will be able to start treating you as early as he can once he sees something major.
There’s a Lot of Health Insurances Out There
There are a lot of companies out there that offer health insurance. Even your work may offer health insurance for the benefit of their employees for a slight cut in their pay.
However, like clothing, you need to see if the health insurance you’re being offered is a good fit. Remember, no health insurance can cover everything. Hence, you need to make sure that your health insurance can effectively cover your medical needs.
Also, insurance constantly changes its terms and conditions, so it’s best to check it annually with your insurer. This is especially true when you also have some major changes in your life, like getting married or having kids. Understanding health insurance is key to a worry-free life when it comes to medical bills.
Coverage for Young Adults
Under the Affordable Care Act or ACA, young adults can now be a part of their parent’s health insurance when they’re below 26 years old. So no matter if you’re already married, have kids, not living with your parents, or have left school, you can still be a part of your parent’s health insurance as long as they are eligible.
If you’re a student in college, you can get a student health plan. This is an affordable option, but be sure to check if this coverage counts as qualifying coverage, or you’ll have restrictions on coverage and benefits.
Takeaway
So, are health insurances worth it? It’s a big yes. Sure, they may be expensive, but at least they won’t be as expensive as going to the hospital without insurance. You may not need it right now, but with it, you won’t be burdened too much with medical bills when you do.
