Why You Need Health Insurance, Even if You’re Young and Healthy

There are quite a few people that I talk to that have the same story, “I’m young and healthy so I don’t need insurance just yet.” This is the worst thing to do! Going without insurance is one of the most risky things you can do in your life. Having health coverage is not just for “unhealthy” or high-risk people. It’s not just for the old and it’s not just for people who have more risky professions or hobbies. EVERYONE should have health insurance. Not only is it a financial investment, but it could be the difference between life and death. 

First of all, you should know that health insurance is not just something that is there for you to use when you’re not feeling good, or when you need to go for your preventative appointments. Yes, most insurances do help with those things. Ultimately, however, we have health benefits for those things that happen unexpectedly – and those are the most expensive. We can all pretty much afford to go to urgent care if we’re not feeling well, or go for a physical once every few years. (You should be going EVERY year, but typically people with no insurance stretch it out and only go once every few years.) 

A common misunderstanding that I hear a lot is “well, if I go to the emergency room, the hospital HAS to treat me.” This is not entirely true. Yes, the hospital has to stabilize you. They do not, however, have to treat you. Let me give you an example. 

A couple years ago, I was called by the wife of another traveling couple. She was panicked because her husband had fallen down the RV steps and scraped his leg pretty badly. They didn’t have insurance, so they cleaned it up the best they could, and thought all was well. The next week, his leg got infected and they took him to the ER because it was so painful. They treated him for the infection pretty heavily, because he was actually septic at that point. He needed to be admitted and they continued a hefty dose of IV antibiotics. The antibiotics caused his kidneys to fail. At this point, the hospital refused to give him kidney dialysis because they did not have the backing of insurance, and did not have the cash to pay up front. He ended up dying because of it. 

You can think of having insurance like you do wearing your seatbelt. You have to buckle up before you crash. Once you’re already in the hospital, hurt or sick, there is no insurance coverage that will cover whatever you have going on. Except ObamaCare. The Marketplace will cover all pre-existing conditions – but is only offered once per year. If you miss that deadline, like the 30 year old man that just scraped his leg on the RV steps, then there is nothing you can do until Open Enrollment happens again. Unfortunately for him, his body didn’t hold out that long. 

The sad truth is that hospitals are businesses too. Most people don’t think about them that way, but they do have overhead and salaries and equipment to pay for. If they treated everyone for free – well – you know that could never happen. Having any type of insurance will guarantee you get hospital treatment, even if your coverage isn’t very good. Now you do have to have actual health insurance, and not a supplemental plan. So keep that in mind. I would be happy to look over any plan you find with you, if you’re unsure. 

According to Health Day News, about 44,789 working age Americans die each year due to the lack of health insurance coverage. That is actually more than the number of people who die each year of Kidney disease. This makes uninsured people 40% more likely to die than those who have insurance. You’re free to read that whole article here. 

Having health insurance also links you to a regular source of care. Keeping up with changes in your health will provide you with treatment at the earliest sign of infections, cancer and other illnesses like diabetes or hypertension. Obtaining treatment early can save you money on medical bills, allow you to continue working during less aggressive treatment so as not to lose income, as well as have a better prognosis and live healthy longer. Most people without coverage neglect their preventative care and don’t find these life threatening conditions until it is too late. 

Medical insurance provides you with peace of mind. People tend to be less stressed about accumulation of healthcare expenses and reassures they will have readily available comprehensive coverage when the time comes. Families can depend on health coverage to protect any assets they’ve worked for thus far, and eliminate the risk of bankruptcy or financial ruin because of someone’s illness – or worse, losing a loved one due to the lack of coverage. 

One thing to keep in mind: you will still have medical costs, even with health insurance in place. They include: 

Monthly Premium: Once you enroll in your healthcare plan, you will be expected to pay a monthly fee to keep your policy effective, even if you don’t use your coverage. Deductible: You are responsible for this amount before your insurance will start helping you pay for medical expenses. Some plans cover preventative care for you before the deductible is met. You should read your plan documents before choosing your policy to find out. Co-Insurance: After your deductible is met, you will then be responsible for a percentage of your medical costs. Health insurance will help you by paying the remaining percentage up to 100%. Out-of-Pocket Max: you will never pay more than this amount that is predetermined by the plan you choose. Once you reach this amount, the health insurance plan will pay 100% of all remaining bills for the rest of the year.

*If you’re unsure of how health insurance actually works, you should read this article.

As I said earlier, having any type of insurance is beneficial. You should, however, beware of short-term plans. Most likely, anything you find on the internet that you can sign up for at any time, is a short-term policy. They are made to be just what they are – short-term – a bridge between coverages only lasting a couple months. These plans are risky because they do not have to adhere to the comprehensive coverage guidelines providing coverage that does not protect consumers. They do not have to cover pre-existing conditions, and they can deny coverage altogether, due to other health conditions. You wouldn’t know they will deny your claim until after you submit it. Leaving you again, with substantial medical bills. Furthermore, if you still need coverage once that term is up but you had an illness develop during that term, they can deny you future coverage, leaving you now with an illness that needs treatment and no health insurance. 

Bottom Line: It IS worth it to buy health insurance. 

Helps pay medical bills and prescriptionsHelps you avoid large medical debtProvides a cap on the most you’ll pay out of pocket each yearEnsures you will get medical care when you need itProvides you with a longer, healthier lifeConnects you to a regular network of doctorsEarly detection of illness and diseaseCoverage for those unexpected accidents

My services are free, and I’m always here to answer any questions you have, review coverage you currently have, and help you with future options to better suit your needs. You can set an appointment for us to connect here.