The Necessity of Health Insurance

Getting sick or terminally ill is never planned, but both are a possibility that can happen to anyone. The best anyone can do, both for themselves and for their loved ones, is to prepare. The best way to prepare is to insure.

There are many reasons why obtaining health insurance is crucial, but perhaps the most obvious is to protect oneself financially. Medical expenses can grow at a rapid rate, and before long, the cost could be astronomically high. Health insurance can help deter the substantial amount due. The individual will be responsible for paying part of the cost, but paying a portion of the bill is easier than paying its entirety.

Similarly, by having health insurance, one can receive discounts on services that those without insurance don’t receive. This occurs even before a deductible is reached. The reasoning behind it is that insurance companies negotiate discounts with providers. Customers of an insurance companies can receive the discounts the company negotiated with the providers. For example, one “may pay $25 for a flu shot instead of the $40 someone without coverage pays,” Healthcare.gov said. While this example shows a relatively small savings, as expenses grow, savings do as well.

Another positive of having health insurance is that it can provide benefits to help maintain proper health. For example, a few common coverages that are on virtually every plan include vaccines, some check-ups and screenings (healthcare.gov.)

Finally, those with health insurance are not responsible for paying a fee that those that aren’t insured have to. According to Healthcare.gov, the fee in 2016 was two-and-a-half percent of the household income, or $695, whichever was larger. Therefore, not only are those without insurance responsible for paying for their own medical expenses, but they have to pay a fee on top of that.

Even the healthiest of people are, at one point in time, going to need medical attention. By purchasing health insurance, people can protect themselves from having to pay a huge amount of medical fees and save themselves money in the long run.