Do I Need Health Insurance? 3 Reasons Why The Answer Is Yes

Do I Need Health Insurance? 3 Reasons Why The Answer Is Yes

Feb 12 2015

With the Open Enrollment Period drawing to a close Feb. 15, one question tends to haunt the uninsured: Do I really need health insurance?

The short answer is a resounding yes.

Medical bills are the leading cause of personal bankruptcy.

For starters, medical bills are the leading cause of personal bankruptcy.

A sudden accident or life-threatening illness can leave you with a mountain of unexpected medical bills that you can’t afford.

Health coverage also ensures you and your family stay healthy, beyond the obvious protection from dreaded health scenarios such as injury or sickness.

To help keep it simple, we’ve provided 3 reasons why you need health insurance.

1) The great unknown

$10,000 = Average daily cost of hospital stay.

$7,500 = Average cost of a broken leg.

Those are the crippling medical costs for the uninsured and real-life scenarios that can quickly wreak havoc on personal finances.

But while you can’t anticipate requiring medical care, you can certainly plan for it. Whether it’s an accident or an illness, a health plan ensures you aren’t exposed to potentially devastating costs that can add insult to injury.

2) Free preventive care

All Health Insurance Marketplace plans boast free preventive care before deductible, including vaccines, immunizations, mammograms and many other services, when using an in-network provider. Having a health plan is your ticket to take advantage of these services, hopefully minimizing your health risks, and costs, for the future.

3) You’re going to pay either way

The reality of the Affordable Care Act is that you face a serious penalty if you bypass purchasing health insurance. In 2015, the government mandated fine for the uninsured is $325 per person, or 2 percent of your yearly income, whichever is higher.

Next year, it will increase, and then increase again every year from now on.

Priority Health - Health Care 101 - Do I need Health Insurance - 3 Reasons

Ultimately, the coverage offered by a health plan provides benefits in the immediate, near and long-term. As health insurers have become more in-tune to the needs of consumers, your coverage is evolving into a partner in your health; it helps keep you healthy and minimizes your medical related costs.

Insurance is protection, a safety net if you will. You have it for your car, your home, maybe even your cell phone, so why would you take a risk when it comes to your health?