Why It’s Not Fine to Go Without Health Insurance: Exploring the Risks and Costs
According to a report by the Kaiser Family Foundation, there were approximately 27.5 million uninsured Americans in 2018. While some may argue that going without health insurance is a personal choice, the decision to do so can be severely detrimental to one’s financial security and physical well-being.
The Risks of Going Without Health Insurance
Going without health insurance means that you will be responsible for all medical expenses out-of-pocket. In the event of an emergency or unexpected illness, the costs can be extremely high and potentially bankrupting. It’s not uncommon for hospital bills to exceed tens of thousands, even hundreds of thousands, of dollars.
Furthermore, without health insurance, you may be unable to access preventative care, such as routine check-ups, screenings, and vaccinations. This can lead to undiagnosed or untreated conditions that may progress to more serious health issues, resulting in even higher medical expenses in the long run.
Additionally, without insurance, you may be denied access to certain medical facilities or treatments, as many health providers require proof of insurance before providing services.
The Costs of Going Without Health Insurance
In addition to the financial burdens of out-of-pocket medical expenses, going without health insurance may also result in additional fees and penalties. Under the Affordable Care Act (ACA), individuals who do not have health insurance may face a penalty on their tax return, which was repealed effective 2019.
Moreover, when uninsured individuals do seek medical care, they are often charged significantly higher rates than those who have insurance. This is because many insurance plans negotiate fees and rates with healthcare providers and facilities, which uninsured individuals are not able to do.
The Benefits of Having Health Insurance
Having health insurance provides financial stability and access to essential medical care. Insurance plans can also offer numerous benefits, such as preventive care, prescription drug coverage, and access to specialized treatments.
In addition, when purchasing insurance through ACA exchanges, individuals may be eligible for subsidies based on their income, which can help significantly reduce monthly premium costs.
Conclusion
It’s not fine to go without health insurance. The risks and costs associated with being uninsured far outweigh the perceived benefits. Not only can going without insurance result in high medical expenses and potential bankruptcy, but it can also lead to untreated medical conditions and limited access to necessary care. Investing in health insurance provides financial stability and access to essential medical services, making it a wise decision for individuals looking to protect their overall well-being.
