Health

How Health Insurance Helps Safeguard Family Finances

Millions of people go without health insurance, believing they’re saving themselves money. While this may be true in the short term, it will cost you more than you realize over the long haul. You never know when illness or injury will strike you, your spouse, or your children. Maintaining health insurance coverage will help you and yours get proper medical care while keeping you out of bankruptcy court.

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Healthcare Costs Keep Rising

The primary reason to sign up for health insurance and maintain it throughout your life is to help you cover the rising costs of care. Even just a few short decades ago, it might have been possible to pay for care without having to rely on insurance. If you tried that today, you would end up burning through your savings and would still have to apply for medical loans to help you pay off your debt. Even minor treatment costs easily reach into the thousands, so very few people can pay for care without help.

 

You’ll Destroy Your Credit

Failing to get health and dental insurance coverage is a common oversight that has similar results in most instances. With insurance, you only pay a percentage of the total cost of your treatment. Conversely, someone without insurance will be on the hook for the entire debt. They often have to work out a payment plan with the healthcare facility. Unfortunately, people stop paying and end up facing negative credit bureau reports. Your failure to pay your bills can follow you around for the rest of your life.
Uninsured People Face Bigger Healthcare Expenses

Those who live an extended period of time without health insurance are also not visiting their caregivers as regularly as they should. This means they’re not getting the preventative care that keeps millions of insured people healthy. It also means that serious illnesses, including various types of cancer, will go undiagnosed until the disease reaches advanced stages. As a result, uninsured patients live shorter lives and rack up hefty medical care bills that regular check-ups would have helped to avoid.

 

You Won’t Receive Treatment for Minor Conditions

Any non-emergency condition you develop will become a bigger problem than necessary because caregivers will be reluctant to treat you. While they may feel compelled to provide emergency care, minor injuries and illnesses will go untreated. This means no dental care, or vision care, either. Even if you can pay out of pocket, the caregiver will likely provide a lower standard of treatment to ensure you can pay. This doesn’t mean he won’t treat you properly, but you may be administered generic drugs that aren’t quite as effective as the brand name drugs. Since hospitals and doctors face these problems often and mounting debt can affect their ability to stay in business, your care will be determined by your ability to pay your bills.

 

Your Family Will Be Impacted

Even if you don’t have health insurance, you probably do have an estate plan to ensure your family will be taken care of after you pass. The problem is that your estate will go through probate first, which allows the government to use your assets to pay off debts and unpaid taxes. If you have unpaid medical bills at the time of your death, your assets will be liquidated and the money will go toward paying those debts. By the time your debts are paid, there may be nothing left for your heirs.

 

People often don’t consider the consequences of choosing to live without health insurance coverage. Even a minor injury or illness can cost hundreds, or thousands, of dollars to treat. By maintaining insurance coverage, you’ll be financially prepared to deal with any emergencies that might arise.

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