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Last Updated on March 27, 2024 by Insurdinary Editorial Team -->
Everyone wants to stay healthy and enjoy life to the fullest. However, unexpected illnesses or accidents can throw a wrench in your plans at any time. That's why having a comprehensive health insurance plan is crucial.
Your medical care can turn costly no matter if you're just receiving preventative care or wind up in the hospital for any reason. Holding insurance guarantees that you receive the same quality level of care but at a reduced cost that won't create a financial setback. In addition to lowering your medical bills, healthcare insurance coverage offers extra benefits to you and your family.
Discover the top five reasons why having health insurance is so important in the U.S. This guide reveals everything you need to know about carrying health coverage and where you can find affordable health plans.
Staying healthy in the long run isn't as easy as it once was. The COVID-19 pandemic proves that new viruses can take hold of the global population and cause serious health issues among infected patients. Even your daily routine can lead to health setbacks down the road.
According to the Centers for Disease Control and Prevention, "lifestyle diseases" like diabetes, cancers, and heart disease are a leading cause of death and disability in the United States. Experts coined the term lifestyle diseases because the greatest risk factors often stem from various lifestyle choices, including:
Whether you receive a diagnosis for a lifestyle disease like diabetes or fracture your arm, healthcare providers want to give you the best care possible. Doctors treat chronic and acute illnesses with all of the available resources they have, such as diagnostic imaging tests or refer you to a specialist. These medical costs can add up if you don't have a robust health insurance plan.
According to a study from health policy polling group KFF, 41% of American adults carry some form of medical debt, such as unpaid dues to providers or credit card debt from paying off medical bills. The same study reports that 72% of respondents acquired their debt because of short-term care, such as an accidental injury or one-time hospitalization. As a result of emergency healthcare treatments, uninsured Americans find themselves in financial turmoil.
The KFF survey shows that 63% of individuals with medical debt cut back on their costs for basic household necessities like food and clothing. Others burn through their savings to pay the debt, take on extra work to earn more, or rack up their credit card debt to purchase necessities. A staggering eight in 10 adults with medical debt put off getting the care they need because of the high costs.
Health insurance is vital for minimizing the cost of healthcare. By having a robust coverage plan, you can expect your insurance provider to cover most of the costs for acute care, including emergency hospitalizations. This greatly reduces your chance of being strapped with medical debt.
You can receive treatment for sudden or chronic illnesses and get preventative care at an affordable rate with a health plan.
If you want to stay healthy, you need to take advantage of preventive care. During these exams, doctors will ask questions about your health, provide you with vaccinations, and much more. By doing this, you can reduce the risk of serious illness.
Unfortunately, preventive care visits can be expensive. As such, many people may avoid them, despite how useful they can be.
Your health insurance policy can help cover the cost of preventive care visits, letting you maintain your health with less stress.
Although medical insurance is available for people in all stages of life, many people don't realize the importance of insurance coverage until it's too late. A recent census report shows that 92.1% of people in the U.S. hold some type of health insurance plan. This figure is impressive but still makes for millions of citizens without coverage.
Even if you don't think you need insurance coverage given your health history and lifestyle, you can benefit from enrolling in a policy. Insurance providers usually offer a no-claim bonus, which rewards you for every policy year that you don't make an insurance claim for healthcare coverage.
Providers typically grant this bonus in the form of increasing your total sum insured per year. In some cases, you could receive your no-claim bonus by having a lower monthly premium for your renewal year. Staying healthy long-term can lead to you doubling your total sum insured and provide an even bigger financial safety net should you get sick in the future.
With a virus like the flu and its many variants, achieving herd immunity is one of the best ways to reduce infection rates and keep the general public in good health. Having a large percentage of the population receive treatment and vaccines for the virus and other infectious diseases can prevent widespread illness.
By carrying health insurance, you can receive affordable care and treatment for a bunch of common illnesses, including:
All of these conditions can affect others if you don't receive a proper diagnosis and treatment. For example, what you think is the common cold could actually be strep throat and require prescription antibiotics versus over-the-counter cold and cough medicines. You pose a risk to others and have a harder time fighting off the infection if you don't treat it properly.
The better the healthcare, the better off you'll be. Insurance allows you to access higher quality healthcare without worrying as much about the cost — and not just for you.
Most providers don't just offer individual health coverage; they also offer comprehensive family health insurance options that cover all ages of life. This type of policy can come in handy for anyone who wants to make sure their family has access to high-quality healthcare.
Take, for example, a young couple who is expecting a child. By enrolling in a family health insurance policy, that one plan can cover any medical expenses that both parents face, including all prenatal care for the mother. Once the child is born, the parents can add them as a dependent on the policy so they may start seeing a pediatrician at an affordable cost.
According to a report from the Peterson Center on Healthcare and KFF, the average healthcare costs associated with pregnancy, including post-partum care, comes in at just under $19,000. The average out-of-pocket costs for women enrolled in a group healthcare plan are roughly $2,850. This amounts to over $16,000 in savings thanks to insurance coverage.
The example of pregnancy coverage savings only applies to a specific period in your life. Insurance providers offer comprehensive and affordable coverage for young children who are dependents of their parents or guardians. Young adults who are ineligible for family coverage can receive their own plan with benefits that extend through the remainder of adulthood and into their retirement years.
Your health needs change as you age. For example, you may become less physically active in your older years which leads to the onset of a lifestyle disease. You can adjust your health insurance coverage accordingly to make sure you stay healthy in all stages of life.
Perhaps the biggest reason why health insurance is so crucial is that it gives you peace of mind. Say you get in a car accident and need to go to the hospital for your injuries. Your health plan can cover many of these major costs so you don't have to worry about draining your savings to pay for your treatment.
What will you do if you're uninsured and a routine health check leads to a diagnosis of a chronic disease? You may end up in financial trouble when you have to pay for medications, doctor visits, lab tests, and more without any relief.
Certain insurance providers offer plans with available tax credits for members. You can apply this credit to the monthly cost of your insurance plan which ultimately lowers the amount you have to pay the provider. Tax credits vary by the individual, the state where they're seeking coverage, and their financial status.
With rewards like a Premium Tax Credit and no-claim bonus, your health coverage becomes the most affordable at times when you really need it.
Medical insurance coverage is essential for the following reasons:
Despite these major advantages, there are a few drawbacks to various health plans, including:
Make sure you look carefully at all of a health plan's details before enrolling. This can help you avoid issues with your coverage later on.
Don't take the risk of getting sick or injured without health insurance. You could wind up with significant medical debt and struggle to afford the care you need going forward. Play it safe and enroll in a comprehensive health plan that protects you and your loved ones from the burden of high healthcare costs.
Insurdinary connects you with various health insurance providers who can give you quotes for affordable and extensive medical coverage. We make it easy to find a plan that suits your needs with a three-step process of submitting your request, comparing quotes, and applying for your ideal plan. Explore your options online or contact our team for assistance.