Many individuals believe that they can avoid paying the insurance premium. Suppose you are among those 50 million individuals who believe that avoiding regular premium payments and other expenses related to it would help you save a good amount of buck. In that case, it will cause you trouble only later in life.
- One of the Biggest Financial Risks: The United States is facing heart attacks as the leading cost of death. An open-heart surgery costs around $324,000. If the money that you are saving by not investing in insurance will be able to keep you from such situations, then you are good to go. It is unwise to opt for a mortgage or loan at that moment instead of investing in insurance now. The mortgage will cost you way more than the insurance premium.
- Affecting the People Around You: When people are not insured, they avoid going to regular checkups. Such a behavior may put them at risk of a severe situation. Going to the emergency room costs more than a person can afford. When they cannot afford the cost, the unpaid expense is divided by the hospital across the board, hence making other patients pay a fraction of that amount. Such behavior increases the prices of other patients who cannot pay it.
- Preventive Care: People with health insurance tend to go for regular checkups, which helps them identify the deadly diseases at an early stage. On the other hand, uninsured people avoid going to a doctor at all costs to avoid any expense. This results in the late diagnosis of a disease or mental condition they have.
- Insurance Premium is Better Than Bankruptcy: it is better to invest in insurance and pay the premium on time rather than getting insured and going bankrupt due to an emergency procedure.
Medical emergencies cost way more than the insurance. Avoiding getting a regular checkup to save some money is the worst thing you could do to your body. - Affordable Care Act: The recent Affordable Care Act has made it mandatory for individuals to sign up for health insurance to avoid any more cases of people going bankrupt due to the lack of finances to afford hospital bills. However, applying for health insurance through a reliable institution is advisable. Also, read the instructions and key points while applying for health insurance.
- The Necessity: Individuals consider medical coverage an extravagance. In the event that you are endeavoring to set aside some cash, cut the cable, and drop the gym membership before surrendering your medical coverage. It may wind up costing you more.
If you are contemplating skipping medical insurance, it is necessary to understand that it can be a risky decision. In case of an emergency, you must have several thousand dollars set aside to cover the expenses. Even a minor surgery or a single accident can cost you more than $20,000, which could be a substantial financial burden for an average earner.
Hence, if you are motivated by saving money, you may want to consider other options to cut back on expenses, such as gym memberships, cable TV, eating out in restaurants, and other luxury items. However, foregoing medical insurance is not an advisable way to save money. It is always better to ensure that you have medical insurance coverage so you can access medical care when you need it without worrying about the costs.
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