Do I Need Health Insurance?

Getting health insurance in the United States is not cheap. The rising cost is prohibitive that one in five Americans are gambling with their lives as they forego insurance. They could not afford hospitalization, medicines, prescription eyeglasses, and dental care. And we are not even factoring the mental health care, which they need if they are going through all that stress.

But before typing “insurance agents near me,” you need to ask yourself: “Do I need health insurance?”

First, let us look at the numbers. 

  • According to data from Clever, Americans spend an average of $5,000 on insurance. The figure is double the average they spent in the 80s. And it is not because the cost of premiums now is higher since the data was already adjusted to cover inflation.
  • But having no insurance is unthinkable. The US has one of the highest healthcare costs in the world. For instance, in 2017, patients spent $3.5 trillion in medical care, which equates to 17.9% of the GDP. 
  • More than six in ten of bankruptcy filings are related to medical expenses.
  • Meanwhile, said that Americans are spending an average of $3,949 for the daily hospital stay. By the time they get discharged, they would have paid $15,734.

Sure, but many lucky people go through all their lives without getting sick. So, insurance is a waste of money for them. 

How about if you give birth, for instance?

This report from Insider revealed that the average cost of delivering a baby in the hospital is around $10,000. It can go as high up as $20,000 if you cannot show any health insurance. But can you save money?

Certainly, but there might be some attendant costs that you may not foresee. For example, when you give birth in the US, you pay for every procedure. They do not have a “baby birth” package where you spend $10,000, and everything gets covered. 

If you saved up for natural birth and then an emergency arises, which requires a C-section, your medical bills will quickly rack up. You have to pay for the anesthesia, epidural, surgical room, and the specialist.

Further, what if your baby is premature? The infant needs to become incubated, and that entails additional costs because it needs 24/7 care. The hospital will assign nurses to look after the baby, and they will work in shifts. Thus, the cost will be passed on to you. 

Going through the delivery process without a financial safety net is scary. It is why you need to be looking for insurance agents near me right away.

Even if you are a cautious person, you cannot account for everybody else’s actions. You may be a defensive driver, but what if you encounter a drunk motorist on the road? You may walk slowly, but what if you did not see the sign on slippery stairs?

Since you do not have insurance, you will avoid going to the doctor to treat an injury. Then it worsens without preventative care. You are unwittingly setting yourself up for higher medical costs down the road. It is all because you prevent from paying insurance. If you are scared about the costs, you can try the government-funded Medicaid, although the coverage is limited.

Speak Your Mind