Health insurance helps people with their financial needs by paying a portion of their medical care. As we all know, we don’t know when we will get sick, but with good health insurance, you don’t have to worry about the financial aspects. That said, there are many reasons why you should get health insurance not just for yourself but also for your family. But before we get to the reasons why you should get health insurance, let’s talk about what health insurance is.

What is health insurance?

Health insurance provides you with financial support in medical costs by paying your medical bills. As we all know, medical bills are staggering, and a huge portion of the population can’t afford to pay them with their income alone.

As insurances go, there are a lot of kinds in the market. There are insurance plans that are run by the government, namely Medicare and Medicaid. Medicare is health insurance for people who are aged 65 and older or people under 65 with a medical disability. Meanwhile, Medicaid is health insurance for people who have low income.

Private insurances, on the other hand, are offered by healthcare companies. You can mostly see this type of insurance from your employer or company. Probably the biggest difference between government-run health insurance and private ones is that private ones often make you pay premiums every month. Government-run health insurances mostly don’t have monthly premiums.

So how does medical insurance work? It mostly works like car insurance. When a car gets into an accident, you’re going to have it repaired, and the repair costs are often expensive. If the damage is big, you can just go ahead and buy a new car. The car insurance itself would pay for either one of them. But unlike car insurance, health insurance covers more than the hospital bills from an accident. It also covers annual checkups, preventive health, and even vaccination. It’s like car insurance, but the provider also pays for the tire, oil change, and other maintenance costs. 

So why should you get health insurance?

Save Money

According to the Peter G. Peterson Foundation, the US has some of the most expensive medical costs worldwide, and it’s still increasing. When you’re uninsured, you’re in for a world of hurt because you're paying a lot of medical costs on your own, and they’re not exactly cheap. Sure, you’ll be fine if you’re already paying annually for routine checkups and antibiotics, but when an emergency happens, like an injury or an acute medical condition, you’ll be responsible for all of the costs. Although the costs for various conditions vary from state to state, HealthCare.gov notes some of the most common medical expenses as follows:

Cancer Treatment: above $100,000

Broken Leg: $7,500

Hospital Care for Three Days: $30,000

Having Insurance Helps You Stay Healthy

It’s only a myth when people say that health insurances are only for people who have chronic illnesses. That’s far from the truth. In fact, nowadays, a lot more people are getting health insurance even if they are perfectly healthy, especially with the COVID-19 pandemic still going on. Also, health insurance inspires you to be healthy and does a successful job doing so. Under the ACA, most health insurances cover a lot of preventive healthcare services. Some of them include:

  • Type 2 diabetes screening
  • HIV screening
  • Cholesterol screening
  • Tuberculosis screening
  • STI screening
  • Contraceptives
  • Vaccination, etc.

With all of these preventive services and more, you can say that having health insurance is convenient and beneficial for both your health and finances. And because of these free services, you’ll be as healthy as can be, and you can avoid illnesses in the long run, which will save you money. 

You also have the benefit of catching an illness early to prevent it with all the screenings available for you. But again, health insurances vary from each other in terms of their services. That said, you can try to shop Assurance's health insurance if you want to find something that will suit your needs.

It Reduces The Chances of You Going Bankrupt

Sure, having health insurance won’t save you from paying all your medical costs, but those costs will be capped with health insurance. This is because most health insurance tends to have a maximum when it comes to copays, coinsurance, and even deductibles. Most plans also have a maximum when it comes to out-of-pocket costs. Once you hit that limit, your provider will be responsible for all the costs moving forward for the rest of your stay in the hospital.

Final Words

With the pandemic still going on and another variant of COVID-19 spreading, there’s no better time to get your very own health insurance than today. Sure, you’ll still pay a lot in medical costs, but in the long run, you’ll thank your past self for getting one. So with health insurance, not only are you safe medically but financially as well.