Why Having No Health Insurance is Risky

The United States currently has over $45 million citizens who either believe they cannot afford health insurance or don’t think they need it, and most of those uninsured Americans claim that the high cost of medical insurance prohibits them from being able to obtain the coverage even if they wanted to. But what many don’t realize is that living without medical insurance can actually cost you far more in the long run in terms of your health and finances.

As the price of healthcare has skyrocketed, all it takes is one expensive accident, injury, or illness that needs treated when you’re uninsured to strip you of most or all of your savings and other assets, and jeopardize your financial stability. It can even push you into bankruptcy, lead to liens being placed on your property, harassment, embarrassment, and ruin your credit which can take many years to repair.

Not having health insurance also often has other negative consequences. For example, those who are uninsured tend to avoid the doctor even when they have serious conditions. They may not receive needed check-ups, screenings, and major medical problems that can be life-threatening may not be found or treated until it is too late.

Some think they are healthy and young and nothing can happen to them, but that is a misconception. No one is immune to accidents and illnesses, and they can occur at any time. Also, a large number of the uninsured don’t realize that affordable insurance options exist, and that having coverage can actually save them much more than the cost of the policy.

Savings are in the form of better health maintenance that reduces future medical visits, protection against loss of assets, and lower costs on competing policies such as auto coverage where medical payments may not be necessary if already included in an existing health insurance policy.

Many insurance plans will directly pay for, or reimburse you for, your prescription medications, mental health care, hospital admissions, doctor visits, and preventive care with the objective of minimizing future health problems that can be far more costly.

Studies have additionally demonstrated the advantages of carrying medical coverage, showing that those who are insured on average live longer and healthier lives, have greater peace of mind, and enjoy a higher quality of life than those who have not been sufficiently covered and have not received the same level of health care.

This is why being adequately protected with affordable insurance coverage is important when it comes to safeguarding not just you and your family’s health, but also your home and financial security.