DO I REALLY NEED HEALTH INSURANCE?
Despite the fact that the Affordable Care Act requires people across the country to purchase health insurance, a certain group of people, especially the young and healthy, try to question whether they really need coverage or not. Young adults tend to think that they don’t need health insurance because they are healthy. Statistics show that only 28 percent of Americans who enrolled in 2014 for health insurance coverage were between the ages of eighteen and thirty-four.
Why you need Health Insurance Coverage
One of the reasons why you need to sign up for health insurance is for your peace of mind. Health insurance can be compared to auto insurance whereby you pay for the service but still hoping you’ll never need it. The coverage is there for the problems that can’t be expected, predicted or controlled. Signing up for the service is simply taking care of the uncontrollable and unpredictable problems that may come in your life.
You’ll need health care services at some point in your life, and that’s when health insurance comes in. For instance, something as routine as an injury-say a broken arm or leg from playing can cost you about $6,500 or even more when you’re not covered. Managing chronic illnesses can be costly as well. The Centers for Disease Control and Prevention reports indicate that there is an increase in the incidence of type 2 diabetes among the young adults. Health Insurance can help you manage the annual medical expenses on such chronic illnesses.
Consider the following factors as you think on whether to purchase health insurance or not.
- You risk financial ruin if you don’t have coverage
Although you might look healthy today, if a traumatic event happens or you are affected with a chronic illness, you might be left with staggering medical bills. The high medical bills can affect or even ruin your credit history since you might have to file for personal bankruptcy.
- You might be required to pay a penalty
The deadline for having health insurance was 1, January 2017. Adults who didn’t sign up for health insurance by this date and can afford it are most likely to pay either a tax of $695 or 2.5 percent of their annual income.
- No access to Primary care and preventive care
According to the law, insurance providers are required to provide coverage for preventive care as well as annual checkups without a copay. Do you know what this means? You’ll be able to diagnose health problems early enough and treat them before they get into advanced stages. That way you can stay healthy throughout the year. Even if you’re a young adult, preventive care and checkups are important when it comes to staying healthy.
- You may have to wait to get Coverage
Probably you’re waiting until you get in the emergency room before you hop on that iPad to sign up for coverage. Well, it doesn’t work that way. Note that health insurance can be purchased during specific seasons when enrollment is open or within thirty days of events that seem life-altering such as change of job status divorce, marriage, or giving birth.