Why Health Insurance Isn’t A Waste Of Money

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Health insurance; it’s just another wasted expense, right? The way the majority of Americans put it, you would think it to be the case. After all, large quantities of people pay for it year in, year out and don’t make a claim. That’s thousands of dollars every twelve months for a backup plan. No wonder so many US citizens don’t have coverage.

But, because it is expensive and doesn’t always pay out doesn’t mean it’s arbitrary. In fact, health insurance is one of the most important purchases any adult can have in the United States. Why? Why don’t you take a look at the following to find out more?

The Health Service Isn’t Free

Unlike many countries in Europe, the US doesn’t have a national, regulated health service. Sure, the NHS may not be a shining example of public health care, but at least it exists. As such, people in Britain, as long as they are citizens, can walk into any hospital in the country and get treatment free of charge. Americans don’t have this luxury as average people don’t have enough money to afford healthcare. Therefore, an insurance policy is essential to cover any and all ailments which you may have now and in the future. Over the course of a year, it’s better to pay in monthly installments than to pay a lump sum upfront. Even if you are rich and healthy, it’s a risk that isn’t worth taking.

Medical Emergencies Can Bankrupt You

The reason everyone has health insurance, including the rich, is because of the cost of treatment. A general consultation can cost upward of $100 depending on the length and seriousness of the visit. So, medical procedures can exceed thousands, if not hundreds of thousands of dollars. Now, you don’t have this money lying around the house stuffed under a mattress, because, well you’re not an investment banker. And, even if you did, you would rather someone else pick up the tab. The great news is that insurance companies pay the bill on your behalf. All you have to do is keep up with the policy payments and they will always have your back. As an American, it’s nice to know a medical emergency won’t impact your finances as well as your health.

It’s Mandatory For Obamacare

President Trump may be trying to dismantle everything Obama did, but he hasn’t succeeded yet. Until such point the Republicans repeal and replace the Affordable Care Act, it will stand strong. Designed to help people who couldn’t afford healthcare, Obamacare subsidizes treatment for the poor. However, there is one caveat which everyone should understand: an insurance policy is mandatory. Without one, you will face fines and the cost of looking after your health will rise. Don’t worry because the system is designed to cut insurance expenses, so there should be a policy for everyone. A tip to remember is that health shares and health insurance are not the same things. As a rule, look for a premium that is affordable but that also provides comprehensive coverage. Consumers Advocate is full of reviews and information regarding health insurance making it a fantastic resource to use for research.

It Covers Malpractice

The idea that doctors and nurses are infallible is wrong. Like everyone else, they make mistakes and their mistakes are heightened because your health is at risk. No one wants to sue, but sometimes it’s the only option when the medical professionals were negligent. Of course, you don’t need insurance to sue anyone, including doctors and nurses. But, a comprehensive insurance policy makes a medical malpractice lawyer more affordable. As long as it is included in the terms and conditions, the agreement will cover the costs of an attorney. Considering a quality lawyer is expensive, it is a savvy move to include the clause in an insurance policy. Also, your medical malpractice coverage will help should the person in question not have insurance. It’s unlikely, but it’s a nice backup plan nonetheless.

The Price Is Flexible

There is no doubt that the main reason people don’t have coverage is the high cost. However, something most Americans don’t realize is that the price is flexible if you are smart. It’s worth noting insurance companies don’t accept payment plans and want their money as soon as possible. Still, it’s possible to structure the policy so that the cost is low and doesn’t break the bank. For example, a high deductible is an option. The way it works is that you pay until you hit the deductible, and the insurance company pays the rest. This is just one method, but there are dozens more.

Although it seems like a waste, health insurance is essential.

 

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