Why Buy Health Insurance?

Health insurance is one of those things that everybody needs, but most people think that they either cannot afford it or that they simply do not need it. Recent reports suggest otherwise…

The real question would be – could you afford not to buy health insurance? Studies report that at over 22,000 Americans (aged between 25 and 64) died due to lack of health insurance in 2006. People without health insurance are more likely to skip check-ups, screenings and other preventative care – increasing their chances of dying from chronic illnesses by 25%.

Would you really want to become a statistic? Do you think it is worth it to wait until you are really sick before you go to the doctor instead of going regularly and keeping yourself safe? The benefits of health insurance – for yourself, for your family – far outweigh the costs.

There are also many people who say that government sponsored health care programs can take care of the basic needs – that is… if anyone has seen what it is like when you go to the hospital, they would quickly change their minds. Long queues and inadequate care can lose you more working hours than simply paying a scheme and going to somewhere that you know that you will get excellent service.

The simple fact of the matter is that without health insurance, getting health care is next to impossible. Very few, if any, doctors will consent to see you if you are with health insurance and landing up in hospital will see either your life or your finances crumble. It’s a well known fact that many hospitals will just ignore you if you are without health insurance.

Then there is the other side of not being insured. If the hospital does accept you, you can be sure that unless you are very wealthy, the costs could be crippling. An example is an uninsured woman who had chest pains and was diagnosed by the hospital with having a heart attack. Her bills ended up so large, that she was forced to declare bankruptcy. A few months later, when she experienced the same pains in her chest, the memory of the bill was enough to dissuade her form going to the hospital – she died of a heart attack.

Health insurance is not only about expenses though. There are a wide variety of tax benefits to health insurance. For example, you could open a Health Savings Account – the money in which is not taxable unless the money is not used for medical expenses. In this way, you are saving money if anything is needed for medical treatment and you are saving on tax.

There are a few provisions, such as being registered with a health insurer and having a minimum deductible amount of $1015-00 a year on your scheme, but it is the opportunity to be able to grow money tax free and thus be more resistant to medical care price increases in the future that makes this option very attractive.

The bottom line is – are you willing to sacrifice piece of mind and your health for the cost of a monthly premium that could help you live longer and enjoy more time with your family. Do not think that you are exempt – like many things in life, you only realize you need health insurance when something goes wrong. By that time… it will be too late.

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