Healthcare is expensive with costs topping out at over $3.6 trillion in 2018, but so is health insurance. The thing is, healthcare costs you might never have to pay, but if you buy health insurance you will have to pay those premiums. If you are generally healthy, this may leave you asking yourself, “do I need health insurance?” You take a gamble by not buying health insurance before you need it. Is it worth it?
Let’s look at three factors to consider when deciding if you should get health insurance.
1. Are You Covered by Medicare?
If you are covered by Medicare, the next question you might have is “do I need health insurance if I have Medicare?” After all, you have your basic needs covered right? Maybe.
Medicare doesn’t cover everything. Plus, your treatment options may be limited and you will only be covered if you visit approved doctors or clinics.
So, even if you have Medicare, it’s still a good idea to have a supplemental health insurance plan. Check out local information to learn about the best options in your area.
2. Catastrophic Costs
The cost of health insurance might seem outrageous — until you have to go to the hospital without it. Emergency surgeries like appendicitis can cost thousands of dollars and let’s not even talk about the expense of even a one-night hospital stay.
If you’re young and healthy, paying health insurance premiums might feel ridiculously burdensome. After all, you rarely get sick and basically never go to the doctor.
But anyone can be injured in an accident at any time. Something as simple as missing a step on the stairs can cost you thousands of dollars to treat a broken ankle or arm.
3. Ways to Save on Premiums
However, that’s not to say that you have to buy the most expensive health insurance plan available. If you rarely need to see a doctor, there are various ways to save on your premiums.
For example, you can choose a high deductible plan that offers lower premiums in exchange for you paying a higher deductible if you need medical care. You can combine this with a Health Savings Account, which allows you to use tax-free money for health expenses.
Another option for young people is to stay on their parent’s health insurance. They can do so until the age of 26 even if they are married or don’t live with their parents.
Also, check with your employer as many companies offer several options for health benefits.
So, ask yourself, “what kind of health insurance do I need?” One of these options may provide a less expensive alternative that will work for you.
Still Wondering, “Do I Need Health Insurance?”
Even after considering these factors, the high cost of health insurance can still make you wonder, “do I need health insurance?” However, just imagine what it would be like to be horribly injured and afraid to go to the hospital because you won’t be able to afford care. Or imagine that you go to the hospital but are now saddled with thousands of dollars worth of medical bills and no way to pay them.