The Affordable Care Act has mandated that most Americans purchase health insurance, but there are some people, especially those who are healthy and young, who question why they need to get coverage at all. Similar to auto insurance, you pay for health insurance as it is also a service, but you also hope that you would never need it. It is there for the unexpected, unpredictable and fundamentally uncontrollable that can spring up in people’s lives. There are many people who want and also value health insurance, but they may not be able to afford it or they are shut out because they already suffer from medical conditions.
But, if you are one of those who are wondering why you need to get health insurance, you should know that there can be a lot of problems without it. Some of these problems include:
- You may have to pay a penalty
According to the Affordable Care Act, most people who can afford to get health insurance should apply for it or they would have to bear a tax penalty for not doing so, which is quite substantial.
- You will risk financial ruin
Even if you are currently healthy, it is difficult to predict the sudden onset of a serious illness, such as diabetes, cancer or appendicitis. Likewise, a traumatic event like a car crash or ski accident, can leave you with massive medical bills. One of the most common reasons that people file for bankruptcy is due to their inability of paying high medical bills. It can ruin your credit history and will set you back for a very long time.
- You will not have access to primary and preventative care
As per the law, the health insurance you get will cover preventative care and annual checkups, which include colonoscopies, vaccinations and prostate cancer screenings without any copay. This means that it is more likely that health problems will be spotted early on, when they are less expensive and easier to treat. Also, you will also stay quite healthy. Apart from that, the health insurance policies also have to provide essential health benefits at the minimum, which are spread out in 10 categories. These include ambulatory (outpatient) care services, preventive and wellness services, maternity and newborn care, hospitalization, emergency care, prescription drugs, substance abuse disorder and mental health services, rehabilitative and habilitative services and pediatric care.
This kind of health insurance coverage can benefit even young and healthy people. This is due to the fact that even young adults require checkups, preventive care and chronic disease management.
- You may have trouble in getting follow-up care
The emergency departments in hospitals traditionally provide care for patients with urgent health issues, such as head injuries or broken bones, regardless of whether they will be able to pay or not. But, when you require follow-up care, it will require considerable coverage.
Therefore, it is a good idea to invest in a health insurance plan as it can ensure that you will have your expenses covered, when needed.