Do I Really Need Health Insurance?

For various reasons, many people nowadays choose to do without health insurance. This is especially common in young couples and individuals, who in addition to feeling very healthy, may not be that financially stable or well off. When there are many other expenses to juggle, something as intangible as health insurance can tend to take a back seat to other expenses. Many feel that, since they are healthy and never get sick, health insurance is going to be a waste of financial resources. However this reasoning is flawed. Health insurance is a necessity, not a luxury that you may consider purchasing if you have extra money. In fact, if you are struggling financially, you cannot afford to not have health insurance.

No one ever plans falling ill, or getting seriously injured in an accident. However, these things happen, and when they do, they can be extremely costly. Medical costs due to an accident such as a car crush or sports-related injury can easily skyrocket into thousands of dollars. You may also incur even more medical expenses if your injury requires additional treatment, physical therapy, or surgery. In addition, time spent recovering from your illness will be time where you will be unable to work. Without medical insurance, you may find yourself in a situation where you have thousands of dollars in liabilities and no income; quite a bind. If you have children or dependents, they will be forced to bear the burden of caring for you while you recover, with reduced or no family income.

If you are suddenly diagnosed with a serious illness, you may suddenly decide that medical insurance is a good thing to have. You will have missed your chance to get a good deal though. Insurance companies may factor in any medical conditions you have been diagnosed with, or even mere symptoms, in the computation of your insurance premiums. Your premiums will be significantly higher if you apply after you have been diagnosed, than if you apply while you are healthy and illness-free.

Perhaps the reason many people procrastinate health insurance is because getting sick or injured is not something we look forward to. It may be hard or unpleasant to imagine ourselves in such a situation, which may contribute to the reluctance to think of insurance. And yes, if you could somehow make sure that you will never require medical treatment in your life, you should forgot about health insurance. However, in the real world, if you want the peace of mind that comes with knowing you are covered, being insured is a must. In times of good health, it can provide peace of mind and security, and in times of trial and tribulation, it can provide much-needed relief and financial aid.