Importance of Health Insurance
Why you need health insurance
Health insurance is important for three key reasons: It helps protect you from the financial burden of an unexpected medical bill, it provides preventive care to help keep you healthy, and it's required by law. Let's take a closer look:
- It helps protect you financially
It’s easy to say, "I'm healthy and don’t need health insurance." Easy, that is, until you accidentally fall, break your leg, and need a trip to the emergency room and surgery. Your bill could total $25,000 or more. Without insurance, that's your responsibility. With insurance, however, your portion of the bill will be significantly less.
- It helps keep you healthy
Thanks to covered preventive care — regular check-ups like physicals, mammograms and health screenings — you can identify and treat small problems before they become big health issues. These routine visits also help you develop a relationship with a personal doctor who's familiar with your medical history.
- It's the law
The Affordable Care Act (ACA) mandates financial penalties on uninsured Americans. The fine is money wasted, money that could be used on premiums, protecting you and your family.
Confidence for the "what ifs"
People often make health care plan decisions based on what's happened in the past. But tomorrow is a new day. Preventive care may keep you healthier, but what if an annual screening turns up something unusual? What if you feel fine today but you don't tomorrow? What if…?
When considering a plan from Wellmark, make sure you're comfortable with how much you pay out-of-pocket for health care costs if the "what if" happens. And should it happen, Wellmark’s plans will give you the confidence to know you can access the health care you need, when and where you need it.
Per the American Journal of Medicine, 60% of all bankruptcies are caused by unexpected medical bills. A dollar sign is shown with 60% of the symbol shaded darker than the rest to support the statistic.
Decreasing your financial risk
Choosing the right health insurance plan is a good way to help protect your financial health. Without coverage, you face Affordable Care Act fines and some risky odds: unexpected, uncovered medical expenses cause 60 percent of all bankruptcies.
But even with coverage, you could be wasting money if you have a plan that may not be appropriate for your needs. For example: A young, healthy person who rarely visits the doctor could spend more than necessary on high monthly premiums when a plan with a higher deductible and lower monthly premium could keep more money in his or her pocket.
Making smart decisions about your health insurance can help you avoid these unnecessary financial hardships.