Health insurance is, in no way, cheap. As a matter of fact, in the last few years, premiums have increased slightly every year. Those who are in good health and don’t have anyone depending on them, such as a spouse or kids, may be tempted to forgo the cost of getting health insurance.
However, not opting for health insurance can cost you a lot more in the long run as compared to the cost of paying monthly premiums. If you don’t have health insurance, it is highly likely that you would have to pay for all the costs, if you get injured or sick. The more you understand health insurance and realize what it can and cannot do for you, the easier it will be to realize why it might be worth it.
What does it cover?
Whether you are chronically ill or relatively healthy, you can enjoy financial protection through health insurance for routine as well as any unexpected healthcare needs. A couple of benefits to note are:
- Preventive health services are typically covered under health insurance for keeping you healthy and screening for potential health issues that may lead to problems in the future.
- Some other essential health benefits are also covered under health insurance, which include maternity care, prescription drugs and emergency services.
- You can stay safe from high medical costs thanks to health insurance, whether they are expected or out of the blue, and this is done through coinsurance or copayments.
If you decide to skip health insurance, you may have to deal with these costs on your own and a penalty may also be imposed. Nonetheless, it should also be noted that the coverage you receive also depends on the kind of health insurance plans you get. For instance, there are plenty of health insurance plans in Utah and some may cover dental care and vision needs while others don’t. Similarly, some other services may not be covered because they are not deemed as medically necessary, such as infertility treatment, acupuncture, weight-loss surgery, long-term care and cosmetic surgery.
Cost of health insurance
You should know that the cost of health insurance can vary as per location and age. Different companies offer different kinds of coverage, according to area and the rate also varies. Likewise, the cost also differs if more people, such as spouse or kids, are added to the policy. Furthermore, it can also depend on the type of plan you choose. A penalty may also be charged and it has to be paid when you file your tax return.
Should you get health insurance? The monthly premiums you have to pay may be high, especially when you don’t visit the doctor that often. However, not opting for it due to the cost is a gamble and you end up on the losing side if you get seriously ill or injured. Health insurance provides financial protection, which brings peace of mind because you know that you will be able to get affordable healthcare when needed.