Yes, you do!
No one expects to get badly injured or really sick, but most of us will need medical care at some point in our lives. Most of the time it happens when we least expect it. There is no question that health insurance is costly, especially now with the challenges many of us are facing with the pandemic.
However, without insurance the costs of rehabilitation services, visits to physicians and hospitals (especially now during Covid-19), and the purchasing of prescription drugs are exorbitantly expensive for most of us.
Consider this, according to Centers for Medicare and Medicaid Services:
- Treatment for a broken leg can cost up to $7,500.
- A three-day hospital stay can average around $30,000.
You need health insurance to cover some, if not most, of such expenses. If not, you could face financial ruin. What most of us don’t realize is that those bills DO appear on your credit report and they can tank a good credit score!
In case you didn’t know: health care burdens are the leading cause of bankruptcy in our nation.
If you are young and thinking: “I am healthy, I never get sick.” That’s a mistake, too. No one is sick until they are and you can be the healthiest person on the planet and still have a medical emergency.
When an accident happens, and you break an arm and need to be rushed to a hospital, you’ll be fully responsible for those charges – if you don’t have health insurance.
Health insurance should be viewed just like car insurance – if you get into an accident or if your car is stolen, your insurance will help you cover the damage or loss. Health insurance is like car insurance but your body is the vehicle. Besides, who wants to pay a $30k hospital bill on their own?!
Keep in mind, there are a lot of health insurance policies out there. Plans with a low-deductible with higher premiums or higher-deductible options with more out of pocket responsibility.
Do your research carefully. Don’t buy something online without speaking to an insurance professional who can explain what you’re getting or checking out the link to make sure it’s not a scam. If it sounds too good to be true, you know what they say, it probably is.
Here’s one last thought: with Covid-19 here to stay with us for at least the near future, you never know what will happen next, so get health insurance and be prepared for the unexpected.