When it comes to medical costs, no one wants to pay more than they need to. Whether it’s a planned procedure or an unexpected surgery, healthcare is very pricey, and you want to do whatever you can to prepare for and minimize its costs for you and your family. Having health insurance can be a big help in doing just that.
When you have health insurance, you pay a monthly amount (called a “premium”) to the insurance provider, and in return you receive a whole host of benefits and coverage for your healthcare costs. For example, you’ll usually only pay a set amount called a “copay” for doctor appointments (and a slightly higher copay for specialist visits). So if your copay for regular doctor visits is $50, you pay $50 for a visit even if that doctor actually charges $250 for the visit.
Deductibles & Out-of-Pocket Maximums
Most insurance plans also have what is called a “deductible,” which (in the context of health insurance) refers to the amount of money you have to pay out of pocket before your insurance coverage kicks in for non-copay situations. So, for example, if your deductible is $500 and you have a $2000 surgery, you’ll pay outright for the first $500 of that procedure but have part of the remaining $1500 covered by insurance. The percentage of coverage at that point simply depends upon your specific insurance plan.
There is also a limit to how much money you can be charged in any given year for healthcare overall (including after your deductible is met). This limit is called your “out-of-pocket maximum.” This is a great benefit of having medical insurance because you can know with confidence that you won’t end up with an exorbitant amount of debt becuase of a catastrophic event.
Prescriptions are more affordable with insurance, too. Even some common prescriptions can be hundreds of dollars for each refill, so over just one year the cost can really add up. Having insurance, then, is especially important for those with chronic illness or who need to take expensive medication for a long period of time.
Peace of Mind
Finally, in addition to its financial benefits, having health insurance affords you peace of mind. Worrying about what might happen and whether you’ll have enough to cover it can put a lot of stress on you, and having health insurance will give you a sense of security that you’ll be able to better handle whatever comes your way.
Getting the Help You Need
Even considering all of these benefits, you might protest that insurance still seems too expensive to be worth it. But keep in mind that there are federal and other kinds of financial help offered to individuals who qualify; websites such as obamacareplans.com can help you get informed about how to save money on your insurance.
Getting health insurance is a wise decision for almost everyone. You never know what might come up, and it’s usually better to lean on the side of caution with something as expensive as healthcare.