What are the Consequences of not having a Health Insurance Policy?

Hand turning the Health Insurance Option portraying the risk

According to research, 66% of uninsured people suffer from chronic illnesses. The irony being no medical professional is obligated to treat these chronic illnesses. The definition of chronic illness is different in different locations and the severity further complicated the process of defining accountability. Despite the obvious consequences, a lot of people choose to go uninsured in life. But, it is not as easy as not taking a college exam. The ramifications can be far-fetched and affect the emotional and financial stability of the entire family.

Why you must Invest in Health Insurance?

The cost of health insurance is rising: a 2015 report by a prominent Foundation found that premiums increased 3 percent on average in 2015—which, while it isn't particularly high, is a significant increase from pre-Obamacare rates. However, as more people obtain health insurance coverage, there are fewer people with health care costs burdening the system. This brings costs down for everyone in the long run and makes it easier to afford coverage. In fact, according to the latest numbers, over 85 percent of those who buy their own health insurance receive subsidies to help them pay for it. Medical debt is increasingly contributing to bankruptcies. Having health insurance post-pandemic saves you from sudden health bills that can affect your financial standing.

Can I be penalized for not being Covered by a Health insurance Policy?

If you don’t get health insurance coverage, the consequences can be serious. The Affordable Care Act requires universal health insurance. If you aren’t insured, you may have to pay a fee when you file your 2016 federal income tax return. The penalty can be as low as $800 for an uninsured adult and $400 for an uninsured dependent kid. The combined penalty for a family of 4 members can exceed $2000 every year, a lot more than a comprehensive health insurance price.

Benefits of Having a Health Insurance Policy cover

It's easy to take your health insurance for granted, but if you don't have any, you could be in big trouble. If you don't have health insurance and become seriously ill or injured, you could lose everything. 

Financial stability

Lacking insurance means that a minor illness can quickly turn into a financial catastrophe. A trip to the emergency room without insurance can cost as much as $3,000, and a week in a hospital can cost more than $50,000. If you're lucky enough to be insured when an accident happens, your hospital costs may be covered by your plan. Otherwise, you'll pay for everything out of pocket.

Coverage at all times

When you're shopping on a budget, health insurance can be hard to find. But when you have health insurance, you don't have to worry about being denied coverage because you are sick or injured. These are called "pre-existing conditions." And if you're covered by your employer's health plan, the premiums tend to be lower than if you were buying coverage on your own. If you have a high deductible plan and some regular medical expenses, the cost of insurance may be less than what you pay for Medicare or Medicaid. You won't have to pay for any health care costs until your deductibles are met. It's important to remember that health insurance is not a free ride—you still need to pay for it even though you won't need it every year (it has a "guaranteed issue" policy).

Protects your family

Insurance is important for a lot of reasons, but especially if you're the parent of a sick child. Whether your child has a specific condition, or even more common childhood diseases like strep throat, a daycare center can often be the first place that you'll need to take your child. When that happens, it's important to make sure that he or she is covered by health insurance. The same applies if he or she attends school regularly—when your kid goes to school, it's very likely that they'll need to see a doctor or receive other medical care. While the health insurance industry could never be accused of being in favor of people who are sick, parents should consider buying additional insurance coverage for their children as well. There are lots of different plans available, and most will cover children under the age of 19.

If you don’t have health insurance now, you must get it before the end of the year or pay a fee. Get My Policy offers quotes from renowned insurance agencies at affordable rates. You can also enjoy early-bird discounts on your first purchase. Try now to find out!

 


By Author: Kate Smith | 18 May 2022
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