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What Happens If You Do Not Have Health Insurance?

Posted by on April 22, 2020 in Investing and Insurance, Loans and Frugal Living with 0 Comments

We all are prone to fall sick, and when we do not feel well, we rush towards the hospital. If you have been to any hospital in the United States, they will ask about any health insurance unless you are there temporarily. Other than the emergency department, for your routine follow up, you will always hear the question. Most of us might not think about having health insurance, but it can cover our medical, surgical, and even dental expenses sometimes. Health insurance is usually part of the employee benefits provided by the employer. It is essential to have yourself insured under the affordable care act to have reduced medical expenses in the future.

As per a study of 2018, there were around 27.5 million people who were not availing health insurance benefits. Medical examination and costs are a bit high; only those who can afford high prices avoid getting any insurance. You must wonder why it is necessary to have health coverage, and what can happen if you do not have one? Thinking hypothetically, you have recently bought a new house and sponsored other expenses, which has put a constraint o your budget. A family member of yours falls ill, and you are uninsured. If the situation is not an emergency like a cardiac arrest or pregnancy, chances are you will either have to pay an amount exceeding your budget, and you might not even get to see a doctor. We do understand that insurance packages are not cheap, and many of us will consider letting it go.

It feels nice to see superheroes in movies saving lives of others and helping in everyone, but in reality, we need to keep a stand by life protector plan in the form of health coverage or a separate budget. If you have already made up your mind about not enrolling in any health coverage policy, let us have a look at what will happen if you do not register yourself and your family in health insurance programs.

1. On the edge of bankruptcy

If you do not have any health insurance registration, frequent visits under emergencies will leave you bankrupt, and medical debt. We all are entrapped in busy routines and junk food habits that it is almost impossible to avoid visits to hospitals. You might get a doctor’s attention in the emergency department as they are bound by federal law to assist. If you are advised to get hospitalized, then get ready to pay for your medical charges, room fare, and other services. For once or twice, you might survive these financial burdens without any insurance, but if it continues, you might need to work 24 hours to equalize the finances.

2. Unemployment/ retirement

Although your employer might be covering for your medical expenses by shouldering the total costs or half of it, have you ever thought, what will happen if you lose your job or get retired,  and you fall sick? You might answer, you have the savings to survive. Your savings will help you to sustain your basic daily needs. A single visit to the hospital without health insurance might wipe out your savings in a few hours. At this stage, you might wish if you were an insured citizen.

3. High expenses in other places

Are you one of those people who have to travel extensively for their work? When we are moving to different places, the food we eat can affect our immune system, and we might get sick. Every city and state has different medical billing protocols; having health insurance may give you the edge of being treated for common diseases at affordable charges.

4. No preventive care or early intervention

When you do not have registered health insurance, you avoid unnecessary visits to the hospital for minor issues, to save money. These small issues, if not treated and diagnosed early, can even lead to severe and chronic diseases. In such scenarios, you are more likely to pay the bills on your own instead of insurance companies coming to your financial rescue.

5. High costs

Having no health insurance at hand may let you pay an extremely high cost, be it a bone fracture, maternity, or any surgery. If you manage to bear the expenses of your treatment, you still will not be able to afford your medicines.

Conclusion

A health policy can be beneficial in crucial times, such as major surgery, a life or death situation. The Affordable care act ensures every person to have at least minimal coverage. Health policies are not cheap either, but if you avail one, it will help you save much of your expenses that will be lost if you are uninsured. We all think about the pros and cons. If something terrible happens, unless you are too costly to afford high medical expenses, you can survive without any insurance. Any state or country ensures that every citizen gets full exposure to fundamental human rights. Health is one of them, and that is why health insurance policies are there to facilitate people.

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