Figuring out your healthcare can be overwhelming. Not only can it be a struggle to discover exactly what kind of coverage you need, but the costs associated with healthcare can be very intimidating. Some might even think that it would be simpler to not have health insurance at all—especially for those who are young, healthy, and don’t anticipate any major medical expenses.
But such thinking can be devastatingly short-sighted. There are a number of consequences you may face as a result of not having health insurance. Here are the most significant.
When it was first passed, the ACA imposed a mandate penalty on anyone who could afford health insurance but opted out of it. While this federal tax has since been eliminated, some states still have fees as part of their state taxes. If you live in one of these states and decide not to get covered, you could face the consequence of paying more in taxes.
The reason most people get any kind of insurance coverage, be it auto, home, or medical, is to avoid extreme financial hardships if an unexpected emergency occurs. When it comes to your health, the stakes couldn’t be higher. While you may certainly not expect to have any significant medical costs, life can often throw you a curve ball.
You could find yourself suddenly suffering from a mysterious ailment that requires extensive tests to diagnose, or suffer an injury that requires a trip to the emergency room. In these cases, the hospital bills can very quickly soar to exorbitant heights. It could end up wiping out all your savings in just a few bills. Health insurance, even when it may seem costly, can help you avoid this kind of financial ruin.
What can be most dangerous about not having health insurance is that you are putting you most precious resource on the line: your health. Not having health insurance may cause you to forgo important doctor visits or skip important examinations. Those feeling ill but lacking health insurance may wait to see if situations “get better” on their own, but this could waste critical time if you end up facing a more serious condition.
One of the best ways to beat serious health concerns is to catch them early. Without health insurance you may take away your greatest asset in a battle against an urgent health condition: time.