In America, healthcare costs continue to rise. While that may not have a profound effect on people who have insurance, it undoubtedly impacts those who remain uninsured due to skyrocketing premiums.
If you’re interested in researching affordable healthcare coverage for you or your family, click here, or read on for more information on the potential consequences of forgoing health insurance.
In 2009, Congress passed and President Barack Obama signed the Affordable Care Act (ACA). The ACA was put into place to ensure all Americans would have access to affordable health insurance plans. Initially, the government implemented a fine to motivate the uninsured to purchase healthcare coverage. While this financial penalty is no longer in place, the spirit of the Affordable Care Act lives on.
Despite government officials enacting a law that mandates all Americans to purchase some type of insurance coverage, there are still millions of citizens who opt out of health insurance. Some individuals don’t believe it’s necessary to maintain one’s health and wellness, while another percentage of Americans don’t think they can afford it, even with ACA plans available. If you don’t have coverage, violating the guidelines of the ACA and facing the consequences should be the least of your worries.
To understand the extent of the adverse effects you might experience if you choose not to insure your family, here are a few possibilities you should prepare should you decide to forgo health insurance. As you read these, keep in mind your health and your children’s health is a worthwhile investment.
Avoiding financial problems
As previously mentioned, healthcare costs are on a steady incline in the United States of America. Left unchecked by the government, prices will likely continue to increase, making healthcare a luxury for those who don’t currently have insurance.
Did you know hospital treatment for a broken leg could cost you as much as $8,000? A simple surgery with an overnight stay could run as high as tens of thousands of dollars. If you or a loved one were to be severely injured or be diagnosed with a life-altering illness, the costs could hit $100,000 at a minimum. Not many people can pull that kind of money out of their purse or wallet. If you fall into the overwhelming majority of Americans with less than $40,000 in savings, you risk jeopardizing your financial security if diagnosed with a chronic condition.
Though the injury itself may seem like the heaviest cross to bear, the real tragedy occurs when someone can’t afford to pay for treatment and must foreclose their home or declare bankruptcy in response. Broken bones heal, and patients make miraculous overnight recoveries, however, it may take years to regenerate depleted savings accounts. After a doctor discharges the patient from the hospital, they could have a mound of debt waiting and no way to manage it, meaning they’ll have to prioritize their financial picture over their physical recovery.
Hospitals are usually willing to work with patients through a payment plan. However, there aren’t many people who want to spend a lifetime making payments to a hospital. When you’re indebted to a hospital for several decades, what happens when the next accident or severe illness occurs?
If you can’t pay your hospital bill, Chapte r 7 Bankruptcy might be your only way out of debt. Of course, that would lead you to a bevy of other financial issues due to damaged credit. Remember, declaring bankruptcy is a high price for you to pay for opting out of insurance.
Not having easy access to preventative care
If you’ve purchased comprehensive healthcare insurance through a third party or you qualify through your employer, preventative care makes sense. Trips to your primary care physician don’t cost much more than a movie ticket, so why would anyone skip their yearly physical? Preventative care is the ideal way to prevent small health issues from spiraling into costly chronic health issues.
If you don’t have insurance, experts expect that you’re very unlikely to pursue preventative care, as there’s a good chance you won’t be willing to fork over $200 for a full checkup. While you may seem healthy based on your own assessment, a trained medical professional can spot underlying conditions and physical abnormalities. Sadly, you may run into problems down the road should you decide to ignore seemingly small issues (like growths, rashes, etc.) because you can’t afford treatment.
The solution to paying astronomical amounts of money for healthcare services is insurance. The truth is you can’t afford to live your daily life without coverage, especially if you participate in high-contact sports or operate a vehicle regularly. One serious accident or injury could wipe out your financial stability for a lifetime. Can you afford to take that risk?
Regardless of your financial situation, you can afford health insurance coverage under the Affordable Care Act. At its core, ACA offers subsidies to those individuals who can’t afford to pay full price for health insurance. At the very least, you and your family should be able to afford a high-deductible health plan (HDHP). After all, some coverage is better than none.
If you’re not sure about insurance costs, now is a good time to do some research. In a few minutes, you could locate a health insurance plan that accommodates your budget restrictions and protects your family against bankruptcy.