Importance of Having Health Insurance

Having health insurance isn't just a responsible health decision; it's a safe financial decision as well. In addition to giving you access to the best medical care, health insurance can prevent you from incurring medical-related debt.

Discounted Charges

• Individuals with health insurance can take advantage of discounted medical plans negotiated by their health plans. Uninsured individuals, conversely, can pay the maximum for medical care and hospital charges, according to The Urban Institute.

Lower Medical Bills

• Insured individuals face lower medical bills than their uninsured counterparts. High medical bills can have a significant impact on finances. Money spent on necessities like housing and food might go toward medical bills instead.

Fewer Credit Problems

• Unpaid medical bills can have an impact on the uninsured's credit as well. Collection agencies will get involved to collect outstanding medical debt, which can negatively affect your credit score. In extreme cases, lack of health insurance and high medical bills may cause individuals to take out a second mortgage on their home or declare bankruptcy.