Many people feel they can forego health insurance if they are healthy or don’t have a condition for which they regularly see a doctor. But this is a mistake, as accidents can happen to anyone, of any age, at any time. It could be argued, in fact, that the most important reason to have health insurance is in case of a catastrophic accident or illness, either of which could lead to burdensome medical expenses.
Consider that the average cost for a hospital stay in 2010 was $9,700, according to the Agency for Healthcare Research and Quality. Keep in mind that this is an average—a long hospital stay could cost tens of thousands or more. Healthcare.gov reports that the average cost of a three-day hospital stay is $30,000, and that fixing a broken leg can cost up to $7,500. These kinds of medical bills can and do lead people into hot water financially, even into medical bankruptcy, in some cases. This is why it’s so important to carry health insurance.
Regular Checkups Keep You Healthier
Beyond catastrophic coverage alone, it’s also important to have regular physical health exams and check-ups. Uninsured people receive less medical care than insured people, and their care tends to be less timely, leading to worse health outcomes, according to the Urban Institute. Lack of health insurance is therefore frequently a financial burden for uninsured individuals and their families.
Financial Assistance Is Now Available
The good news is that, as of 2014, financial assistance to help cover the cost of health insurance is available with the implementation of the health insurance marketplace under the Affordable Care Act (ACA). Individuals with incomes of $45,960 or less, or a family of four with an income of $94,200 or less, may qualify for subsidies or tax breaks to help pay for coverage. Whether a person or family qualifies for financial assistance depends on income, not employment status.
To learn more about whether you may qualify for financial assistance, and for help enrolling in a plan through Covered California, the state’s health insurance exchange, call the exchange-certified agents at Benefit Packages. We’ll help you find a plan that fits your needs and budget.