Benefits Of Having Health Insurance

With the cost of health insurance rising annually, you may reach a point where you must decide if the premiums are worth the cost. Health insurance offers access to medical care that may be unaffordable without it. An unexpected injury could lead to substantial medical bills that could potentially lead to bankruptcy. Health insurance has many benefits and is worth having for when you need it.

Financial Hardship Protection

Health insurance plans protect the participant from financial hardship by providing caps on the amount of out-of-pocket charges. Without health insurance, patients are responsible for 100 percent of the cost involved with their medical care. With serious illnesses, these costs could quickly reach the $1-million range. The "American Journal of Medicine" found that nearly two thirds of all bankruptcies are linked to illness.

Preventive Medicine

Patients with health insurance are more likely to visit their doctor regularly. These patients are also more likely to obtain routine exams that may lead to early detection and treatment of common ailments, including high cholesterol and high blood pressure. Early detection allows for a more cost effective treatment option. An article published in "USA Today" highlights the decline in preventive medicine during times of economic hardship. As a result, health care professionals are seeing medical conditions detected at more advanced stages.

Lower Mortality Rates

Research published in "Health Affairs" states, "lacking health insurance was associated with substantially higher adjusted mortality among adults who were white; had low incomes; or had diabetes, hypertension, or heart disease." This speculates that patients with adequate health insurance are more likely to have increased life expectancies due to improved access to care for chronic diseases.

Lower Cost for Medical Care

Health insurance plans often negotiate rates with physicians and health care facilities to keep costs down. By participating in a health insurance plan, you have access to these reduced rates and the opportunity to keep your personal health costs down. This negotiated rate benefit can save thousands over time, particularly if complicated procedures or medical conditions are present. The "New York Times" found that this benefit is so substantial, online resources are becoming available to help uninsured consumers look for the best out-of-pocket costs to compare them with insurance.

Prescription Drug Benefit

The cost of prescription drugs can range from minimal to unaffordable considering the number of ailments you suffer from. Without a prescription drug plan, you must endure the full cost of the prescribed drug. This could lead to non-compliance with medical treatment if prescription costs are out of reach or even bankruptcy. Medicare acknowledged the benefit of prescription drug plans in 2006 by initiating Medicare Part D, a prescription drug plan available to participants. Enrollment in Part D is voluntary, but offers beneficiaries cost savings on medications.