Health care insurance companies provide individuals or groups with insurance coverage in which they agree to insure you in return for payment of premiums. Individual health insurance plans can be more difficult to obtain because the insurance companies carefully review individual applications, whereas group insurance policies can often qualify you even with a pre-existing condition. Having health insurance provides many advantages.
Saves Money
Paying for medical services and procedures without any type of health insurance can add up. Having no health insurance can cost more than having insurance, according to CNNMoney.com. For instance, medical bills from a minor accident can deplete your savings, and a major illness can push someone into bankruptcy due to thousands of dollars accrued in medical bills. Health care providers and facilities may require upfront payment in full before providing services to uninsured individuals.
Improves Health
According to a 2007 Urban Institute article, health insurance is important because it improves overall health. The author states that uninsured people are far sicker and more apt to die prematurely than those who have health insurance. Having health insurance is also associated with better health outcomes. Uninsured adults get fewer preventative and screening services, and are more likely to be diagnosed with an illness or condition at a later stage.
Access to Physicians and Services
Belonging to a group or individual health insurance plan provides you with access to physicians, specialists and facilities. If you do not have health insurance and are self-paying for medical services, a doctor or hospital may refuse to see you because of the concern that they will not be paid. Health insurance plans have a list of in-network health providers and facilities that are less expensive, although many plans allow you to use out-of-network health providers and facilities at a higher cost to you.
Employer Pays for a Portion
If you work for an employer that offers group health insurance, your employer may pay a portion of your premiums that will help lower your health insurance cost. CNNMoney.com states that it is almost always more beneficial to you, the employee, to obtain health insurance through your employer because it will cost less than trying to get it on your own.
Keeping Insurance
If you lose your job and are covered by a group health insurance plan through your employer, you may qualify for COBRA which allows you to keep your current insurance for up to 18 months.
Less Stress
Being covered by a health insurance plan is less stressful than not having health insurance. If an illness or complication from a health condition arises, you know that you have access to health care providers and facilities where you will be treated immediately to avoid further complications.
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