People who don’t like to gamble and think it is stupid, gamble every single day with the biggest debt they may ever owe. But then again people are not the most logical creatures.
Some would no more consider wasting money on lottery tickets because the odds of winning are so low but they gamble by not having health insurance because they feel the odds are so low about getting sick. It is a crazy gamble to make.
Not having health insurance is the riskiest gamble you can make with your financial health. All it takes is one unexpected event or accident and you can wind up hundreds of thousands of dollars in debt.
Not having insurance has other implications as well. Folks who don’t have any coverage wind up paying the full price for medical office visits, medications and procedures. As counterintuitive as it may sound, people who don’t have insurance pay the highest fee for the same procedure as someone who pays the lowest rate does. The only difference is the lower rate is reserved for someone who does have insurance.
But here is a key point people miss all the time. Your insurance may not pay for the service due to a high deductible for a low cost policy but just having the policy gets you the lower negotiated rates with doctors and hospitals who participate with your insurance company.
Like it or not, the Affordable Care Act is rolling out. If you put your political objections aside and look at the benefits for people you will find some new good alternatives are available for people to lower the cost of their health insurance.
Take me for example. Going through HealthCare.gov my wife and I were able to lower our health insurance payments by $100 a month and save $1,200 a year. The new policy is not only cheaper but also lowers our deductible from $5,000 a year to $500 a year and covers up to 80%, from 60%, of covered items.
If you don’t have health insurance now I urge you to visit HealthCare.gov and just check to see how much a policy will be to protect you, even from just catastrophic medical expenses. And remember, just having a major health insurance policy gets you lower rates with most doctors and emergency rooms.
Stop gambling with the biggest bills you may ever get and get health insurance.