The Consequences of Being Fine for Not Having Health Insurance
Do you think you don’t need health insurance? Some individuals might feel they’ll be fine without it. But one cannot predict the future and assume that their health won’t suffer any setbacks. Not having health insurance can lead to a wide range of consequences, which can negatively affect your finances and your overall well-being.
Financial Instability
If you think that healthcare is expensive, try paying for a hospital stay out of your pocket. If you have insurance, your medical bills get covered by your health insurer. However, if you don’t have insurance, you’ll have to bear all the medical costs yourself, and that can be quite a significant hit on your finances. Not to mention, the prices of healthcare services in the United States are the highest in the world. And this makes uninsured people more vulnerable, as they are likely to get charged more for their treatment.
Delayed and Limited Healthcare Access
While there may be a few people who can afford to pay for their healthcare bills, others might have to delay their treatments due to a lack of finances. They may have to opt for home remedies or over-the-counter medications instead of professional medical advice. This delay in treatment can then lead to worsening of the condition, which could have been easily avoided if they had access to healthcare.
Legal Ramifications
Did you know that the Affordable Care Act (ACA) mandates that all Americans should have health insurance? If you don’t have health insurance, you will have to pay a penalty known as the “individual shared responsibility payment.” For 2021, this penalty is 2.5% of your household income or $695 per adult and $347.50 per child, with a maximum penalty of $2,085. The only exemptions include religious objections, incarceration, or financial hardship.
Employment and Health Insurance
Many employers who offer health insurance as a benefit may also have a stipulation that all employees should have health insurance. If you don’t have health insurance, these employers will not offer you the benefit, which could affect your employment opportunities. Moreover, employers are not required to offer health insurance to part-time or contract employees. So, if you’re not a full-time employee, you’ll need to get an individual health insurance policy.
The Final Word
While we all know that health insurance can be costly, not having it can be more expensive. Not only can it affect your finances, but it can also limit your access to timely and appropriate healthcare. Ensure that you have adequate health insurance coverage to protect yourself from catastrophic medical expenses. Whether you obtain healthcare through an employer, exchange, public plan, or privately, it’s important to have access to good healthcare and, more importantly, have a safety net to fall back on.
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