07/26/2024
Do I Really Need Health Insurance?
Insurance is indeed a fascinating and often paradoxical concept. It’s a product that people invest significant sums of money into, hoping they never have to use it. This applies to various types of insurance, including home, car, boat, and even pet insurance. The rationale is straightforward: while you might not anticipate disasters like house fires or car accidents, it's crucial to have a safety net in place.
When it comes to health insurance, the stakes are even higher. Many people perceive it as an unnecessary or overly expensive expense. However, unexpected illnesses or injuries are almost inevitable, and having insurance can be a critical safeguard.
The COVID-19 pandemic has underscored this reality, highlighting the unpredictable nature of health risks. It has shown us that health crises can emerge suddenly and have widespread, severe impacts, making the importance of health insurance more apparent than ever.
The cost of healthcare services – including visits to doctors, hospital stays, prescription medications, rehabilitation, and medical equipment – can be exorbitant. Without insurance, these expenses can lead to severe financial hardship. The American Journal of Public Health notes that medical debt is a significant factor in two-thirds of bankruptcy filings in the United States. Beyond the risk of financial ruin, lacking health insurance can pose serious risks to one’s overall well-being.
