In today’s world, the importance of health insurance cannot be overstated.  Yet there are still millions of Americans that have no insurance.  The Kaiser Family Foundation estimates the uninsured rate is between 8.4%-8.5% for the US population in 2024.  This percentage equates to 27-28 million uninsured individuals.  Whether this is due to the cost of premiums, job instability, or a belief in personal invincibility, there are serious risks to choosing to forego health insurance, not just to you personally, but to your parents or loved ones as well.  The financial, medical, and emotional consequences of being uninsured can be severe and life-altering.  As a parent myself, I know that I would spend whatever I had to save my child from death in the event of a motor vehicle accident or catastrophic illness, regardless of their age.  This set of circumstances could possibly bankrupt a parent or loved one and deplete any retirement savings they had.

Medical Debt:  A Leading Cause of Bankruptcy

Medical debt is one of the leading causes of personal bankruptcy in the United States.  Bankruptcy can damage your credit score and will be reflected on your credit report for 10 years in addition to a possible loss of assets, impact on your job prospects and security clearances, ability to rent a house/apartment just to name a few negative consequences of such an event.

Whether it’s a minor accident or unexpected illness, you can quickly accumulate thousands of dollars in hospital bills.  A broken arm can cost upwards of $2,500 while a cancer diagnosis could cost $10,000 to $200,000 in the first year depending on the type of cancer and stage of the cancer.

Delayed or Avoided Care

Without insurance, people are much more likely to avoid preventative care, delay seeing a doctor, or avoid filling prescriptions.  This can lead to the progression of chronic conditions like diabetes, hypertension, or heart disease, which will lead to much more costly conditions like stroke, heart attacks, kidney damage and cancer to name a few.  Routine screenings, vaccinations, and check ups are covered as preventative care for those with insurance, but these services are considered a luxury for the uninsured.

Limited Access to Quality Care

Uninsured individuals may be turned away by providers that don’t accept uninsured patients.  In rural areas, this may mean traveling long distances or long wait times for basic care.  Additionally, uninsured patients may be charged significantly higher rates than an insurance company would pay because they are not charged based upon a negotiated contract.

Emotional Toll

The stress of navigating health care without insurance can take a toll on mental health.  The fear of getting sick, the anxiety of mounting bills, and the uncertainty of finding affordable care can be overwhelming.  This chronic stress can contribute to anxiety, depression, and other mental health challenges.

A Risk Not Worth Taking

Insurance is not purchased for what we know is going to happen to us or our loved ones, it’s purchased for what we don’t know.  It brings peace of mind to the insured as well as their family and friends.

If you know of someone who is uninsured, take the time to have a conversation with them and help them understand the risks they are taking and possibly the risk they are exposing you to.  For those who qualify, government-subsidized plans and employer-sponsored options can offer an affordable path to coverage.  Subsidies may be more than you think and you may be able to enroll right away.  Investing in health insurance is not just a financial decision you make for yourself, but it protests your parents and friends as well.

Call our office today to learn more about individual plans and subsidies, employer sponsored group benefit plans and Medicare.