What’s the true Cost of Not Buying Health Insurance….
In June of 2012, the Supreme Court decided the “Individual Mandate” requiring Americans to buy health insurance was constitutional. I’m frequently asked, “What’s cheaper, paying the Cost of Not Buying Health Insurance or buying insurance?”
The real reasons people by health insurance
- Responsible people have been buying health insurance long before any federal law. We have been in business over 20 years and we’ve never told someone they need to buy it “or-else.” Responsible people will continue to be responsible and take charge of their own health.
- Generally, you’re supposed to get the same medical treatment whether you have health insurance or not. I can tell you from the hundreds of clients who have come through our doors, this is not true. People who have insurance are treated by providers first and treated better. Their health outcomes are better than uninsured or Medicaid recipients.
Cheaper in the long run
- If you’re comparing the monthly cost of insurance (premium) to the monthly cost of not buying health insurance and paying the fine, the fine will generally be cheaper. It’s great if you NEVER get hurt or have an accident or need antibiotics. You need to make sure you NEVER see a doctor for the flu or a severe cold and you NEVER taken a prescription… If you have ever needed any of these things, you know there is a high cost associated with them. Right now you pay for auto insurance even though you might not been in a car accident for years (or ever). Would you drop your auto insurance if you could just pay a fine for not having it?
- Health insurance is financial insurance. Medical bills are the number 1 cause of US Bankruptcies. Call a doctors office and ask them how much they charge for a visit. If you get anything other than “It depends on your insurance” then I’ll rewrite this article. Doctors offices don’t have prices posted on the wall. One hospital operation could have over 50 tests associated with it, each with its own separate cost. Whether you dream of being a millionaire one day or just want to leave your children with a debt-free life, I suggest looking into health insurance.
Take control of the unexpected
- You’re not “Buying Obamacare” if you’re buying health insurance. Some of my longest-running clients are some of the most conservative people I’ve ever met. They take pride in knowing they are in charge of their own health and their own finances. They trust in my explanation of the products and they generally like that I am part of a family business. 5 years ago, no one would say health insurance is political. We’ve been here for 20 years. It’s just business for us.
When most people think they will save some money by not purchasing health insurance, they usually don’t take in to account the true cost of not buying health insurance. Not purchasing health insurance is a short-sided solution to a problem with major consequences.