Health Insurance: A Necessity

Patrick Olabode

Health insurance is a must have just as life insurance is; both are equally important. Health insurance is not a common practice in many developing countries but it is a necessity, hence it is worth-looking into. In all seriousness, everyone needs to have one form of health insurance or the other no matter the cost of the premium. Having health insurance is important for several reasons some of which are highlighted below. 
 

1.                     Age and dying is inevitable. As we age we all tend to lose the ability to remain physically fit thus we end up with illnesses some of which become chronic and debilitating. Uninsured people receive less medical care and less timely care, they have worse health outcomes, and lack of insurance is a fiscal burden for them and their families. Moreover, the benefits of expanding coverage outweigh the costs for added services.

2. No one plans to get sick or hurt, but everyone needs medical care at some point. Health insurance covers these costs and offers many other important benefits. It protects families from financial losses in the same way that home or car insurance does. Even if one is in good health, a minor illness or an accident might cost someone a trip to the hospital which can be much more costly than expected. 

3. Health insurance covers essential health benefits critical to maintaining health and treating illness and accidents.

4. Health insurance protects from unexpected high medical costs with less payment for covered in-network health care even before deductible is met.

5. Health insurance covers free preventive care, like vaccines, screenings, and some check-ups.

 Let us ponder on these:

• The average cost of a trip to the emergency room for an adult is about $1000 or more; with tests or hospitalization included, it may well be over $3,000

• A broken leg can cost up to $7,500

• Average costs for childbirth are up to $8,800 and well over $10,000 for Caesarian section delivery while the cost of a hip replacement can run a whopping $32,000.

These examples sound scary, but the good news is, with the right plan one is protected from most of these and other types of medical bills. One may be healthy now, but the onset of a sudden or serious illness (cancer, diabetes, appendicitis) or a traumatic event (stroke, heart attack, car crash) can leave an individual with staggering medical bills.

 The inability to pay high medical bills is one of the most common reason people file for personal bankruptcy. This can ruin credit history and set an individual back for years. 

There are affordable health insurance agencies out there with reasonable premium and low deductible payment. Purchase a health insurance today.

Patrick Olabode MSN, RN, CNP (patolabode@yahoo.com)