The Cost of Not Having Health Insurance

Health insurance, we all know, can be a very expensive prospect. But the cost of living without health insurance can be far too great for many of us. More than 45 million Americans do not have health insurance coverage, and healthcare costs are linked to the majority of bankruptcies that are filed. If you are currently without health insurance, be sure you consider all of these factors. The true cost of not having health insurance could be far greater than the costs of paying for insurance premiums.

Medical Costs are Unaffordable without Insurance

The healthcare costs for uninsured individuals are, quite literally, frightening. Insurance companies will negotiate prices down on your behalf when you have insurance, which means you won't lose your life savings if you fall and break your ankle. That isn't always the case, however, for those who don't have insurance. Quite simply, if you don't have insurance, you don't have anyone setting rates, fees and prices on your behalf. You have no one fighting for you. And that means that a doctor or hospital can set a high rate for a service - such as an x-ray - and you're obligated to pay that amount. A simple accident can cost you tens of thousands of dollars in a matter of minutes. It's no wonder that so many bankruptcies occur annually because of healthcare-related costs.

Lack of Coverage Affects Everyone

The uninsured also have an impact on the overall community. People without health insurance typically go without annual exams and do not visit the doctor at the onset of an illness. Instead, they wait until it is an emergency. This means that emergency rooms are filled with patients who could have treated their illnesses early on, and means that true emergencies aren't receiving as much attention as they should. The insurance system as it stands depends on people getting coverage, getting treatment and getting well. Uninsured patients can slow down hospitals and make medical costs rise - unfortunately, it is a vicious cycle that hurts the uninsured even more in the end.

How to Find Affordable Coverage

Obviously, the cost of living without insurance can be too great. But sometimes it's difficult to come up with the funds to pay a premium on a monthly basis. If you are in this situation, there are some strategies you can employ early on.

• First, seek out competitive insurance quotes. You could be surprised at how affordable a basic policy would be.
• Next, consider a policy that protects you in emergencies only. That means you can go to urgent care if you have a cold, but will still have the coverage you need should you break your leg.
• Third, develop healthy living habits such as not smoking and drinking sparingly - people who are healthy cost less to insure than others.

You may want to research laws in your state to find out more about health insurance coverage in your area. Be sure to seek out competitive quotes, and compare the options made available to you. Remember, while it will cost you in the short term, the cost of living without insurance in the long term could be far too great for you and your family.