Should I buy health insurance? – I had a client call me the other day at Miller Insurance Management and ask me if he needed to purchase health insurance for himself. The conversation started off as such, “I’m 35 years old, single male. I work for myself, I’m relatively fit and active. I haven’t had any health concerns and don’t foresee any in the near future. Is it worth me buying a plan? Do you think I really need health insurance?”
Does this sound like you or someone you know? When thinking about buying health insurance the most common first question is, “do I really need it?” Most people are healthy, they don’t need routine medical care, and figure that not having health insurance is worth the gamble on their finances. Here is one scenario that could happen. Which person would you want to be?
Broken Arm Scenario
Here is a common what-if scenario that can occur. You are home shoveling your walkway after a snowstorm. You forgot that your dog had brought a toy outside before the storm. You somehow manage to trip over it and start to fall. You put out your arm to stop your fall and, snap, your arm is broken. Here are two ways this scenario can go.
The person who bought a health insurance plan during open enrollment:
Ouch! His arm is broken and he is in a lot of pain. He is home alone and his car is still covered in snow. He will need to call an ambulance. Good thing ambulance use is covered on his new insurance plan. The ambulance brings him to the ER of the local hospital and drops him off. He needs to sign in and do paperwork. Luckily, his insurance card is in his wallet, making paperwork easier. He knows ER visits are covered under his plan because he went over it with his insurance broker. Also, the X-rays, cast, orthopedic follow-up, and possible rehab are part of his plan. He sighs with relief knowing that the monthly controlled expense he spends on health insurance just saved him thousands of dollars in medical bills.
The person who decided to not buy health insurance during open enrollment:
Ouch! His arm is broken and he is in a lot of pain. He is home alone and either needs to wipe the snow off his car or try and call a friend to take him to the ER. He starts to worry about what the ER is going to cost because instead of buying an insurance plan he bought season tickets to the ski resort. Wow, now he won’t be able to ski this year and will have to pay for the ER, X-rays, and other various things that he hadn’t planned on. This winter is going to be ruined. Wait? Can he even work? His job is dependent on both his arms. He wishes he bought health insurance during open enrollment and saved himself thousands of dollars.
These scenarios are the case by case incidents but they are what does occur when you opt to not have health insurance. It is a worry trying to figure out how much a Doctor or ER visit is going to cost, instead of having the peace of mind that everything is covered. Give yourself an early holiday present this year by being covered and not taking a financial gamble.