Insurance can be expensive outrageously priced. It can easily become one of your top expenses for the month. So it makes perfect sense, as you start to cut your expenses, insurance might be the first thing you get rid of. Don’t fall into this trap.
Insurance costs on average $600 per month, or $7,200 a year. For many though, it might be even less (I pay just over $300 per month). So let’s see if it is worth the cost.
Medical Costs Can Add Up
The typical hospital stay is 3-days and has a sticker price of about $10,000 per day. That is a $22,800 savings when you have health insurance. However, if at some point you have a life threatening condition, such as a heart attack or cancer, it can cost you hundreds of thousands of dollars.
You are young and healthy right? Sadly I have 3 friends in their late 20’s and early 30’s who were also young and healthy who were recently diagnosed with cancer. When you are fighting for your life do you really want to be worried about how you are going to pay for the treatment? I don’t think so, and a life threatening condition can destroy a family’s financial situation in an instant.
True Cost of Not Having Health Insurance
Even worse, individuals without health insurance typically, do not go for an annual health physical, and do not get preventive care such as a colonoscopy or breast cancer screening. Additionally, those without health insurance also ignore common signs of a health condition, because they cannot afford to go to the doctor or do the necessary treatment.
Insurance is meant to protect us against the possibility of something occurring. Therefore, some people might pay $7,200 per year and never need to use the insurance; however, most people will need to utilize their insurance for something. Having your tonsils removed, appendicitis, or a pregnancy, will each cost you $1,000s. Do you have that kind of money lying around?
Is it really worth putting your life or your financial situation in jeopardy just because insurance is so costly and you do not think you can afford it? Personally, I do not think so and think anyone who does so is crazy. I think health insurance should be one of the last expenses that should be cut.
Do not risk your family’s financial situation by taking a gamble on your health. Go get health insurance today and stop waiting.
Your Financial Freedom Partner,