Do I Really Need Health Insurance?
Good health is a right granted to us by our Creator.
Health insurance is there to help cover many of the expenses that come with what we sometimes need to stay healthy . But with the US Medicare market in ruins by many reports, the question arises: Do I really need Medicare after all, or am I better pay the "tax penalty" for not having coverage under the Affordable Care Act?
Everyone is expected to have health insurance, but the fact that you need it depends on your situation.
First and foremost, health insurance does not guarantee you health care. This is not a good for health care – you can always get health care when you need it. The key word here is "insurance" – which means that it exists to pay for the significant costs that might otherwise bankrupt your family yet deemed necessary for your health (major surgery such as a transplant, cancer treatments, etc.). .
Prior to the implementation of the Affordable Care Act, many people had two types of policies that protected families from the huge costs of doctors and hospitals – the health savings account and event coverage and emergencies. Through ACA, these types of policies have been severely curtailed and even eliminated in some markets.
If you are currently thinking about health coverage and are discussing it and if it is a need in your household budget, consider asking yourself some questions:
What is your annual household income?
Do you have debts (including a mortgage)?
Do you have a medical history?
Do you have an emergency savings fund (four to six months of expenses)?
Do you have children? How many, and ages?
What is the history of your children's health?
Do you have a religious or moral objection to health insurance?
What is the value of your assets?
There are many comments that health insurance is a necessity, even for regular checkups and routine follow-up exams. Believe it or not, money can do a lot to reduce medical expenses, and regular office visits and control visits are not so expensive as challenging family budgets. If you need insurance depends on your personal situation based on the questions above.
Although insurers are required to pay for follow-up care as well as annual balance sheets, you do not need insurance for these events. Some compare health insurance to auto insurance, which is similar only to the extent that it is supposed to protect your assets against large bills or judgments in justice. But if you have sufficient income, significant savings and a lot of assets, you could be considered "self-insured", which means you will not need Medicare. In addition, if you use other methods of care outside of modern medicine (such as acupuncture, chiropractic, Christian science or other faith-based healing treatments), you You will not necessarily need health insurance. t take out health insurance or their treatments are inexpensive and can be covered in family budgets.
The insurance comes back to your household and if you want to protect your "stuff" in order to keep your family healthy. This is something that will involve an honest discussion with a financial planner who can guide you in your financial situation and can help you determine if government-compliant health insurance is really necessary.