Surprise medical bills can be heavy hitters, knocking your savings plan over the fence and out of the park. A hospital can charge tens of thousands of dollars for treatment – do you have that kind of cash just lying around?
In the fast-paced world of risks that we all face every day, medical insurance is a must. It not only covers the unthinkable, but it minimizes the costs of routine visits to the doctor and prescription medications. A full year of check-ups and other miscellaneous visits can cost a staggering amount of money; add that to what you’ll have to spend on birth control pills, antibiotics and (after seeing the doctor’s bill) anti-depressants – now you’ve got a real bank-buster on your hands.
Medical insurance, despite the cost and risk that you may never use it, is a worthwhile purchase. The risk that you’ll damage your financial portfolio by not having it is far greater than the risk of not needing it. If you’re serious about saving for the future, you can’t afford not to have medical insurance. It’s important to look at the big picture instead of just focusing on what’s happening in your bank accounts right now.
Consider this: in 2006, 47 million Americans had absolutely no medical insurance (Commerce.gov). Those people, in the event of a medical emergency, would have to pay out of their own pockets – and that’s no small chunk of change. It’s pretty difficult to save for the future when you’re up to your ears in bills; if you actually make timely payments on them, saving becomes nearly impossible!
There are so many different plans to choose from when you’re looking through your medical insurance options. With a little leg work, you’ll be able to find something that will cover you in the event of an emergency and that won’t eat up your entire paycheck. Start your shopping online by going to USA.gov; they’re an excellent resource to help you choose what kind of medical insurance you’ll need and which companies are reputable enough to deal with.
You can’t make an accurate financial plan if huge bills are likely to pop up out of nowhere; there’s nothing like a hospital invoice to derail your plans. Going without medical insurance as an integral part of your budget is somewhat similar to driving at night with no headlights in the heart of deer country… except if something happens, you’ll be the one with that surprised look on your face.