Health insurance helps secure your financial future For many young adults like you, paying for your own health insurance coverage is new and may not seem important. But in reality the opposite is true. Having good health insurance is one of the most important parts of your financial plan. Cash payments are just one way in which sharing medical costs keeps the cost of membership lower than traditional health insurance premiums.
If you're healthy and don't end up in the emergency room, your annual costs are almost 10% lower: paying for services as needed instead of having insurance. Some cost-sharing plans, such as those offered by Scoop Health, also share the member's pre-existing conditions, but after a reasonable waiting period. For example, members who choose to smoke must pay a monthly penalty on most health sharing memberships. While it's much cheaper to skip health insurance when you're healthy, the reason the need for insurance is being questioned is an emergency.
Monthly costs can be 40 to 60% lower than those of conventional health insurance because members choose to lead a healthy lifestyle and be responsible consumers of health care. All ACA plans must cover 10 essential benefits, such as coverage for hospitalizations, outpatient and preventive care, maternity and child services, laboratory tests, rehabilitation services, mental health treatment and prescription drugs. Health insurance isn't cheap and it can be tempting to go without coverage, especially if you never get sick. These are the obvious reasons for the decline in the popularity of health insurance and for the emergence of notable health insurance alternatives, specifically an innovative approach known as “sharing medical costs.” Those without health insurance coverage may run the risk of filing for bankruptcy due to medical emergencies, not to mention the benefits of preventive care.
While many people get their health insurance through a group plan sponsored by their employer or union, others buy it themselves. If you rarely see a doctor, and especially if things are financially difficult, it may seem like a good idea to cut health insurance costs entirely out of your budget. Don't rule out the enormous financial value of business-subsidized health insurance just because it's a common benefit of large companies. We have licensed insurance brokers who understand the different coverage options and can guide you through your individual health insurance options.
Group policies are much cheaper per covered employee, so even if you pay part or all of the premiums yourself, you'll get a good deal if you have access to them.