One common thing that people in their twenties have told me is that they made the decision to go without health insurance. When you are healthy and rarely see a doctor, it may seem like a good idea to cut out health insurance completely and to just go without it. You can pay for things as you go instead of worrying about the insurance premiums and co-payments on the way. However this is faulty reasoning. It is essential for everyone to always have some form of health insurance.
The reason is that medical emergencies are expensive. If you have a medical emergency without insurance, it is easy to find yourself with a crippling amount of medical debt, and seemingly no way out of the mess. One accident on the ski slope could cost you thousands of dollars in medical bills, and it can quickly climb higher if you need surgery or anytime in rehabilitation. Generally, that is a time when you will not be working either, and that means that you will lose money that way as well. Emergency surgeries such as an appendectomy can be very expensive as well. Even with insurance you may find it difficult to pay for health care costs in these instances. It is very hard to pay for medical costs without health insurance, especially if you are checked into a hospital even just overnight.
Minor things can turn into bigger things as well. When you do not have insurance you avoid going in and getting treated for the little things, which can escalate into bigger things quickly. Preventive medicine and quick treatment is one of the best ways to avoid long hospital stays. If you have insurance, then you will not worry about this as much. Additionally if you are diagnosed with a serious medical condition, you may have a difficult time finding health insurance after you have not had any.
At the very least you should have a high deductible insurance plan, and set up a health savings account with it. These plans are much lower in cost then other insurance plans. You will be responsible for the cost of your medical until you hit the deductible, but then the insurance plan will pick up the rest of the bills. It is much easier to find a way to pay $5,000.00 in medical bills as opposed to $50,000.00. You can often work out a payment plan for the $5,000. This means that you will not face bankruptcy due to medical bills.
Health insurance is not a luxury; it is a necessity. Many people in their twenties feel that they are safe and relatively healthy and choose to go without it. Do not make this mistake begin looking for a good low cost insurance now. There are several things you should do without before you choose to go without insurance. This includes eating out at restaurants, and cable television. You should even go without a gym membership before you give up your health insurance. Take the time to find the extra money in your budget to cover your healthcare costs.