Why you need health insurance even if you’re young and healthy

Many young adults have the idea that they’re invincible, and when you’ve made it to twenty-something without any great calamities, it’s easy to assume that health problems are the kinds of things that happen to other people.

In fact, when you look at the eight million individuals throughout the country that enrolled for health insurance coverage in 2014, only around 28% were between 18 and 34.

That means that there are a large percentage of uninsured young people, which can potentially be disastrous if they suddenly get ill.

If you’re a young person and have been relying on your youth to keep you healthy, here are a few good reasons why you need health insurance:

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Peace of Mind

Most people will need to use health care services at some point int heir lives, and if you don’t have health insurance, that means that you’ll be faced with paying the bill (regardless of how large) all by yourself.

Did you know that staying in hospital for just three days could cost you as much as $30,000? As health care costs continue to climb, all insurance plans that are sold on the Health insurance Marketplace must now include hospitalisation as on of their Essential Health Benefits.

For people who are active, did you know that if you break a leg doing something like playing a sport, bicycling or skiing, you could end up paying up to $7,500 (on average) if you’re uninsured? And if you think it can’t happen to you, you’ll find that in countries with poor infrastructure, it’s not uncommon to trip on a crack in the sidewalk or loose cobblestone and break an arm or sprain an ankle.

And for young people who are living with a chronic illness like asthma or diabetes, this can also be hugely costly. The Centers for Disease Control and Prevention (CDC) has reported that the percentage of people with type 2 diabetes is on the rise, even for young adults, and the American Diabetes Association has estimated that diabetes costs an average of $13,700 per person in medical expenses. For those without health insurance, (and now under the ACA everyone is guaranteed to have coverage, regardless of any pre-existing conditions), you would likely be paying for those expenses all by yourself.

Prevention

When you look at the coverage available on the Health Insurance marketplace, there’s another big reason why you may want to purchase health insurance. You’ll be covered for preventative services such as screenings, immunisations and even routine physicals, and won’t need to pay for out-of-pocket costs like a co-pay or deductible.

Affordability

There’s one big reason why young adults often don’t have health insurance, and it’s because they often feel that it’s out of their reach financially- usually due to other financial responsibilities like school loans.

However, you’ll find that with the income ranges available for the Health Insurance Marketplace, you may qualify for lower out-of-pocket expenses and premiums if you’re not earning much.


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