The Positive Impact Of Health Insurance On Your Personal Finances
You need to possess a bulging bank account in order to avail the best available medical care, and seeking out affordable health insurance can be really tough. But if you have ample funds to pay off the monthly premiums, you can possibly avert the financial burden associated with healthcare, too. Medical procedures, health issues that need urgent attention, prescriptions, as well as your hospital stays are expensive, and thus they make health insurance an essential investment. Even if you are in the pink of your health, availing health insurance would be a wise investment. Why? Find out below.
Why Do You Need Health Insurance?
Unpredictable medical costs, as well as expensive medications, can drain out all your savings and the emergency fund that you have slowly built up all these years — worst case scenario: you might soon find yourself facing bankruptcy. Aside from that, your credit score will also take a hit. The savings that you get from discount finders get accentuated only when you combine them with your health insurance. A good health insurance plan plays a key role in protecting your personal finances by rendering the advantages related to your future savings through HSAs or health savings accounts, balancing the unforeseen and expensive emergency medical costs, and making financial planning all the more simplified. These are reasons enough why you need to buy at least one health insurance plan.
It Helps In Financial Planning
You need to plan out your expenses each and every month. By doing that, you will be able to track your expenditures and direct your funds into fulfilling your basic needs. If your budget gets hit by unforeseen expenses and unknown costs, that wouldn’t be beneficial for you at all. Health insurance helps in eliminating any unexpected expense and also helps in reducing prescriptions and preventive care costs, which are actually recurring. If you are taking medications every single day, the cost associated with prescription medications is bound to rise. As the prices of drugs continue to change, your health insurance is quite helpful as it diminishes the impact. Visits to a physician can take place annually and you can plan for these expenses. By having a health insurance plan with you, you will be able to keep a proper track of the out-of-pocket expenses that you incur every year. These plans cover regular check-ups and immunizations completely or at a lower rate.
It Removes The Financial Burdens Of Emergency Healthcare
Visits for surgeries and other treatments can drain out any budget that you have set aside. Even though you can plan out surgeries and medical procedures sometimes, emergency visits are totally beyond any kind of planning. Without health insurance in your kitty, you are bound to incur incredibly high costs. For surgeries, each item has its own costs and when all of them are combined, you need to shell out quite a high sum. As far as emergency services are concerned, the expenses generally range between $150 and $3000 when you don’t possess health insurance. A proper health insurance plan renders discounted medical treatment costs. The expenses related to unexpected visits to the hospital gets reduced. Hence, your financial burden is automatically eased out and you won’t have to worry about getting a loan or borrowing money from friends or family.
It Helps You Save For A Rainy Day
The HDHPs or high-deductible health plans are considered to be HSA-compatible. Keeping your future medical expenses in mind, you can set aside your money in an HSA. An HSA is different from FSA or flexible spending accounts since the former doesn’t have an expiration date, and your funds won’t be forfeited even after your coverage year — the unused money will be rolled over to your account for the following year. HSAs are quite similar to retirement plans since they can be invested. By the time you turn 65, your HSA would work on the lines of a traditional IRA. A plan which is compatible with an HSA is definitely a good option for individuals who are doing well healthwise. The money they would stack up in their HSAs would continue to grow and benefit them in the later stages.
Health insurance is indispensable when you talk about emergency services and medication and can lend a helping hand by saving your health costs for the days to come and protecting your finances. Without further ado, get a substantial health insurance plan for yourself. The sooner, the better!
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