It’s on the news all the time – millions of Americans don’t have health insurance coverage.  Are you one of them?  If you are, then you really need to step back for a moment and ask yourself why you don’t have it.  Is it because you truly cannot afford it, you think you can’t afford it, it costs too much, or simply because you never get sick?

I am part of the “never get sick” school.  Or rather, I get really sick only once ever year or two – it’s very rare.  However, I do have health insurance these days, to minimize my financial risks if something major should happen.  As it turns out, that was a very smart decision.  Recently I became ill with pneumonia.  Between doctor’s visits and medication, I ended up spending about $140 so far, and will likely spend another $80 or so as part of my insurance plan.  So, a total cost of $220 out of pocket – certainly no fun.  Added to that fact, my wife missed several days of work, and of course I was out for awhile, and it was quite an expensive illness.

What would my sickness have cost me if I didn’t have any insurance?  I shudder to think.  Just the doctor’s visits came to just over $400, based on the invoices I received.  The medication was about $175.  So without insurance I would’ve spent $575 – vs $220 with.  Granted, my insurance doesn’t have the best coverage, and prescriptions are more expensive than I’d like.  But by having even a basic insurance, I saved myself $355.  Imagine if it was a more serious illness – medical costs can be absurd for any major procedures or illnesses.

Ultimately what I’m getting at is this.  If you don’t have medical insurance for whatever reason, get it.  Yes, it will add a bill to pay every month.  But you also won’t have to worry about getting slapped with a $9,000 medical bill, which would really screw up your budget.  So for the sake of budgeting and controlling your finances, healthy insurance is absolutely a must-have.  Don’t consider it an option like too many people do.

Categories: Budgeting