The Pros and Cons of Health Insurance

by Emma

Now more than ever, people have been reconsidering the benefits of health insurance. The Covid-19 pandemic has been an eye-opener to the uninsured. Even those lucky enough to have health insurance when this outbreak first started may not have had the right type of insurance, so now these people are taking a closer look at what health plans have to offer for next year.

Health Insurance

It’s always a good idea to sit down with your family and look at different health insurance options from the many health care providers in Australia, Europe, the United States, or wherever you are located. When you take the time to look at your options, it is always good to list the pros and cons of every health care plan you look into. Figure out whether you would better off with or without insurance before the open enrollment period is over. Here are a few pros and cons of health insurance to consider.

What are the pros of having health insurance?

Millions of people around the world decide to sign up for a health insurance plan every year. They often look for health plans on websites that display programs that offer health coverage for various needs. However, many people are still unsure if health coverage will benefit them on a long-term basis. The best way to answer that question is to find out the pros of health insurance. Here are a few reasons to sign up for a health insurance policy.

  • Medical expenses: It can be expensive to pay all of your medical bills out of pocket. Having medical insurance helps lift some of the financial burdens of unexpected medical procedures you may need to have done in the future. Medical insurance can also help with out-of-pocket cost fees that you may need to pay for prescription medicine.
  • Public health care plans: In the United States, for example, with the affordable care act, public health care became more accessible to U.S. citizens. With programs like Medicaid, more and more people can find affordable health care options. This act allows people to qualify for health care, even if they have pre-existing conditions. The only thing you need to do to receive health care is to make sure you are enrolled during the special enrollment period and provide your correct tax return information to get an insurance policy that works for you.
  • Private medical insurance: If you don’t see the benefits in health care plans you expected to see, it may be because of the type of medical insurance you opted for. Often, you have the option to choose between private health care and public health care (Medicare). Private medical insurance often allows you to choose your doctor. You are usually allowed to select a preferred doctor’s office from your network provider, and private medical insurance gives you more options than a public plan like medicare would. While private insurance may be the more costly option, you benefit from it a lot more in the long run.

What are the cons of having health insurance?

There are some unexpected and expected cons to having health insurance. A lot of the cons of having health insurance may be a deal-breaker for you. It would help if you took the time to write them down or look over them to finalize your decision. A few cons to having health insurance may cost you and your family quite a bit of money if you overlook them. Here are some cons to getting health insurance that you may not have considered.

  • High premiums: High premiums may make health insurance more out of reach for you if you arent getting individual health insurance plans. Getting health insurance coverage for the entire family can be too costly and may not be covered by your employer.
  • Limitations: If you find a plan that seems cheaper than most, the plan may have restrictions on the number of doctor’s visits you can have throughout the year. Be sure to look at the fine print on every insurance plan that you consider.
  • Lack of full coverage: Some health care plans may not cover everything. You may find yourself in hot water if you discover that your insurance doesn’t cover the entire bill or enough of the bill for a procedure that you need to be done. This may leave you footing the most, if not all, of the bill.
  • A high deductible: A high deductible can make your insurance policy pretty useless if you aren’t careful. Some high deductibles require you to pay thousands of dollars out of pocket before the company even spends a dollar on your medical bills. Be aware of high deductibles and copays when looking for a new insurance plan.

Final Decider

Deciding whether or not you need health insurance is a big deal. The best way to come to a final decision is to go over every pro and con you can think of for opting or not opting for insurance. In the end, the decision is entirely up to you, but if you do decide to get health insurance, know that there are many options for you to choose from.

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