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Is Health Insurance Really a Necessity?

Is Health Insurance Really a Necessity?

That all depends…how much money do you have?

Health insurance like any other type is predicated on a betting strategy. People with insurance are betting that they’re going to end up with bills more than the total of the premiums they pay, and people without it are betting that it won’t reach that high. So, how much money you have is a valid question to ask in the face of deciding whether or not you really need coverage.

Independently Wealthy?

If you’re one of the fortunate few Americans who fall into this category, then you may be in the position where this insurance is not a necessity. You’re probably going to get a policy just because you can, but when all is said and done, the occasional $1,000 emergency room visit for your kids or even the $800,000 cancer treatment for yourself or your spouse is not going to break you financially. Insurance may be seen, by some in this category as just another bill to pay, a nuisance, a lessening of their vast interest-collecting power, etc.

For the Rest of Us…

Haven’t made your first million yet? Then you should seriously consider a policy. Even if you are strong as an ox and generally very healthy, accidents can happen when you least expect it. If you are healthy and strong then you might want to consider the many plans out there that are built for just such emergencies. They won’t cover you for ordinary doctor’s visits or flu shots, but if you get into a catastrophic situation, this type of policy, usually sold with very low premiums, will cover all or most of the medical bills you incur.

Also Consider:

There are a variety of plans out there to meet any number of individual needs. If cancer runs in your family, there is a plan just for that, or if you fear losing money from your job due to a short illness, there is coverage for that as well. If you feel capable of handling most medical issues that come up and have only minor concerns, talk to a broker about whether or not a provider has a policy that’s right for you.

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