Did you ever think – why do I need health insurance? When you are young, you may consider this question usually due to the fact that you don’t use your health insurance as much. You might also consider this question when your finances are limited. Let me spend some time sharing why you need health insurance and how health insurance helps you stay healthy.

Peace of Mind – Health insurance is a risk management tool and can alleviate your stress. All of us get sick or injured at one time or another. I recall a friend when I was younger that thought he was invincible. One day he was playing a friendly game of softball and tore some ligaments in his knee. He didn’t have insurance at the time and as a result, he paid medical bills for years. For someone else, it could be a broken arm, the flu, or even a chronic disease like diabetes. Whatever you may experience, knowing you have insurance provides peace of mind. 

Protecting Your Financial Future – Did you know that almost 2 out of 3 bankruptcies are due to medical bills? Without health insurance, medical bills can be expensive. Where do you turn when you don’t have the money to pay your medical bills, emergency savings, or even retirement accounts. In any scenario, medical bills impact your financial future. Bills create stress, which has a negative effect on your overall health. People even skip getting medications because they can’t afford them without insurance.

Keeping You Healthy – Using your health insurance keeps you healthier. Just by having insurance you are entitled to annual checkups. This alone prevents or may detect major medical issues. Many health insurance plans offer other services such as wellness coaching, pregnancy programs, gym membership discounts, and other tools. All of which strive to keep you healthy. Let’s not forget about preventive services such as flu shots. 

In the long run, health insurance leads to better health outcomes. If you have insurance that meets your needs and use it as it is intended you will be healthier than you would be if you didn’t have insurance. If you do become income ill, health insurance reduces your costs, shortens illness, and gets you back to work or school sooner. 

For more information check out our Health Insurance Literacy Initiative website. If you are looking for health insurance coverage visit the HealthCare.gov website.