We are living in very interesting times. Often, I meet with people who understand the need for health insurance and want it, but feel they can't afford it.
And while I realize that, especially right now, we are all being very conservative with our wallets, my question is "Can they afford the alternative?"
I don't believe so.
Here are two important facts:
Fact 1 – Every year millions of Americans file bankruptcy for medical bills that they can't pay.
The number one reason Americans file bankruptcy is because of medical bills. Most of these people are uninsured. Hospitals are also the most aggressive creditors. If you are unable to pay your bills, they will come after your assets (home, cars, savings, etc…). This is especially troubling for small business owners. If uninsured, business owners risk the possibility of literally losing their businesses if something catastrophic happens to their health.
Fact 2 – Hospitals charge the uninsured two or more times more than what an insurance company would pay for the same treatment.
You would think it would be the other way around but unfortunately it is not. 60 minutes did a special discussing this topic. You have to understand that insurance companies have enough bargaining power (members) to basically tell the hospitals how much they are willing to pay for procedures. Individuals have no such bargaining power. Now something that individuals can do, but are not mindful of, is negotiate their bills with the hospitals. Most hospitals are cash poor and are willing to negotiate. You probably will not be able to negotiate a better rate than an insurance company, but you may be able to get a discount of sorts.
Another risk the uninsured face is the possibility of losing their insurability should something critical or catastrophic happen. Just imagine suffering a debilitating injury or being diagnosed with a critical illness and being told by insurance agencies that they will not insure you. Now, you're faced with the reality of having to go without insurance, when you really need it, until you reach 65 and you're eligible for Medicare.
It can happen.
Here are some more things to consider, without health insurance you are:
- More likely to encounter access barriers when trying to obtain needed health services.
Less likely to get preventive screenings
More likely to be diagnosed with severe health conditions
More likely to be hospitalized for preventable conditions
Less likely to receive major health interventions
And so many other unfortunate things can happen.
In closing, I leave you with the sad story of Edith Rodriguez, who was uninsured and died on the hospital floor at Martin Luther King-Drew (now Harbor) hospital in Los Angeles, California. Ms. Rodriguez died of gastrointestinal perforation, which is excruciating. She went to the hospital and was basically refused help because the hospital staff did not believe she required urgent care. She actually collapsed on the hospital floor and laid there for 45 minutes while her boyfriend and other patients made frantic 911 calls to get her help. Several staff members even walked past her while she lay on the floor. Even more amazing was the fact that a janitor came by and mopped up blood that she had vomited.
Yet no one helped her and she passed.
Don't let that happen to you or your loved ones.
The Wizard has spoken
Please note: These posts are purely for information purposes. If you have any questions regarding your present or prospective policy, you should personally consult your insurance agent.
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