Risks for the Uninsured

When money is tight, it may be tempting to consider cutting the cost of a personal health insurance policy. We understand more about staying healthy today than ever before, and preventative care has come a long way. Still, ongoing wellness is never a certainty. If the worst happens, you may be risking both your financial security and your health.

HIGHER COSTS The typical out-of-pocket costs for general health care are far more expensive when you aren't insured. Those with a policy in place may only pay a portion of the total bill, or nothing beyond a standard deductible. Those without are at the mercy of the individual health-care provider's pricing structure.

PUTTING THINGS OFF Nearly 25% of the uninsured postpone health care because of the costs involved, according to a survey by the Kaiser Family Foundation. But hesitating to take care of a problem, or avoiding treatment all together, puts you at risk of far worse medical outcomes. You might eventually need more critical treatment, and that costs even more.

MISSING MEDICATION Many rely on a regular regimen of medicine to control personal health conditions, including high blood pressure, diabetes and mental wellness. But as with medical procedures, out-ofpocket expenses can quickly add up. Insurance offers us more affordable access to these various prescriptions, and without it some may be forced to ration medicine - or skip it all together.

FACING PENALTIES Until somewhat recently federal legislation required everyone to obtain a certain level of coverage, though that condition has since been dropped. However, a handful of states have continued to hand out tax penalties to the uninsured. If you live in one of those states, remaining uninsured might lead to two separate bills - one for out-ofpocket health-care costs and another for additional taxes. Check here to see if your state requires insurance: https://www.ehealthinsurance.com/resources/individual-and-family/does-your-staterequire-you-to-have-health-insurance.

FINANCIAL ISSUES As these expenses pile up, you might quickly find yourself behind on payments to your medical provider. Penalties usually follow, which then only put you further behind. Eventually, this cashflow issue will impact other parts of your budget, potentially leading to financial ruin.