Many people feel that private health insurance is a waste of money. These people are often quite healthy and have no need to see their physician beyond yearly check-ups. However, health insurance is extremely important mainly because it not only offers you protection from harmful illnesses or diseases and creates a better quality of life, but it can protect you from financial devastation in the case of an emergency.
One of the most crucial reasons to have health insurance is to cover the costs of medical bills - emergency or nonemergency. Without private health insurance, you may be tempted to not see a medical doctor about medical issues you have, or you may assume that they are not really serious. Both of these options are harmful and unwise as medical issues will often progress and become worse over time.
Insurance coverage is often about ensuring you are covered in an emergency situation. For instance, you carry automobile insurance so that if you ever get into an accident, you will not be responsible financially. Health insurance works in much the same way, but it is also used to cover basic medical expenses and sometimes even preventative care depending upon your insurance provider. This can increase or improve your quality of life by allowing you to be proactive in your health care instead of simply reacting to medical issues that may arise.
Moreover, the costs of medical procedures and consultation services have increased with time. Even a routine outpatient procedure, like the removal of gall bladder stones, can be a costly medical expense. Even a short visit to a specialist for diagnosis can be extremely expensive. Unexpected emergency medical issues or the development of possibly fatal or debilitating illnesses are one reason to have health insurance. The expenses to treat these medical issues can cost hundreds of thousands dollars and pull you into a financially disastrous situation. With late fees and minimum payments, you may never be able to pay off your medical bills, and hospitals and doctors will often send collection agencies after you. This is not only inconvenient, but can also can ruin your credit and make it impossible to rent an apartment or buy a car.
As you can see, health insurance is very important. It will not only improve your quality of life and ensure that you are in top notch health, but it will save you money in the long-run. When you consider what in your life is most important, your health has to be on the top of the list. If you protect your possessions or your home with insurance because of their value, then you should insure your health as well. After all, isn't your health valuable too?