Health insurance reduces medical expenses, making health care more accessible and inexpensive.
FREMONT, CA: Health insurance improves access to care, reducing mortality and improving patients' overall health. On a fundamental level, health insurance can be the difference between illness and wellness or life and death.
THE IMPORTANCE OF HEALTH INSURANCE AND ITS ADVANTAGES
Monetary Advantages of Health Insurance
One of the fundamental goals of health insurance is to make health care cheaper while shielding patients from the financial consequences of accidents and unforeseen diseases, which may easily total tens of thousands of dollars.
Because they are rarely ill and have never spent a day in the hospital, young adults and those in good health may believe that health insurance is an unnecessary expense they can forego. However, accidents and illnesses can strike anyone at any time. Without health insurance, patients' families are responsible for financing their medical expenses, placing their finances in grave danger.
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For instance, a fractured leg caused by an unforeseen fall can incur roughly $8,000 medical costs. Without insurance, patients' families are liable for the total cost. However, if they have a decent insurance policy, they may only be responsible for 20 p of the cost, or roughly $1,600.
For more severe illnesses, having health insurance has an even higher impact because it helps patients avoid large medical debts and protects their financial assets.
The cost of a three-day hospital stay can exceed $30,000, which is unaffordable without health insurance to cover at least a portion of the expenses. Without insurance, a cancer diagnosis can result in hundreds of thousands of dollars in expenses, leading to financial devastation.
In certain catastrophic health conditions, the out-of-pocket maximum of the health insurance plan will limit the amount of money patients spend on health care during the year. After reaching this limit, the insurance plan will reimburse 100 percent of the costs for covered health treatments, regardless of medical bills. They will still be required to pay the plan's monthly fee.
Most insurance plans include prescription drug coverage, making prescription medications affordable and accessible for millions of individuals.
This is essential for the treatment and management of chronic disorders and diseases. More than 45 percent of the U.S. population relies on prescription medications to manage illnesses and halt disease progression, thereby preventing costly medical complications, such as hospitalizations.
