Three Reasons Why Health Insurance is Important for Financial Health
Did you know that having health insurance means you are protecting your financial health? Yes, medical care can be expensive and may even be unaffordable for some people. However, in today’s time, with the threat of the COVID-19 blowing left and right, wreaking havoc worldwide, affordable health care can be a challenge to find, which is why you should renew your health insurance to protect your finances in the long term. Here are several reasons why health insurance is important for your financial health:
They Cover High Medical Care Costs
We already know that the price of medical care is very high, especially in this trying time during a global pandemic. Medical attention like medical procedures, treatment, and medications are a luxury for some, but they are expected for people who paid their monthly health insurance. Of course, no one wants to be sick or hurt, but these things can’t be predicted, and they tend to occur in an untimely manner. For instance, a broken arm could cost you up to $8000 worth of money which is very steep in today’s economy.
They Protect Your Emergency Savings
Any logical person knows that it is good to save money. Skimping money to build up an emergency reserve can prove beneficial in the long run. Having emergency savings means that you are preparing yourself shelter for a rainy day.
People who don’t have emergency savings might face bankruptcy when they are thrown to the wall with an accident or illness like getting the coronavirus. However, if you have health insurance, you won’t have to spend all of your emergency savings on the high medical costs. That means you still have extra shelter even when it is pouring hard outside.
They Cover Preventive Care Too
The pandemic requires us to be hypochondriacs all the time because we never know when we might catch the virus, even if we are staying safe and following all of the medical procedures. Therefore, the best way that we can keep ourselves healthy during this pandemic is by getting preventive care like health screenings, doing regular check-ups, and vaccinations.
Now, they don’t just hand out these preventive cares like they’re free. They can bleed our pockets dry if we don’t have health insurance. Worse yet, if we contract the virus and end up hospitalized, that will do a massive blow to our finances. So, get yourself insured and build long-term financial protection to save your skin on a rainy day!