Is it a Good Idea to have Health Insurance

Living without health insurance is a reality for many individuals, who simply can’t afford to pay the large amount of money required by insurance companies. If you are contemplating living without health insurance yourself, it would be sensible to take a good look at the pros and cons of doing so, before you make your final decision.

The Pros of Living Without Health Insurance

# If you don’t have to pay for health insurance, you will have more money available to you right now. The cost of living is high, and you may feel it’s more beneficial to you, to have the money you would have had to pay on health insurance, at your finger tips,

# All that money you could have shelled out for health insurance, can go into an interest based savings account at your bank, where it will be generating more money. By the time you require money to pay for an accident or illness, your bank account may have grown substantially, and if you never need money to pay for health care costs, you will have gained money, rather than spent it.

# By not paying health insurance you won’t be saddled with a regular debt to pay, for something you may never use. You won’t need to budget to be able to make payments, and you won’t be left feeling frustrated as you count up all the dollars you’ve spent on a service you didn’t end up needing.

# If you haven’t got health insurance, and you do need medical treatment, you won’t be bound by any terms and agreements that come with your insurance package. Instead, you can choose treatment that’s suitable for you at the time. If you are rolling in cash, you can opt for the best treatment possible in a private hospital ward. If you have very little money, you can choose to have a basic level of care.

# Even if you don’t have regular health insurance, you can still make sure you are covered for health care and treatment when travelling abroad. You may also discover that your employer offers health insurance cover, which means you are already automatically covered as an employee.

The Cons of Living Without Health Insurance

# Without health insurance, you aren’t covered if you have an accident or an illness. If disaster strikes when you are financially hard up, you may not be able to pay for the health care you need, and then where will you be?

# If you need to pay for health care, you may end up having to borrow money you can’t really afford to pay back for a long time. This could lead to serious interest being added to your bill.

# With no health insurance, you may suffer from stress, which could end up making you ill! If every time you climb a ladder, or get palpitations, you fear having an accident or heart attack, because you know you can’t afford to have one, you may inadvertently end up with a stress related illness.

# If you have no health insurance, and then you need medical treatment, you will be at the mercy of your current financial situation. You may not be able to afford good health care, when you need it most. Or, you may end up finishing treatment before you have recovered fully.

# Without health insurance you may not be able to join in with certain groups and activities. Do you think a mountain climbing team would accept you as a member if you weren’t covered if you have an accident? Certain jobs you apply for may also require you to have your own health insurance, before they can employ you.

Whether you choose to have health insurance or not, will depend upon your attitude, and personal situation. But at least by knowing the pros and cons, you will be aware of the fate that may befall you, good, or bad.