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Learn about why its smart to buy health insurance.
Simply put, health insurance saves you money.
Compare it to other types of insurance: you buy auto insurance so a company pays for your car to be repaired as well as compensate people injured in accident. You buy homeowners insurance to avoid paying out of pocket to repair your house if it's damaged. You buy health insurance to help reduce the cost to see a doctor, get medical attention in an emergency, and manage chronic conditions.
Take cancer, for example. According to the US Government's National Cancer Institute, the cost per year for treating cancer was $40,000 in 2010, and expected to be $48,000 in 2020. Without health insurance, you're paying for all of that, instead of a portion of it.
For an uncomplicated childbirth, costs can range from thousands to tens of thousands of dollars. Without insurance, you'll pay the entire amount that the hospital, the doctors, and everyone else involved in bringing your child into the world charges.
You'll likely have a deductible on your health insurance plan, which means you need to pay a certain amount before your health insurance kicks in. But if you're getting services from in-network providers, you're paying less than you would without insurance. Additionally, there's a limit to how much you're allowed to spend out of pocket. If you have a significant medical situation – heart attack, cancer, childbirth – you'll pay significantly less on a health insurance plan than you would if you had no insurance and are responsible for the entire bill.
Policygenius’ editorial content is not written by an insurance agent. It’s intended for informational purposes and should not be considered legal or financial advice. Consult a professional to learn what financial products are right for you.
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Yes, we have to include some legalese down here. Read it larger on our legal page. Policygenius Inc. (“Policygenius”) is a licensed independent insurance broker. Policygenius does not underwrite any insurance policy described on this website. The information provided on this site has been developed by Policygenius for general informational and educational purposes. We do our best efforts to ensure that this information is up-to-date and accurate. Any insurance policy premium quotes or ranges displayed are non-binding. The final insurance policy premium for any policy is determined by the underwriting insurance company following application. Savings are estimated by comparing the highest and lowest price for a shopper in a given health class. For example: for a 30-year old non-smoker male in South Carolina with excellent health and a preferred plus health class, comparing quotes for a $500,000, 20-year term life policy, the price difference between the lowest and highest quotes is 60%. For that same shopper in New York, the price difference is 40%. Rates are subject to change and are valid as of 2/17/17.
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