With the cost of health insurance on the rise and everyone scrambling to try and find a plan they can afford, more and more people are asking: Is health insurance even necessary? It’s a fair question and one that demands an answer.
First of all, it’s important to keep in mind that under the Affordable Care Act, you are now required by law to be enrolled in a health insurance plan. If you go three consecutive months uninsured, you will incur a tax penalty and the tax penalty for 2016 has increased substantially. In addition to the tax penalty, however, you will also be responsible for any and all health care expenses you and your family have in a given year, which is really the important consideration. Recently, in fact, I had an experience that got me thinking long and hard about the importance of being insured.
I have now been driving for almost 35 years and I have paid for car insurance for every one of those years. In fact, there’s no telling how many thousands of dollars I have spent maintaining auto insurance over the course of my life. And for the most part, I have rarely used it. I have had a few small claims here and there, but nothing that amounted to more than a few hundred dollars at most. Until recently. In the last year, I have had two major incidents, both of which have resulted in my car having not only major, but irreparable damage. Luckily, no one was injured in either of these incidents, but I have literally had to replace two gently used vehicles in the course of one short year, a fact that has cost almost 30 thousand dollars! Had I been uninsured and had to replace those two vehicles out of pocket, I would now be faced with a serious financial situation. In fact, I have never been so thankful for auto insurance in all my life!
And that’s what got me thinking because the same is true of health insurance. The fact is, no one wants to pay for something they don’t use; however, the point of insurance is that it is there when you need it, which is thankfully not every day. In addition, health care costs are exponentially higher than car expenses and should I ever experience a year with my health like the year I’ve had with my car, it could be financially catastrophic. Being properly insured is not only wise, it can save you from facing crushing debt and impossible expenses. Even the cheapest, highest deductible health plan you can get is better than having no coverage at all in times of illness or injury.
When you find yourself asking is health insurance even necessary, consider the cost of not having it when a crisis hits. Blue Cross Blue Shield of North Carolina is committed to providing quality coverage to the residents of NC and a BCBSNC health plan can give the assurance that you and your family have the health care you need. For more information on Blue Cross Blue Shield of North Carolina insurance coverage, please visit our website at www.nchealthplans.com or call our toll free number 888-765-5400 and speak with one of our experienced and professional agents.