From 2017 to 2018, health care expenditures in the US rose by 4.6%. That brings the average total health care costs per person to $11,172.
As if that’s not enough, medication prices also continue to spike each year. In 2019, over 3,400 drugs had a price increase. What’s more, the average hike per drug was at a whopping 10.5%.
The good news is, comprehensive health insurance can help cover these costs.
Despite this, though, not everyone in the US has a health plan. Studies show that 27.9 million non-elderly US adults went without insurance in 2018.
Some of the possible reasons for this high uninsured rate are the myths about health plans in the US. So today, we decided to debunk some of these common misbeliefs. Read on to learn the truth about health coverage, and why you should never go without it.
Young and Healthy People Don’t Need Comprehensive Health Insurance
In 2018, US adults aged 18 and 44 accounted for an estimated 4.6% of one-night hospitalizations. There were also 2.9% of uninsured hospitalized individuals who were under the age of 65 during that year.
In addition, more millennials are also developing chronic conditions, such as hypertension. For instance, in 2016, hypertension among this generation rose by a total of 19%.
These are just a few examples of how health conditions afflict young people, too. That’s why it’s a total myth that young folks don’t need comprehensive health insurance.
Health Insurance Is Just for People With High Health Risks
Granted, some do have a higher health risk, such as those with a family history of chronic health issues. However, everyone is at risk of suffering from health problems due to accidents.
For starters, 46.5 million people in the US had injuries bad enough to require medical assistance in 2018. Many of these resulted from preventable accidents.
That should tell you how anyone can get into an accident. More than that, such injuries can result in hospital bills that sum up to thousands of dollars. Hip fractures, for instance, can cost an average of $40,000 during the first year of treatment alone.
If you were to go without a health plan, you would be liable to pay for all your medical expenses. You would have to pay out of pocket for doctor’s fees, hospital bills, and medication purchases.
That’s why as early as now, it’s best that you search for and enroll in a comprehensive health insurance plan. MedicareWire.com shows you all Medigap insurance options, so you may want to start by checking out this platform.
Health Insurance Only Pays For Medically-Necessary Services
Many insurance providers offer preventive service coverage within their health network. A few examples are screenings, as well as some doctor’s visits. There are even health plans that cover vaccines!
So, no, health insurance doesn’t always just pay for medically-required treatments. In addition, many of these preventive services don’t require you to meet a deductible. Meaning, you don’t have to worry about out of pocket costs if you want to use such services.
An Employer’s Group Plan Offers Adequate Coverage
In 2018, 98% of all organizations in the US offered some form of a health care plan to their employees. So, it’s very likely that you’re already receiving some level of health coverage from work.
The question is, does your employer-sponsored plan provide enough for your needs? It may be, but it may also be inadequate, depending on your current and developing health status.
Consider this: 25% of the 34 million US adults who have diabetes don’t know they have this condition. Nine in 10 of the 88 million who have prediabetes also aren’t aware of their condition.
So, let’s say that when you first started work, you weren’t aware that you had diabetes. As such, you continued to pay for your health plan, even if you never went to the doctor. But then, you started noticing signs of diabetes, such as extreme fatigue or blurry vision.
After seeing a doctor, you confirmed that you had diabetes. So, it was only during this time that you found out the limitations of your group health coverage.
The bottom line is, employer-sponsored health plans aren’t a one-size-fits-all solution. That’s why it’s crucial to always review your benefits, especially your health coverage. It’s only through this way that you can verify if you have enough coverage or if you need to get an individual plan.
Health Insurance from Employers Are Always Cheaper
Not always, especially not if you don’t need hearing aids or in vitro fertilization. These are just a few of the things that many states mandate from group health plans. Since they are mandatory, employers must include them in their group plans.
This means that you’re likely paying for coverage that you won’t really need or use. So, instead of saving on health costs, it may turn out that you’re paying more.
On the other hand, you may have special health needs that your group plan doesn’t cover. Since it’s not part of the benefits, you need to use your own money to pay for these services. So, that’s an additional expense on top of the premiums you’re already paying for.
In such cases, an individual health plan may provide a more cost-effective alternative. For starters, most private health plans are customizable. Meaning, you can choose to get only the coverage you need and drop those that you don’t.
Don’t Risk Your Health by Skimping on Insurance or Going Uninsured
There you have it, your guide on the myths about comprehensive health insurance. Now that you know the truth, it’s time to review your current health plan if you have one. If not, then it’s best that you start comparing plans so that you can get insured ASAP.
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