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Why Do You Need Health Insurance?

Why Do You Need Health Insurance?

Before we jump into that question let’s first ask, what is Insurance? In essence, Insurance is the transfer of risk and so Health Insurance transfers the risk of medical expenses from you and takes that risk upon itself. Specifically, the risks you want to transfer are the risks you cannot afford to have. Most of us cannot afford a $100,000 trip to the hospital. So how can you protect yourself from this risk? The answer is clear, wrap you and your loved ones in bubble wrap and hope for the best. Well, maybe not. While everyone around you might enjoy the sight, there is a more serious solution designed to solve the problem: good Health Insurance. I’m not talking about the kind that has hidden limits that will stop paying for your medical expenses at a certain point while you still need help. I’m talking about the kind that will stick with you until your mountain of medical expenses are taken care of. If you have Health Insurance and have to go to the hospital and you receive a $100,000 bill, you won’t spend more than $8,700 which is the max set by the federal government on marketplace plans (some plan options will lower this number). Your Health Insurance will pay the other $91,300 and in this way, protect you from medical expenses you cannot afford to have. This is the purpose of Insurance, it protects you and your family from financially crippling medical expenses. 

I don’t usually go to the doctor, so why would I need health Insurance?

It’s true, if you don’t go to the doctor often or you don’t go at all, you won’t need a rich insurance plan that helps pay for tests, scans, medications and other services. That’s why there are less expensive plans for you if you do not expect to make frequent visits to the doctor. These plans will still protect against those rare occasions when you have an illness or injury that requires a lot of medical attention that you cannot pay for. Think of these plans as your emergency backup.   

But how much can you expect to spend at the hospital?

Sadly, there is no single answer except: it depends. Medical costs often come from a mixture of different services and specialists and can add up to a lot. The average cost per day in the hospital can range from $2,000-5,000 with the average length of days spent at a hospital being 4-5 days. During that 4-5 days you can easily expect the costs to be around $10,000. When you add surgeries and other procedures the costs really begin to rise. To give you an idea of what some common surgeries can cost you can look at the list below.

2018 Average Costs for Common Surgeries:

  • heart valve replacement: $170,000
  • heart bypass: $123,000
  • spinal fusion: $110,000
  • hip replacement: $40,364
  • knee replacement: $35,000
  • angioplasty: $28,2000
  • hip resurfacing: $28,000
  • gastric bypass: $25,000
  • cornea: $17,500
  • gastric sleeve: $16,000

Other procedures include: Back Surgery, $25,000. Kidney Stone, $28,000. Hip Replacement, $37,000. Arm or Wrist Fracture, $21,000. More severe breaks can cost upwards to $50,000 and more. 

Cancer average cost, $150,000. Stroke, $20-30,000. Heart Attack, $20,000. If the heart attack is severe and requires surgery the costs can quickly rise to $100,000 or more.

Some injuries or illness may come expectedly due to our genes or lifestyles while many can come upon us without warning. None of us expected the youngest in our family to fall out of a hammock and break both his Radius and Ulna (the two bones in your forearm). Who foresees an automobile accident? And so, you’re left with a question, can you pay for the expected and unexpected medical costs that come your way? Many of us can’t and that’s what health insurance is for. To protect you against financially crippling medical costs.

Did you know?

You don’t pay Health Insurance agents anything! We’re here to assist you in any way we can from answering questions, giving you quotes on Health Insurance, and helping you enroll in a plan that is right for you and your family. Schedule an appointment with Josiah HERE to ask questions, get quotes and when you’re ready, apply for your plan!


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