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If you're tempted to put off buying insurance, don't. Insurance helps you pay for everyday expenses and provides a backup in case of serious illness.
Not convinced? Consider these facts:
- If you contract a serious illness while uninsured, you may not be able to buy health insurance later because you will have a pre-existing condition.
- People who don't have insurance are charged higher prices for health care than people who have insurance – because the insurance companies negotiate with doctors and hospitals to get lower prices for their policyholders.
- The Federal HIPAA law makes it easier for people who have had continuous health care coverage to get new coverage when they leave a job. If you go without health coverage for more than 63 days, you lose these legal protections.
- A serious accident or illness could wipe out your savings -- over one-third of uninsured people have trouble paying health care bills.
- Uninsured people die sooner, on average, than the general population.
Fortunately, there are ways to cut down on insurance costs. Here are some options:
- Check to see if a high-deductible health plan makes sense for you.
- Explore HMOs.
- Learn about health savings accounts and other ways to get a tax break on your health care costs.