a Many individuals who consider themselves to be in good health
purposely avoid obtaining medical insurance. In the first part of 2020,
according to a report by the National Health Interview Survey (NHIS),
9.7% or 31.6 million adults lacked health insurance. Survey findings
showed that the uninsured rate and number of uninsured decreased
from 2019 (10.3% or 33.2 million people of all ages), but the
difference was insignificant (Williams, 2021).
a a a There are many cons to choosing to refrain from purchasing
medical insurance. The National Center for Chronic Disease
Prevention and Health Promotion reports that six in 10 Americans
have been diagnosed with a chronic health condition, such as high
blood pressure, high cholesterol, or being overweight or obese. A
study completed by the Transamerica Institute revealed that 66% of
the uninsured suffered from a chronic illness. Ninety percent of
America’s $3.8 trillion in annual healthcare expenditures stem from
citizens coping with chronic diseases and mental health issues
(Williams, 2021). Most preventive care is covered by insurance
policies and is a critical component of identifying illness or worrisome
health conditions early, before they develop into full-blown critical
problems. Catching health problems early increases the probability of
successful treatment and reduces overall healthcare costs for
treatment. Many individuals without medical insurance don’t engage
in preventive care (i.e., annual primary physician physicals,
bloodwork, OBGYN annual check-ups, etc.), resulting in an increase
of more serious illnesses that could have been caught much sooner.
It’s been documented that those with medical insurance have higher
life expectancies. Additionally, without medical insurance, a serious
accident or health issue resulting in emergency care can leave a
patient with a bill so high that it pushes them into bankruptcy. For
several years, medical debt has been the number one cause of
personal bankruptcy. According to a recent study in the Journal of the
American Medical Association, 17.8% of individuals had medical debt
in collections in June of 2020 (Williams, 2021).
a a a Although I believe that the cons of not having medical insurance
outweigh the benefits, it’s important to understand why people
choose to not pay for healthcare coverage, especially if they’re
younger and/or in good health. Medical insurance can be very costly,
sometimes absorbing a large fraction of a person’s monthly income.
People who already work low-income jobs and need every dollar to
support their families can’t fathom the thought of paying such a high
expense every month for medical coverage “just in case” something
happens. Additionally, some health insurance companies may not
accept individuals if they have certain pre-existing conditions since
they feel that they are at greater risk of suffering from serious health
conditions in the future. For people that fall into this category, it can
be very difficult and time-consuming to find an insurance company
that will accept them. When they do find an insurance company
willing to bring them on board, the cost can become even more
unaffordable because the customer has a pre-existing condition.
Furthermore, insurance companies can exclude important and costly
medical treatment, premiums may increase as you get older, and you
may still end up having to pay a fraction of the overall costs
(O’Rourke, 2021).
a a a In conclusion, there are many strong reasons why an individual
should purchase medical insurance. However, some individuals can’t
afford the high cost, denial of coverage for certain treatments and/or
pre-existing conditions, and the residual costs that remain even after
medical insurance is applied. Medical insurance must be more
affordable and accessible so people are enticed to enroll in it;
otherwise, the likely outcome is even higher costs associated with
advanced stage illness that could have been prevented if medical
treatment was sought sooner.
References:
1. O’Rourke, P. (2021). 25 Important Pros & Cons Of Health
Insurance. Retrieved from https://environmental-
conscience.com/health-insurance-pros-cons/.
2. Williams, T. (2021). Don’t Have Health Insurance? What’s the
Worst That Could Happen? Retrieved from
https://www.investopedia.com/articles/personal-
finance/120815/dont-have-health-insurance-whats-worst-
could-happen.asp.
