There are several obvious pros and cons to not paying for health insurance
when you are young and healthy. The first pro is not having to pay the cost
for insurance benefits that you may or may not use; the costs of medical, eye,
and dental insurance all vary depending on the place that you work and the
size of the company- if you are employed- which means that the cost of
insurance may be astronomical. If you make “too much” then there isn’t an
option to get more affordable coverage through government programs such
as Medicaid; this means that you are left spending a large amount of your
paycheck on insurance coverage that you may not even use. When you don’t
have health insurance, you are less likely to utilize services and ultimately are
more likely to spend less on out of pocket services (Institute of Medicine,
2003). There was a tax penalty under the Affordable Care Act, but Trump
repealed that act so individuals do not have to worry about a federal penalty
for not having insurance (Williams, 2021). However, certain states have
penalties for not being insured so individuals need to be aware of their state
legislation.
The obvious con of not having medical insurance is that if some accident
were to occur and you needed medical care you would have to pay out of
pocket because you would have no insurance coverage. Hypothetically, if the
accident were extensive and you ended up in the ICU in coma for weeks or
months and you finally managed to come out of it, then you would eventually
find yourself with a bill you cannot pay. Not only would you have to deal
with hospital collections on top of not being paid for the time you were out of
work, but you would likely go broke trying to pay your medical bills. If the
situation progressed to the point where you could not pay your bills, then the
less noticeable con of not having insurance comes into play- insurance
companies and healthcare facilities or practitioners have to absorb those
costs. This means that costs of tests, procedures, and treatments may
increase, and insurance costs for everyone who does have coverage increases
to cover the costs of those who are uninsured and/or do not pay (Institute of
Medicine, 2003). Another con is that if one is seeking private or specialty
care, the practitioners can refuse the patient for not having insurance.
Something that likely is not on the forefront of the minds of those who are
young and healthy, is the fact that by not having medical insurance and going
for regular checkups i.e. dental cleanings, yearly physicals, these individuals
are missing out on preventative services that could ultimately help them live
longer, healthier lives.
References
Institute of Medicine (US) Committee on the Consequences of Uninsurance.
(2003).3Hidden costs, values lost: Uninsurance in America. National
Academies Press.
Williams, T. (2021, September 27).3Don't have Health Insurance? what's The
worst that could happen?3Investopedia. Retrieved January 31, 2022, from
https://www.investopedia.com/articles/personal-finance/120815/dont-have-
health-insurance-whats-worst-could-happen.asp
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