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Get Health Insurance: 9 Compelling Reasons

If you get health insurance, you are protecting yourself.

Accidents happen all the time, and no one is safe from catastrophe. No one likes to worry, so get health insurance! Health insurance has been shown to protect families against a health crisis.

You know the drill. You pay a monthly premium, and the health insurance company promises to help you with medical costs in the event of an accident or injury. In essence, you pay the insurance company a little bit each month, and they promise to pay out a lot of money if ever you’re hurt or sick. Sounds like a good deal, right?

What you just read is the primary reason to get health insurance! However, there are 10 other compelling reasons to get health insurance.

9. You have to have it–Americans are required by law to get health insurance. You won’t go to jail for not having health insurance. But if you like getting a tax return every year, buy health insurance–and maintain it!

8. Tax Penalty–While no one will throw you in jail for a lack of health coverage, there are stiff tax penalties for those who don’t purchase health insurance. Those without health insurance will pay an annual fee of $695 or 2.5% of annual income–whichever is greater. This will be subtracted from your tax return. There are hundreds of inexpensive options out there–who knows?! You might be able to save!

7. You might need it to study abroad–Do you have a child in college who will be studying abroad in the near future? Depending on the college or university your child attends, he or she might be required to furnish proof of health insurance. This is definitely a question worth asking.

6. Cost estimation tools–It might sound funny, but health insurance companies want you to save money on medical costs–if you save money, they save money. One way they can help you save is by providing you with cost estimation tools. Members can compare prices for surgeries and other medical services on the insurance company’s member portals.

5. Preventative Services–Many of the health insurance plans offered on the Marketplace have high deductibles. A high deductible means that you won’t get a discount on services until you meet a deductible costing thousands of dollars. Even so, there are many FREE services under all health plans. You will, however, pay for treatments if the doctor needs to treat you.

4. No more pre-existing conditions–Insurance companies are no longer allowed to bar people from buying health insurance based on pre-existing conditions. If you were a pregnant woman or a woman with cancer before the ACA, the insurance company could deny you coverage or charge you more. Now it is illegal for any health insurance company to discriminate against anyone with a pre-existing condition.

3. 10 Essential Benefit Categories is Standard–All health plans after the passing of the Affordable Care Act must cover certain health services. The good news is that it is against the law to deny anyone of the ten essential benefits that all health plans must include.

2. Tax Credits Reduce Insurance Prices–Insurance rates go up every year. In fact, health insurance rates increase so much that families often have a hard time making sufficient money to cover the increases. Based on your family size and income, you may be able to receive a Premium Tax Credit. The credit may be enough to cover your entire health insurance premium…who knows?!

1. Cost Sharing Reductions are Common–A tax credit will save you on your monthly premium cost, but a cost sharing reduction will help you save on your out-of-pocket costs. If you qualify for cost-sharing reductions, you will see lower deductibles, copays and coinsurance.

 

Philip Strang never envisioned a career in the health insurance industry before October 20, 2016. He fell in love with the industry instantly, and his goal is to make health insurance simple for you. Feel free to write him at p.strang@americanexchange.com. Comments are encouraged!

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