If you’re in college, searching for a new job, or struggling to fit health insurance into your budget, deciding whether to purchase a health insurance plan can feel overwhelming. Health insurance might seem like an unnecessary expense, especially if you’re in good health and rarely get sick. However, investing in health insurance can help you take a more proactive approach toward your health and can provide financial peace of mind in the case of an emergency. So, why should you buy health insurance, and how can you an affordable plan that fits your budget?

Why should you buy health insurance?

Although monthly insurance premiums might seem expensive, choosing not to buy health insurance is a financial gamble. Medical emergencies are expensive, and individuals who experience medical emergencies without health insurance often find themselves with significant medical debt. According to one study, 62 percent of bankruptcies were caused by medical debt, while another study claims that over two million Americans are adversely affected by medical expenses.

In the event of an emergency, accident, or illness health insurance can reduce your out-of-pocket medical costs, saving you from potential medical debt.

Is health insurance necessary?

If you don’t have health insurance, you might feel hesitant to see a doctor—even when medically necessary—because you can’t afford out-of-pocket costs. When you avoid getting treated for minor issues, seemingly trivial health problems can escalate into bigger issues.

For example, if you’re experiencing symptoms of tinnitus, you might avoid treating the underlying issue because you can’t afford it. According to the audiology experts at the Sound Relief Hearing Center, underlying issues that cause tinnitus can lead to more severe conditions, including hearing loss. Investing in health insurance can provide affordable access to effective treatment options, including sound therapy, for people suffering from tinnitus, hyperacusis, and hearing loss.

What does health insurance cover?

Whether you’re in good health or suffering from a chronic condition, health insurance can significantly lower out-of-pocket costs for your routine and unexpected medical needs.

Most health insurance plans cover preventive health services to keep you in good health and screen for potential issues that could cause problems in the future. Health insurance also typically covers essential health benefits, including emergency services, prescription drugs, and maternity care. Health insurance can also provide financial protection from high medical costs, including the cost of cancer treatment, through copayments and coinsurance. Individuals who choose not to buy health insurance may be forced to pay these costs out of pocket, leading to potential medical debt.

How much does health insurance cost?

The cost of health insurance varies depending on location and age, as different health insurance providers offer coverage in different areas with varying rates. Each additional beneficiary added to your health insurance policy, such as a spouse or child, will increase your monthly insurance costs.

Monthly health insurance premiums also depend on the type of plan and whether you or beneficiaries listed under the plan use tobacco. There are four main categories of health insurance available through the health insurance marketplace, and coverage, deductibles, and premiums vary per plan. If you’re looking for average health insurance costs, click here for a list of averages by state.

Which plan fits your needs?

Regardless of your current health, health insurance is a necessity. If you’re not sure what type of coverage works for you, visit healthquotegurus.com to find the best pricing for the health insurance plan you need. Whether you’re interested in finding ACA plans, group health benefits, or short-term health coverage, the professionals at Health Quote Gurus can help you navigate multiple policies to help you find a secure and affordable plan.

Even if you’re healthy, health insurance can provide financial security and the peace of mind of knowing you have access to healthcare in the event of an illness or injury.