Nobody plans to get sick or injured or need extensive testing and medication, but plenty of people do at some point in their life. Even people that eat right, exercise and have no health concerns may wind up with expensive medical costs due to accidents at work or in a automobile. Hospitals, medication, physical therapy and even counseling may be covered by the insurance company, allowing the patient to focus on healing, instead of how to pay for their treatment.
Illnesses are rarely predictable, and can strike people with little to no warning. While some illnesses are easily treatable, they may not be easily diagnosable. Health insurance can help the patient pay for tests to decide the disease and the cause, as well as the eventual treatment. Plenty of medical tests are expensive, when the doctors are running multiple tests, so not having to pay for these tests out of pocket is a bonus to the patient.
Having health insurance can also save on the costs of surgery or treatment. It is not uncommon for hospitals to accept less money for a procedure from patients with insurance less because they are more likely to collect the money, whereas someone paying out pocket will probably have to more for the same procedure as the hospital tries to recoup its costs.
One of the biggest benefits of health insurance is that it provides peace of mind. In the unfortunate case that someone needs non-routine medical treatment or tests, they do not have to raid their savings account or take out a loan to pay for it. Insurance is very similar to a rainy day fund – paying a little bit at a time can give huge benefits when needed.
Having insurance is also a way to cut through a lot of bureaucracy – insurance agents and adjusters can handle dealing with the doctor and the hospital, saving the patient time and energy. Insurance firms also have established relationships with health care providers that they can call on to get better or faster service.