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We get it, health insurance isn’t always cheap. It’s an added expense to consider worthwhile for your personal needs. That being said, a majority of the time, your health and that of your family members cannot be predicted. While preventative care has come a long way, ongoing health cannot be known for certain. So, you have to ask yourself: “Is my and my family’s health worth the risk?”
While the federal legislation that once required all individuals to obtain some level of healthcare coverage has since been dropped, many states continue to issue tax penalties to uninsured residents. If you are a resident of one of these states, not only will you be responsible for paying your healthcare costs out of pocket, but you can also expect an additional tax penalty charged to you.
What are the risks of being uninsured?
While federal law does not legally require you to acquire healthcare coverage, there is a multitude of associated risks should you choose to forgo doing so. These risks are primarily financial. They include the following:
High healthcare costs
The basic out-of-pocket costs associated with general healthcare are much steeper than if they were to be covered or partially covered, by your insurance plan.
Difficulty paying medical bills
By choosing to pay all healthcare costs in full out of pocket, you may quickly find yourself drowning and unable to keep up with responsible medical charges.
According to a Kaiser Family Foundation (KFF) survey, about 24% of uninsured people hesitate to seek necessary healthcare due to the high cost of uninsured healthcare. By hesitating to or avoiding receiving medical treatment, you’re running the risk of your conditions potentially worsening or eventually needing more severe care than would have originally been needed.
State tax penalties
While individuals are no longer required by federal law to acquire independent health care coverage, some states still issue penalties to uninsured residents. To check if your state has such requirements and penalties, review individual state mandates here.
Unable to afford necessary medication
Many people rely on ongoing medication to keep various health conditions in check. Be it high blood pressure, heart conditions, or mental health conditions, affordable access to medication is a critical aspect of healthcare.
While many are intimidated by the associated costs with individual health care plans, the costs associated with the risks mentioned above are likely more extreme.
At SBMA, we believe in providing our clients with the most affordable, efficient benefits that are tailored to the needs of their employees. We offer a variety of options to our clients to ensure an appropriate option for all interested parties. For more information on the service we provide and accessibility for your employees, contact us today or visit our site for more information.