Health insurance is an important aspect of financial planning, as it can help cover the costs of medical treatment and protect individuals and families from financial ruin in the event of an unexpected illness or injury. Here are some key benefits of having health insurance:
A new study by CDC’s National Center for Health Statistics shows that nearly 25 million working age adults in the United States (ages 18-64) did not have health insurance in 2021. In addition two new reports incorporate the data from the National Health Interview Survey: “Demographic Variation in Health Insurance Coverage: United States, 2021” and “Geographic Variation in Health Insurance Coverage: United States, 2021.”
The demographic report includes the following findings:
- Nearly 3 million children were without health insurance in 2021, as well as 28 million adults.
- Among adults ages 18-64, nearly 13% did not have health insurance.
- Almost two-thirds of people under age 65 with health insurance are covered by private health insurance, including over half with employer-based coverage.
Highlights from the geographic report include:
- Among adults under age 65, Texas (29.4%), Georgia (19.2%), and North Carolina (17.6%) had uninsured rates that were higher than the national rate of 12.6%.
- Adults ages 18-64 who live in non-Medicaid expansion states (19.1%) were twice as likely to be uninsured compared to those living in Medicaid expansion states (9.4%).
- Among adults under age 65, there were several states with uninsured rates that were lower than the national rate: Illinois (8.7%), Ohio (8.7%), Pennsylvania (8.0%), Virginia (8.0%), Washington (8.0%), Wisconsin (7.7%), New York (6.9%), Kentucky (6.5%), Maryland (6.5%), Michigan (6.1%), and Massachusetts (3.0%).
Access to quality healthcare: With health insurance, you have access to a range of healthcare services, including preventive care, diagnostic tests, and treatments. This can help you get the medical attention you need to maintain your health and well-being.
Financial protection: Medical expenses can be expensive, and without health insurance, you may be responsible for paying for all of your healthcare costs out of pocket. This can be financially devastating, especially if you have a serious illness or injury. Health insurance helps protect you from financial ruin by covering a portion of your medical costs.
Peace of mind: Knowing that you have health insurance can give you peace of mind, knowing that you won’t have to worry about paying for medical treatment if you get sick or injured. This can allow you to focus on getting the care you need, rather than worrying about how you’ll pay for it.
Access to specialists: Many health insurance plans allow you to see specialists without a referral from a primary care doctor. This can be especially important if you have a chronic condition or need specialized care.
Prescription drug coverage: Many health insurance plans include coverage for prescription drugs, which can help cover the costs of medications you may need to treat a chronic condition or illness.
Overall, having health insurance is important for protecting your health and financial well-being. It can give you access to quality healthcare, protect you from financial ruin, and provide peace of mind. If you don’t have health insurance, it’s worth considering the benefits of getting coverage.