Understanding the Importance of Health Insurance Coverage

According to the Gallup website, about one in six American adults did not have health insurance as of 2009. The lack of health insurance can have serious financial and medical implications.

Benefits

• Health insurance can pay a large portion of the cost of expensive medical treatment and hospitalization. This helps the insured to keep pace with ever-increasing medical costs and to avoid paying large medical expenses out-of-pocket.

Significance

• The lack of health insurance can have severe financial consequences for you and your family. According to CommonDreams.org, a study published in the medical journal "Health Affairs" indicates that roughly half of all bankruptcies in the United States is due to overwhelming medical bills.

Considerations

• If you don't have medical insurance, you may be reluctant to seek medical attention during the early stages of a condition if you don't have the funds. As a result, a minor condition could evolve into something more serious due to the lack of early treatment.