As of today, there is no federal tax penalty for going without health insurance. There are many different reasons you may go without it for a period, but before you do, it’s essential to understand the risks associated with that decision.
Why Go Without Health Insurance?
According to the Kaiser Family Foundation, the number of uninsured, nonelderly (under the age of 65) Americans increased for three straight years. The primary reasons were as follows:
73% cited the high cost of insurance
22% said they didn’t need the coverage (under 26 years, married)
3% lost their job
2% responded signing up was too difficult
What are the Risks of Going Without?
- Steep Healthcare Costs – Without an insurance company to barter lower out-of-pocket costs on your behalf, you will be charged much more.
- Unending Medical Bills that May Lead to a Poor Credit Rating or Bankruptcy – A serious accident, cancer diagnosis, or broken leg can cost thousands of dollars of out-of-pocket expenses. Medical debt is the number one cause of personal bankruptcy.
- Postponing or Not Seeking Preventative Care – It is estimated that 30% of uninsured adults go without any preventative care, including mammograms, cholesterol or diabetes screenings, and colonoscopies.
- Not Managing Chronic Health Conditions – The Transamerica Institute estimates that over 65% of uninsured Americans suffer from chronic conditions such as high blood pressure, high cholesterol, or mental illness.
- Not Purchasing Needed Drugs – According to the Kaiser Family Foundation, uninsured adults are three times more likely to delay or not purchase their required drugs due to cost.
“Not having health coverage can keep people from accessing free, preventative care,” states Jeff Novak, President of Advanced Insurance Designs, Inc.
Special Enrollment Program
Suppose you have qualifying life events, such as losing your job, spouse, a parent when you are under 26 years old, or divorce. In that case, you may qualify for health insurance enrollment outside of the open enrollment period.
How do You Obtain Affordable Coverage?
It’s vital to speak to a licensed benefits specialist that can review all your options. In addition, that person can determine if you are eligible for Affordable Care Act subsidies and what they might be. Those who go without health insurance are at a much more significant disadvantage.
Please Don’t Go Without Health Insurance
If you find yourself without coverage for any reason, we are here to help. We offer a wide range of plans to meet your needs and budget. In addition, our benefits specialists are available via a face-to-face meeting, Zoom, or phone to answer any of your questions and will find the right coverage for you and your family.
At Advanced Insurance Designs Inc, we are committed to ensuring individuals in the greater Akron, Ohio, and Wadsworth, Ohio area, are covered. So don’t hesitate to get in touch with us today at 330-753-8700!
