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Do I Really Need Health Insurance?

If you are alive and breathing (and we assume you are if you are reading this!), you need health insurance. Not a maybe, not a "Oh, I'll wait and see." You definitely need it!

But why?

Well, if you don't have health insurance and something happens, you could easily accumulate several hundred thousand dollars in medical debt...and medical bills are the number one cause of bankruptcy! On top of that, if your illness or injury is serious enough, you'll be out of work, which means you will have a huge debt to pay and no money coming in.

Insurance is an absolutely vital part of any sound financial plan. We want you to be prepared.

HSA - A Great Option

One great type of health insurance is the Health Savings Account (HSA). Some major points to know about HSAs are:

  • It is a major medical policy with a large deductible and a low premium.
  • An excellent way to control your monthly premiums while saving for any future costs you may have.
  • You can save up to about 70% on your premium as you are saving money that can be used tax-free on medical expenses.
  • The amount saved in your HSA rolls over from year to year, allowing that savings to gain interest or investment earnings.
  • You can take money out of this account tax- and penalty-free whenever needed for medical expenses. If it's used for anything else, you pay taxes and a big penalty.
  • This money must be used for medical, dental and vision care; however, dental and vision payments don't count toward your deductible.

Dave has a network of health insurance Endorsed Local Providers (ELPs) all over the country to assist your needs and teach you about the types of insurance before you buy it. They can show you lots of great plans that will fit any size budget. If you need insurance or just want to check for lower rates or other options, get connected with the ELP in your area today.

Ramsey Solutions

About the author

Ramsey Solutions

Ramsey Solutions has been committed to helping people regain control of their money, build wealth, grow their leadership skills, and enhance their lives through personal development since 1992. Millions of people have used our financial advice through 22 books (including 12 national bestsellers) published by Ramsey Press, as well as two syndicated radio shows and 10 podcasts, which have over 17 million weekly listeners.

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Do You Have the Right Coverage?  

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