Today’s insurance rates are going through the roof. People are dealing with rising premiums and deductibles. Some are wondering if it is worth it to be insured.
This article will look at the pros and cons so you can decide if health insurance is right for you.
Why are Healthcare Insurance Prices Rising?
Health insurance prices are going up at alarming rates. People with state marketplace premiums could see increases averaging 6% over the next year. Those with insurance through an employer can expect their rates to increase by 2%.
Deductibles are also on the rise. The big news is the considerable rate of Medicare deductibles. These will be going up $44 a stay. But you can expect to see increasing deductibles regardless of your plan.
- The Effects of the Pandemic: The effects of the pandemic are ongoing. Many patients held off on seeing their doctors during the lockdown. This made for a loss of income among medical professionals that many still have to make up for. And the increasing demand is making it easy for them to charge more.
- The Loss of Federal Subsidies: The American Rescue Plan was put in place to keep the cost of health insurance under control. Unfortunately, the plan expired at the end of 2022. While there is talk about renewing the plan, obstacles prevent it from being renewed quickly enough.
- Healthy People Leaving the Marketplace: Increases in insurance rates are causing many healthy people to leave the marketplace. When healthy people leave the marketplace, costs go up for everyone.
- Inflation: Inflation is causing prices to rise in every industry, and the medical industry is no exception. Doctors have to pay more for equipment, and they have to increase their employees’ salaries. They are passing some of those expenses on to their patients.
Is it Worth it to Be Insured?
- The State of Your Health: If you’re relatively healthy, it’s likely you won’t need to see a doctor often. If this is the case, you will probably spend less on doctor visits than you would on insurance considering annual expenses. But if you are dealing with health conditions, you may be better off with insurance.
- Access to Discount Health Services: There are many options for discount health services. These include sliding scale and free clinics. Some doctors will reduce prices for patients that don’t have insurance. If you have access to these discount services, it’s likely you will end up paying less for healthcare than you would if you had an insurance plan.
- Your Current Insurance Expenses: Some people have insurance plans through employers or through the government that are very affordable. If this is the case, you may end up saving money through your insurance.
- Your Income: If you are making a good amount of money, your insurance expenses may not have much of an effect and you may be okay keeping your coverage.
Healthcare Specialist Warnings
It all boils down to what’s more expensive, your healthcare costs for the year or your insurance expenses, considering co-pays, deductibles, and premiums. However, healthcare specialists warn that there could be certain dangers to dropping your insurance, even considering costs.
Most insurance providers don’t provide coverage for pre-existing conditions. So if you are diagnosed with a serious issue and don’t have insurance, you will be unable to get insurance to cover your ongoing expenses. This can lead to financially devastating circumstances.
How UBERDOC Can Help
- Browse our site to find the specialist that’s right for you.
- Make an appointment directly through our site, forgoing lengthy hold times.
- Thanks to our exclusive agreements with doctors, you will get an appointment set up in just 1-3 days.
- Pay a low fee, typically $250 per visit.
