...if you do not have a health insurance?

A recent survey by ionTuition of college students, 55% of the respondents would prefer a student loan match to healthcare benefits. Also, a Kaiser Family Foundation data showed there were 32 million uninsured adults (between the ages of 19 and 64) in the United States. These are some of their reasons for being uninsured: cost, unemployed / ineligible at work / employer does not offer, immigration status, told they were not qualified, and think they do not need it.

If you do not have a health insurance, however, health providers are not mandated by law to render medical services to you. Only emergency departments are required to provide care.

Transamerica Center for Health Studies Executive Director Hector De La Torre said prevention is better than cure. Preventive care is vital to identify conditions or illness early before it worsens, as it raises the likelihood of a successful treatment and cuts the treatment costs as well. Not to mention that not having such a coverage can keep people from accessing free preventive care.

If you do not have a health coverage, any severe accident or health issue resulting in an emergency care and/or expensive treatment plan can lead to low credit or bankruptcy.

University of Maryland School of Public Health’s Dylan Roby said any serious diagnosis or accidents can cost a person thousands of dollars out-of-pocket. He added an insurance policy has out of pocket maximums protecting a person from over $6,000 (individual) or $13,200 (family) in spending.

Ernst & Young stated medical debt accounts for 38%. That is 13% greater than student loan debt and more than twice the percentage of credit card debt.

Granted you remain healthy, still, you will suffer the consequence for not being insured. The tax penalty for not having a coverage will be $695 per adult and $347.50 per child under the age of 18 up to a maximum of $2,085 for a family or 2.5% of total household income.

What could happen if you do not have a health insurance? You won’t be able to avail of free preventive care, sustain higher medical bills, and pay tax penalties.