Too often many of the people who pay for their own medical bills think nothing major will happen to them or their family. They may believe it’s cheaper to pay for a one-off bill involving a sprained ankle or a broken arm than it is to pay for regular insurance bills. While that can be true as long as there are no major illnesses, this practice can also get extremely expensive very quickly.

Because nobody can know the future and people often end up with huge, unexpected medical bills, paying for your own medical and dental costs out-of-pocket can end up costing you much more than purchasing an insurance plan.

In this blog, we’re going to look at a few of those scenarios. However, please keep in mind that we’re not trying to scare you into purchasing medical insurance. We simply want you to be fully aware of the situation before you make a decision on which route to go.

Let’s look at the possibilities you’d face if you decided to pay for all of your medical and dental expenses yourself, rather than using a plan through a health insurance company.

  1. Car accident

Let’s say you’re in a car accident. You could be in the hospital for weeks or months, depending on how bad it was. That could very easily wipe out your bank account. Even worse, once you do heal, get out of the hospital and return home, you’ll have a mountain of bills to pay going forward.

Plus, your injuries could be so severe that once you get out of the hospital, you may have to spend a couple of weeks, or even a couple of months, in a rehabilitation center. Unfortunately, situations like that are not uncommon but are the daily reality many people face. Nobody wakes up in the morning expecting to be injured later that day, but it does happen.

Even if you don’t end up in a car accident, your spouse, partner or child could be hurt. The more people you have in your family, the higher the likelihood something could happen. On top of your medical bills, you could also be facing insurance costs unrelated to the hospital, depending on whom is found at fault for the accident.

Especially with those other costs combined, you may end up in a financial situation you never foresaw, are not prepared for and are not financially able to handle.

  1. Unexpected little expenses

Most people who don’t purchase health insurance figure they’ll just pay out-of-pocket if something small, but still unexpected, happens. Usually, they’re thinking in terms of a broken bone or maybe an extra dental visit or two.

However, small expenses like this can quickly add up to the point that it would actually be cheaper to make those monthly payments for regular insurance as compared to paying for each expense out of your own bank account.

If you have just three children and a partner to pay medical and dental bills for, this can quickly become a problem. Even something as simple as an emergency room visit can escalate into costs much higher than you anticipated.

For example, if two of your kids experience a broken bone, you and your partner find out you both have cavities, and your other child ends up getting something like pneumonia or bronchitis, you’ll have a huge amount of unexpected bills to pay resulting from all of those “little” incidents. Individually, each one may not be too much; together they’ll add up quickly.

  1. Getting pregnant

This could be the biggest surprise of all. Yes, there are steps you can take to avoid getting pregnant or to be able to plan for it. But the reality is that those steps are not always 100% effective. This means you (or your significant other) could get pregnant without meaning to and be looking at OB/GYN visits, baby check-ups and hospital delivery bills in the near future. Not to mention all of the other costs that are associated with having a baby, such as clothes, formula and diapers.

Just by looking at only three possible scenarios – a car accident, several little expenses, or a baby – you can see how they can easily cost you far more than you may be able to afford. While initially not purchasing health insurance could be less costly for you, that could change on a dime.

The goal of this blog is not to make you feel like we’re fear mongers but rather to show you the reality that many people who don’t purchase health insurance face. The reason they don’t buy health insurance is because of the cost associated with it, but that’s why we’re here.

We make health insurance affordable for you and your entire family. So you don’t have to face the possibility of having your bank account emptied, and you can have peace of mind regarding any uncertainties about your medical coverage.

If you have any questions at all regarding which option would be best for you, give us a call. We’ll be happy to answer all of your questions and concerns.