The consequences of lacking health insurance coverage can be severe. Uninsured individuals often struggle to pay for medical care, leading to unmanageable debt due to their low or moderate incomes and limited savings.

It seems that health insurance premiums are increasing every year, with the deductibles and additional out-of-pocket expenses also on the rise. This makes it difficult for people to afford quality medical care.

Having health insurance may be expensive, but not having it can lead to even greater expenses. Here are four reasons why avoiding health coverage could end up being more costly:

Having health insurance can greatly reduce medical expenses. Health insurers that offer group policies have negotiated lower rates with healthcare providers, resulting in reduced costs for patients. On the other hand, individuals without health insurance are often charged higher fees for the same services.

Proactive preventative care can help reduce the frequency of doctor visits. Many health insurance companies provide free preventive services as part of their coverage, which may prevent more serious health problems that could be expensive in the future.

In some states, individuals may face a penalty for not having health insurance coverage.

The mental relief that comes with health insurance. A broken bone, emergency room visit or surgery can be financially crippling without it. Health coverage provides a safety net for unexpected medical expenses.

Having health insurance is crucial, even if you are currently in good health and young. Not having it could result in overwhelming medical expenses from an unexpected accident or illness that may force you to use your retirement savings, take out loans, or file for bankruptcy.

Purchasing health insurance is crucial to avoid long-term financial burdens. There are various options available, including state-sponsored plans for those who qualify.