How Much Do I Save by Having Health Insurance img

How Much Do I Save by Having Health Insurance?

The most common concern that people have with individual or group health insurance is whether it will actually save money on healthcare costs. It’s a fair question and one that needs to be answered regularly. It’s the reason why many people turn to a health insurance broker when they need coverage. 

Simply put, health insurance does save you money on medical expenses. Specifically, health insurance can save you thousands of dollars on major medical expenses such as surgeries, diagnostics, and other larger medical procedures. Below, we look at how much you save by enrolling in a health insurance plan.

Consider the Cost of Healthcare Today

It’s no secret that the cost of medical care is climbing. The percentage of increase is unclear. However, recent reports suggest that costs have increased by as much as ten percent over the last five years.

As it stands, the average cost of healthcare per person is just above $12,000 annually. Keep in mind that per-person spending does not include health insurance premiums. It also doesn’t paint the whole picture. Below is a breakdown of some specific medical services and procedures:

Medical Procedure Average Cost
Cataract Removal $2,500
C-Section $13,000
Joint Replacement $23,000
Broken Bone Repair $8,000
Angioplasty and Atherectomy $20,000
Stent Procedure $18,000
Hysterectomy $13,000
Gallbladder Removal $28,000
Heart Bypass Surgery $40,000
MRI $1,400

How Health Insurance Saves You Money

Health insurance helps you save money by enabling you to transfer a big financial risk to the insurer in exchange for a (comparatively) small premium. Health insurance costs have been rising faster than overall inflation and worker earnings for years. However, not having health insurance can be financially devastating.

For example, imagine how expensive it would be to cover the costs of staying in the hospital or paying for a trip to the emergency room. You could easily rack up a bill in the thousands, potentially costing all of your savings.

How a Health Insurance Plan Protects You

When you have coverage, your plan protects you from high medical expenses in the following ways:

Reduced Costs After You Meet Your Deductible 

Once you meet your plan’s deductible, the plan covers part of your medical expenses. Health insurance plans can cover between 60% and 90% of your covered expenses after you’ve met your deductible.

Out-of-pocket maximum

This is the total amount you’ll have to pay no matter how much covered care you get in a plan year. Once you pay your deductibles, coinsurance, and copayments, the plan pays for any covered care for the rest of the year. It provides important peace of mind and protection from very high medical costs.

No Yearly Or Lifetime Limits

No health insurance plan can put dollar limits on how much they’ll spend each year or over your lifetime to cover essential health benefits.

Contact Insurance Enterprise for Premier Health Insurance

If you have questions about group or individual health insurance and need health insurance quotes, contact Insurance Enterprise at 888-350-6605. Speak to a licensed agent and find out more about how you can get an affordable health insurance plan.