Health insurance provides us with financial security against the high costs associated with medical treatments, so an unexpected illness or accident won’t disrupt our finances. But having health insurance has many more advantages.

Finding the ideal plan starts with understanding what kind of coverage you require – for instance, do you prefer paying higher monthly premiums for access to a wider network or lower premiums with an HSA-eligible plan?

1. It’s Required by Law

If you go without health insurance, fines will apply. Under the Affordable Care Act (ACA), most individuals must maintain at least minimum coverage or face penalties.

A typical health plan includes monthly premiums, deductibles and co-payments; most also provide free preventive care services as an added perk that encourages employees to schedule regular checkups and screenings that may lead to better outcomes and reduced costs.

Employees with access to affordable healthcare benefits are more likely to come into work healthy and ready to do their best work. Focusing on work can become harder when one is concerned about medical bills or affording necessary treatments; with the right health plan in place, this worry can be alleviated making it easier for everyone involved to do their best work. Explore more ways that offering healthcare benefits could benefit your business today!

2. It’s Affordable

Individuals without health insurance are at an increased risk of struggling to pay medical expenses, which can add additional financial strain and add stress on top of illness or injury-related impacts. Studies show that having health insurance can prevent financial strain while helping you meet care and treatment goals and providing peace of mind knowing you are protected.

Health insurance plans can save you money on out-of-pocket expenses even before meeting their annual deductible. Many plans also provide free preventive services like vaccines, screenings and certain check-ups. Furthermore, choosing providers within their network often results in lower prices for members compared to outside.

Although most people get their health insurance through employers, you may also purchase individual plans tailored specifically to your needs and budget from marketplace and private insurers. When purchasing individual health plans individually through these channels, individuals may qualify for subsidies from the federal government in order to make coverage more cost effective.

3. It’s a Safety Net

Health insurance provides essential protection from unexpectedly high medical expenses. Without it, serious illness or an accident could deplete your savings and leave life-altering bills to settle.

Typically speaking, the more costly your healthcare provider, the higher their copays and/or deductibles are likely to be. Therefore it is wise to shop around and find a plan which meets both your needs and budget requirements.

Financial savings aside, having health insurance is also beneficial in saving both time and hassle. You’ll find it much simpler to get recommended preventive care such as cancer screenings, annual bloodwork tests and vaccinations since most costs associated with them will be covered by your plan.

As health insurance is designed to cover most medical needs, having it can also help protect you against costly mistakes and misunderstandings when it comes to your medical history. Most plans provide access to a network of doctors, hospitals and other health care providers they work with; choosing in-network health care providers often saves money since plans negotiate reduced rates with them; therefore it’s wise to read your Summary of Benefits coverage document thoroughly and ask any queries if unclear what coverage applies.

4. It’s a Lifeline

Health insurance can provide an invaluable safety net in times of unexpected illness or accident, which could leave you facing unexpectedly high medical expenses without coverage. Without health insurance, large medical bills are the leading cause of financial difficulty and bankruptcy among uninsured people.

Health insurance offers many additional advantages beyond healthcare services, including peace of mind and convenience. For instance, having health insurance often means no-cost preventive care such as vaccinations and bloodwork screenings – plus lower office visit, prescription drug and other service costs since health insurers negotiate rates to keep costs affordable for their customers.

No matter where your health insurance comes from – be it an employer plan, individual marketplace policy or an Affordable Care Act plan – everyone must have health coverage. No matter if you’re young and healthy or nearing retirement age – there is sure to be an option that meets your lifestyle, budget and preferences – taking time to explore all available plans is key for finding one that’s just right. For more information please visit Covered California.

5. It’s Flexible

Health insurance provides an easy and flexible way to manage your finances. Plans usually allow pre-tax contributions into flexible accounts such as FSAs, HRAs, or HSAs which can later be used to pay eligible expenses – helping people better align their health expenditure with their budgets.

Being covered by health insurance helps you avoid high out-of-pocket medical costs and provides free preventive care; on average, those with health insurance spend 50 percent less on other medical services than those without coverage.

Health insurance can reduce paperwork for both patients and providers alike, eliminating time spent filling out financial forms while speeding up hospital claims processing times. This is particularly true of large companies offering group health plans; most healthcare paperwork is handled by your insurance provider so it never makes it into your office! To learn more about how flexible health plans could work for your business contact NPA Benefits now.