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Health Insurance
There are many good reasons to have health insurance, and among those reasons is the fact that there is a tremendous financial risk that is linked to "unanticipated adverse health events," according to an article in the Journal of Health Economics (McLaughlin, et al., 2002). Health insurance not only helps the person that is ill or has been in an accident to get healthy again, it prevents -- at least in many cases it prevents -- financial calamity. The U.S. Department of Health and Human Services (HHS) has come out with a report that shows most families that cannot afford health insurance do not have the "financial assets to pay the hospital bills they would incur if a family member were to be hospitalized" (Glied, 2011, p. 1). In fact the HHS report reflects the fact that the majority of uninsured families have "virtually no savings or investments" so this puts a family of modest means or a low-income family in dire straights if one of their family members requires emergency hospitalization. That HHS report indicates that the average financial assets that an uninsured family has is just $20.00 (Glied, p. 1).
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The HHS research shows that people are 50-percent more likely to be involved...
All the more reason why a family should try to get health insurance. Of course a person could be seriously injured or killed in an auto accident, so in that instance the comparison doesn't work as well. But the report also points out that while a person is "ten times" more likely to wind up in the hospital than to have his or her house on fire, the bill for one hospitalization is nearly the same as the loss from a house fire, Glied explains. The other problem with people who are not insured, and who need hospitalization from an accident or illness, is that "other payers must absorb the cost," which ultimately leads to higher costs for Americans with insurance.
For those that do not have insurance but who need hospital care, additional research presented by the U.S. Department of Health and Human Services shows that "uncompensated care costs estimates" add up to something in the range of $56 to $73 billion dollars. In other words, that money not paid by the individuals being hospitalized has to be paid…
Works Cited
Glied, Sherry. (2011). The Value of Health Insurance. U.S. Office of Health and Human Services
Retrieved February 3, 2012, from http://www.healthcare.gov/blog/2011/05/valueofinsurance051011.html.
McLaughlin, C.G., and Chernew, M.E. (2002). Health Insurance: Economic and Risk Aspects.
Journal of Health Economics, 11(3), 353-356.
U.S. Department of Health and Human Services. (2010). The Value of Health Insurance: Few of The Uninsured Have Adequate Resources to Pay Potential Hospital Bills. Office of the Assistant Secretary for Planning and Evaluation. Retrieved February 2, 2012, from http://aspe.hhs.gov/health/reports/2011/valueofinsurance/rb.shtml.
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097 United States 0.109 0.093808 0.036112 0.068 Utah 0.1071 0.1401 0.035696 0.073 Vermont 0.1326 0.0988 0.040851 0.114 Virgin Islands NA NA NA Virginia 0.1048 0.0829 0.080009 0.092 Washington 0.1229 0.0669 0.027831 0.068 West Virginia 0.1293 0.0774 0.036499 0.055 Wisconsin 0.0954 0.0357 0.032367 0.097 Wyoming 0.1251 0.1453 0.053867 0.075 Notes All spending includes state and federal expenditures. Growth figures reflect increases in benefit payments and disproportionate share hospital payments; growth figures do not include administrative costs, accounting adjustments, or costs for the U.S. Territories. Definitions Federal Fiscal Year: Unless otherwise noted, years preceded by "FY" on statehealthfacts.org refer to the Federal Fiscal Year, which runs from October 1 through September 30. for example, FY 2009 refers to the period