The Effects of Not Having Health Insurance on Personal Finances

The cost of health insurance is rising and, for many, that makes it unaffordable. But before you write off your ability to afford health insurance, it's important to consider the effects of not having it on your personal finances.

Save Money on Premiums

Without health insurance, you have no premium payments to make each month. Instead, this money can be invested or used toward paying off debt.

Emergency Care Expenses

A trip to the emergency room without health insurance coverage can result in a bill anywhere from $1,000 to tens of thousands--depending on the seriousness of your emergency, and the tests and treatment required.

Routine Doctor Visit Expenses

A routine visit to your primary doctor without insurance can cost anywhere from $50 to $250 and possibly more. If you have children or other family members who need routine visits, this cost can add up over the course of a year.

Test Expenses

Should you need an ultrasound, stress test, blood test, x-ray or other medical test in which expensive equipment is utilized, your bill could be in the thousands of dollars.

Prescription Costs

According to the National Association of Chain Drugstores, the average prescription not covered by insurance in 2001 was just over $50.

Resources

• Healthcare Costs