We've got the Stats: Health Insurance is a Must

 

Let's face it, health insurance can seem like a complicated and expensive necessity. You might be young and healthy, thinking you can skip it this year. But here's the thing: medical emergencies don't care about your age or plans.

This blog will explore the surprising statistics that highlight the importance of having health insurance.

The Financial Hit You Don't See Coming

• According to a 2021 study by the Kaiser Family Foundation the average cost per day in a US hospital was $2,883. This translates to an average of roughly $12,974 for a week-long stay (4.5 days) [ .
• A 2023 report by the Kaiser Family Foundation found the average cost of a private health insurance plan in the US to be over $7,000 per year for an individual and over $20,000 for a family.
• Cancer is a leading cause of death worldwide, with nearly 20 million new cases and 9.7 million deaths in 2022. Projections estimate these numbers to rise significantly by 2040. In 2024, the American Cancer Society estimates over 2 million new cases and over 600,000 deaths from cancer. The rate of new cancer diagnoses is about 440 per 100,000 people per year, with higher rates in men than women. On the flip side The cancer death rate is about 146 per 100,000 people per year, with men having a higher mortality rate than women. Most common cancers for men happen to be; Prostate, lung and colorectal. While women's happens to be breast, lung and colorectal.
• A 2016 American Heart Association study estimated the average total cost of a stroke in the US to be $17,348. However, this can range from $20,396 to $43,652 for the hospital stay alone, depending on severity.
• Physical Therapy: $11,689 on average for a year.
• Medication: $5,392 on average for a year.
• Factors Affecting Cost: Severity, length of treatment, type of therapy and insurance coverage.
• The American Heart Association estimates the average cost of a heart attack (including hospitalization, medication, and rehabilitation) to be $160,540
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It's Not Just About Emergencies

• Health insurance isn't just a financial safety net for emergencies. Many plans cover preventive care, including annual checkups, screenings, and vaccinations.
• Early detection of health issues can save your life and prevent the need for expensive treatments down the road.

The Peace of Mind Advantage

• Beyond the financial benefits, health insurance offers peace of mind. Knowing you're covered allows you to focus on getting better, not worrying about the bills piling up.
• Studies have shown that people with health insurance are more likely to seek preventive care and manage chronic conditions, leading to better overall health outcomes
• National Cancer Institute: https://www.cancer.gov/
• American Cancer Society: https://www.cancer.org/
• [1] American Heart Association: https://www.heart.org/en/about-us/heart-and-stroke-association-statistics
• [2] Washington National Insurance Blog: https://washingtonnational.com/families-individuals/health-insurance/heart-stroke/
• [3] American Heart Association: https://www.heart.org/en/about-us/heart-and-stroke-association-statistics
• [4] Circulation: Cardiovascular Quality and Outcomes: https://www.heart.org/-/media/Files/About-Us/Policy-Research/Fact-Sheets/Public-Health-Advocacy-and-Research/CVD-A-Costly-Burden-for-America-Projections-Through-2035.pdf

Knowing your healthcare coverage empowers you to make informed decisions about your health and finances. Got questions? Click Here to get the answers. .