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High Cost of No Health Insurance

High Cost of No Health Insurance

Health insurance has experienced a revolution in the last few years. Medical coverage used to be employer-provided and was rarely purchased privately by individuals. The Affordable Care Act (ACA) has made coverage easier to obtain for several reasons: Individuals may purchase coverage on their own. Small businesses may purchase coverage for their employees. Pre-existing conditions are now covered. Failure to procure health insurance coverage can result in financial losses ranging from inconvenient to catastrophic. With coverage available to millions more Americans, uninsured losses should become a thing of the past. Chronic/Terminal Illness Can Cost You For the average healthy person, health care and medical costs per year may be minimal. But what if you are diagnosed with a chronic illness such as lupus, or an illness like cancer that is usually terminal? Your health care costs will skyrocket. According to the Lupus Foundation of America, the average annual cost for lupus treatment was over $12,000 per year in 2008. The rising cost of doctor visits and prescription drugs will have inflated that figure in the last 8 years since the study was conducted. Cancer costs are dependent on many factors: the age and gender of the patient, the location of the patient and the treatment center, the type of cancer, and the life expectancy. It is estimated that 8 weeks of chemotherapy can cost up to $30,000 and sometimes more, depending on the diagnosis. And that is just for the drugs! Costs of doctor visits, facility charges (hospital or clinic), and personnel (doctors, nurses, other staff) can greatly inflate this figure. Accidental Costs Can Be Painful Accidents happen. Whether...