The conventional wisdom says that, no matter who you are and no matter what your circumstances, you need medical insurance coverage. You hear this from politicians on both sides of the aisle, you hear it from relatives, you probably even hear it from your peers.
In many cases, you don’t even have a choice. Some colleges, for example, require you to carry medical insurance, or if you don’t they’ll actually add the cost of a university group medical insurance plan to your student bill. Truly, to even suggest for a moment that you don’t need medical insurance will seem ludicrous to some people.
Still, there are exceptions to every rule. Here are some reasons that you may not need to have medical insurance:
- You’re filthy, stinking rich. If you can pay for any medical expense you have out of pocket, you probably don’t need insurance. Even if something catastrophic happens and you need tens of thousands of dollars worth of treatment, you can simply write a check to pay for it. Be careful here, though, because one prolonged bout with cancer could easily deplete a trust fund.
- You’re already covered under your parents’ plan. Like it or not , many employer group medical insurance plans will cover you up to a certain age, and usually longer than standard if you’re in college. You don’t need to get medical insurance because you already have it.
- You’re young and in good health. Now, don’t misunderstand me. Going without insurance is a gamble, no matter how young and healthy you are. However, In your early 20s you can probably skate by successfully with little long-term damage from not having insurance. Understand that, if you’re wrong, however, the risks can be huge and far-reaching.
- You’re Canadian. Or European. The fact is that many other nations have socialized medical insurance systems. Of course, there are limits on what those systems will cover when you’re traveling abroad, so make sure you know before you count on it being there.
- You don’t want to participate in the broken system, dude. It’s a free country. You can live by your own conscience. If you don’t want medical insurance, even if it’s the right thing for you, you don’t have to have it, plain and simple. Understand, though, that if you do get sick that you may wind up being a huge burden on the rest of society.
Photo via mikebaird
