There’s no question that medical insurance is expensive. And the truth is that everyone who has it, pays for it. Even if your employer covers the cost of your coverage, the cost is passed on to you in terms of lower wages than they would otherwise pay you. As we heard one employers say during union negotiations once, “This is how much we have to pay our employees. How you want to divide that up between hourly wages, retirement, and fringe benefits is up to you and we can negotiate that.”

However, as expensive as medical insurance is, it’s less costly that going without it. For the average uninsured person, it doesn’t take many trips to the emergency room to drive you to bankruptcy. A typical visit to the ER costs upwards of $1,000 dollars. And God forbid you need to be hospitalized. One week in the average hospital is going to cost you fifty grand. That’s a hell of a lot of rent and more than enough to wipe most of us out. It’s certainly enough to make you think twice before saying that you can’t afford major medical insurance. The truth is you can’t afford not to have it.

Of course, government programs going into effect over the next few years aim to reduce the cost of medical insurance for those with lower incomes, but don’t kid yourself: it’s still going to be expensive. Perhaps all the more so because the insurance companies will need to insure those who are in poor health, spreading the cost of coverage amongst all of us.

Perhaps the best argument for biting the bullet and getting medical insurance whether you can afford it or not, though, is that studies have shown that it increases your life expectancy. Perhaps this is blatantly obvious already, but that’s especially true if you have a life threatening condition.

One poignant example is Cystic Fibrosis patients. Those with medical insurance, who are able to receive the appropriate care when they need it, live an average of more than 20 years after they are diagnosed. Those without medical insurance live an average of about 6 years after diagnosis.

Of course, that’s only one medical condition. There are literally thousands of different things that can kill you which can be prevented, or at least significantly delayed, with proper medical care. So, even before it becomes mandatory for every US citizen to have medical insurance, you might want to consider looking at other areas you can cut back rather than your health budget.

Photo via Sam Howzit