With medical costs higher than ever in the United States and slated to increase exponentially in the coming years, you simply cannot afford to find yourself without health insurance. However, there are many factors to consider in regards to the decision of getting a policy and learning how having one is better than dropping the monthly expense could help you make that choice. After all, what you do to protect yourself and your family now can potentially save lives later on.
Medication Costs
Nearly all plans for health insurance in Oklahoma City, OK will cover so much of the cost for medications. Owners of a policy typically have more of the cost of generic medications covered than the cost of brand name drugs, but the savings for the latter are also extremely significant. For example, a medication that could keep a potentially deadly disease under control might cost you just a few dollars with insurance but several hundred without it.
Fees
The ACA penalty for not having insurance as of 2016 is $695 for each adult and $347.50 for each child or 2.5% percent of the annual income claimed on your tax return, depending on which of the two is the larger. This can drain your annual tax refund to nearly nothing or, worse, cause you to owe back taxes once you finish filing. Only Oklahoma City health insurance can make that penalty leave the table and become something that you do not have to worry about.
Medical Costs
Just the ride in the ambulance could cost well over $1,000, leaving you with an enormous bill just to be taken care of after an accident or infection. Health insurance may cost a small monthly fee but the tens of thousands saved by not having to pay your medical bills in full will quickly cover the cost of the plan many times over. This is something that you simply cannot afford not to have in today’s society.
