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November 05, 2024

Health coverage can help keep you well and protect you from financial stress.

A recent report shows that 40% of adults in the United States have some type of health care debt.1 Many of them may end up filing for bankruptcy. In fact, the National Library of Medicine reports that medical bills contribute to nearly 70% of bankruptcies in the U.S.2

Having health insurance helps safeguard you and your loved ones from potentially huge health care expenses.

The burden of high medical bills

High medical bills can be overwhelming, causing stress and anxiety. A Kaiser Family Foundation study found that 1 in 4 adults struggle to pay medical bills and 60% of people they talked to have delayed or skipped medical care because of cost.3 But without health insurance, an unexpected illness or injury can lead to severe financial hardship. 

Don't go without coverage

Take for example Michael Scarlett, a 40-year-old nurse who faced heart failure and eventually needed a heart transplant. Without insurance, his comprehensive care and treatment would have cost millions of dollars out of his pocket. Fortunately, he knew the value of having health insurance and he didn’t have to face those bills alone. 

Because he had insurance, Michael received life-saving treatment, while also easing some of the burden of his medical bills. This allowed him to focus on his recovery rather than worrying about the cost. 

More than a financial safety net

Health insurance is more than just a financial safety net — it can be a tool for achieving better health. Many insurance plans offer added services, like help managing chronic health conditions for no extra cost, to help individuals navigate the health care system and get the quality care they need for the least out of their pocket.

And health insurance may cost less each month than many people expect. In fact, 9 out of 10 people qualify for health insurance for as low as $0 a month with financial assistance (also called a subsidy).4

Having coverage means having peace of mind knowing there’s protection from the financial burden of expensive medical bills. Learn more about how health insurance works at Get Covered Florida.

1https://pmc.ncbi.nlm.nih.gov/articles/PMC6366487
2https://www.healthcare.gov/why-coverage-is-important/protection-from-high-medical-costs
3https://www.kff.org/health-costs/issue-brief/americans-challenges-with-health-care-costs
4https://www.cms.gov/files/document/health-insurance-exchanges-2023-open-enrollment-report-final.pdf