LOS ANGELES - eTradeWire -- Myth #1 Young, Healthy People Don't Need Health Insurance
Do I need health insurance if I'm young and healthy?
Young people can get coverage from their parents' health insurance policy until age 26. A healthy young person may assume that it's a waste of money to buy their own policy after they get dropped, but they may end up regretting not doing it.

Without health insurance coverage, medical bankruptcy is a real risk because anyone can suddenly fall ill or get injured. An emergency room visit can easily cost thousands of dollars without insurance. A broken leg will cost around $7,500 and a three-day stay at a hospital costs, on average, about $30,000.(1) unforeseen illness or accidents happen every day no matter what age, a cancer diagnosis could mean you are looking at extensive medical bills. Otherwise young and healthy people can also get an unforeseen cancer diagnosis–it's not unheard of. Buying health insurance may feel like betting against oneself but it's important to always have health insurance coverage.

Myth #2: Health Insurance Is Unaffordable
What if health insurance doesn't fit in my budget?

More on eTradeWire News

• Industrial Steam Introduces RAPID-THERM: A High-Efficiency Hot Water Solution
• Church of Scientology Premieres "The Question" During Super Bowl LIX
• Enterprise Solved LLC Experiences Surge in Demand Amid Healthcare Regulatory and Funding Uncertainty
• "Private Stock: The C-Murder Story - Corey Miller Diaries New Episodes Every Sunday"
• Massachusetts-Based Photographer Caryn Scanlan, Elevates Family, Maternity & Newborn Photography

Don't assume anything about insurance pricing until you compare rates. If you qualify for an ACA subsidy, rates may be as low as $40 a month, in some states. If you don't qualify for a substantial subsidy, buying a high-deductible bronze tier plan is the next cheapest option for health insurance coverage. You'll have to pay for doctor's visits and other health-related services until you meet the deductible but at least there will be a cap for what you spend out of pocket. Let's say the deductible is just under $9,000: If you have a three-day hospital stay which costs around $30,000, insurance would pay $21,000. Without insurance, you'd owe $30,000!

If you have a pre-existing condition and have frequent doctor visits, the high-deductible health insurance plan will not be the most cost-effective option, however, and buying at least a silver- or possibly gold-tier plan is advisable. See if you can cut some unnecessary costs from your budget before you shop around and compare health insurance rates.

Myth #3: I May Get Turned Down for Having a Pre-existing Condition
If I have a pre-existing condition, can I get turned down for an ACA health insurance plan?
One of the mandates of the Affordable Care Act was that ACA health plans cannot turn anyone down for a pre-existing condition. They must also cover treatment for the pre-existing condition or conditions without charging more. The only exception to this is if you have a grandfathered health plan.(2)

For the next 19, visit https://smartfinancial.com/health-insurance-myths