Do I really need insurance? What are the problems I have to face if I don't have insurance?

Question

I'm 17 years old and about to get kicked out of my parents house and family. I'm interested in going to college, but I will have to work my butt off for it.

I know that I have to pay taxes, and I'm fine with that. However, as for insurance, I don't need medical or car insurance. I don't need medical because I don't really get THAT sick. Car insurance, because I don't have a car.

I will be completely independent from my family. But, I might end up moving in with my friend for a while.

I AM A GIRL.

Answer 1

Obviously you don't need car insurance. But you do need health insurance. As stated, you don't want to get in an accident and end up without coverage.

You can look for a job that provides coverage. You can also look for a student policy at college. If you don't get coverage, you are making a gamble, and one that could effect your life for quite some time.

Welcome to adulthood. It sucks to have to pay bills....

Answer 2

OK, Girl, I hope you're abstinant, because if you get pregnant, you can't buy insurance to cover the prenatal and delivery.

And, if something DOES go wrong, like you develop diabetes or something, well, you're not going to be able to buy health insurance then, either.  See, the time to buy health insurance is when you're HEALTHY.  After you get sick, or diagnosed with something, no one will sell you health insurance any more - it's kinda like trying to buy car insurance after the accident - too late.

You only really need insurance, if you need to make a claim.  Obviously, no one can predict if you'll need to make a claim, until it's too late to buy it.

Answer 3

Insurance is absolutely necessary.  there are lots of benefits taking out insurance especially at your young age, but doing that your monthly premium would be considerably lower, as opposed to taking out insuance later in life when you get older, as the premium figure depend on your age.  You can always increase the sum assured as you get older and as your financial portfolio increases.

It is wise not to take out car insurance if you don't have a car for obvious reasons, however, health insurance is a must.  You cannot count on not getting ill, you should always cater for the uneventful.  The premiums also depend on your age, you would be wise to take out the insurance early in life.  An added benefit of medical insurance also, is that your relatives could also claim for a one time illness.

I have a critical illness medical benefit which I took out and ever so often my insurance company increases benefits to me at no extra cost to my premiums, and recently they included benefits extended to my family,including flight insurance for overseas medical treatment and assistance with setting up appointment etc.

Answer 4

I agree with everyone's  response about you having to get insurance.  The benefit in your getting it now is that because you are young and don't have any preexisting conditions you will be a good risk so your premiums won't be too bad.  

The problem is that you won't realize how bad you need health insurance until the first time you have to go to the doctor or the hospital and can't because you don't have the money. It is amazing how expensive x-rays, prescriptions, lab work etc. is and without insurance the facility doesn't have to "write-off" the markup cost.

If you are going to school, check with the university.  Many universities off health insurance to their students.

Answer 5

Another thing you should know is since you still a minor your parents are responsible for your medical care and bills. In fact you can't even get health insurance unless they sign the application. Once you turn 18 you can then apply for your own coverage.

Since you don't have any assets I would recommend a limited benefit health policy. This will cost you less per month and would cover everything but would limit your benefits to 100K per year, anything more than that and you would be so broke you would probably qualify for state aid anyway.

A Limited benefit health plan with a $3,000 deductible would run as low as $65 per month depending on where you live.

If you get a lower deductible the premium would be higher.

Answer 6

Insurance is for what may (or can) happen, not for what will. The point of having insurance is to protect yourself. And does not matter if you are a boy ar a girl.

Answer 7

You may be surprised at the low cost of insurance based upon your age and state of health. You can get quotes online from various companies. Just google health insurance quotes.

As for the statement, "I don't really get THAT sick," most people who have had their lives drastically changed due to medical bills or sickness didn't ever expect it to come on. So keep in mind that it's more about catastrophic coverage for you, and less about random doctor visits for the flu.

If you're going into college, a lot of colleges have student health insurance, so be sure to check with your college's student services, or admissions to find out more information about the requirements, and the premiums you would have to pay.

Answer 8

Yes, you have to get insurance. It protects you. You might not be sick now, but you could get hit by a bus tomorrow, and every penny you have will go to saving your life. You are going to work hard to get things for yourself, without insurance all you work for can be taken away from you in one instance. I know, its a lot of money and doesn't make much sense, until you need it and it's not there.  I'm a girl too, and my abusive ex cancelled our fire insurance and my home burned down. I owe ninety thousand dollars plus because it wasn't there. Don't learn the hard way, protect your self, you are your investment.

Answer 9

You probably cannot afford insurance unless you find a job that offers medical insurance.  If for any reason you get ill, or in an accident and need to be hospitalized you will owe a fortune.  If you get sick without insurance you will have to pay cash to see a doctor.  Right now people are not going to doctor's when ill, as they have no insurance.  We are seeing an increase in death rates, disease rates.  Try to find a job that offers health insurance.