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You would exposing yourself to more potential financial risk.
For people who are relatively healthy, this is the number 1 reason that folks carry insurance! A catastrophic event (car or other accident) could wipe one out financially.
If one has something to lose, then insurance is a must. If one has nothing to lose, then one can 'risk' being uninsured. Many uninsured folks with nothing to lose, use Emergency Rooms as their primary, major event insurer. Of course, any insured person who has ever carefully examined their hospital bill... knows who pays for the 'uninsured.'
If you have say a heart attack
go to emergency room, be treated for say a week, maybe worse, need bypass surgery, more treatment, PT after surgery
out of pocket bill could easily be north of $100,000
with multiple bills coming from hospital, surgeon, ER doctors, etc even first aid squad will line up.
They will all bill you, You pay cash ? or tell them you have none.
They send bill to collections
They hound you
You declare bankrupcy
credit is ruined
lose any savings you might have
Just because you are uninsured, does not mean you will not pay
worse is you get cancer and need chemo, years long treatment or life saving meds
Very possible, treatment/meds you need to live, get sub-standard care in charity ward
you will not get.
then you die,
If you don't care about the potential of living in poverty or dying before your time.
Go ahead, go uninsured.
You roll the dice, you take your chances
Best you hope you die in a quick painless event.
Besides whatever penalty there is now going to be, even lousy insurance is still better than no insurance. Years ago we had to get an individual policy for our DS since he couldn't be on ours (before Obamacare). It was mainly in case of a catastrophic need so the deductible was high but monthly rates relatively cheap. Because he had that, as poor as it was, when he went to the CVS medic clinic he would be charged less than if he walked in without anything. Again, anything is better than nothing.
And OP, think of the cost of the one medicine you currently take (glad you are in good health). The medicine probably is less using insurance than not using insurance.
Guess if you were to add up all the doctor visits and medical costs and compare with and without insurance you may know the dollars.
Then there is the risk.
Plus the Obamacare fee for not participating.
Nothing wrong with looking for new or cheaper medical insurance that meets your needs. At the retirement age, it doesn't seem in your best interest to cancel insurance.
wouldn't you qualify for very low cost subsidized health insurance under obamacare?
Excuse me, but where did the OP say they couldn't afford insurance? Maybe they just think it's a waste of money and are willing to take their chances. Or maybe they are filthy rich and want to self-insurance a la Rush Limbaugh.
BTW - that very low cost subsidized health insurance may very well be Medicaid.
NOTE: If you are eligible for Medicare (and do not have insurance through an employer, spouse, etc.) and you refuse to participate, there are penalties of 10% a year if you change your mind later. Read carefully about this before you decide to do it.
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