Imagine facing a medical emergency without insurance. It’s not just the stress of the illness or injury but the looming financial burden that could follow.
With the cost of treatments skyrocketing and the prevalence of chronic diseases on the rise, the need for health insurance has grown. What was once optional or considered supplementary is now essential for ensuring access to quality care without crippling financial burdens. From preventive care to emergency treatments, health insurance is a critical tool for your hourly workforce. Many hourly employees may not receive health insurance benefits, especially if they work part-time or for companies that do not provide coverage.
Did you know medical debt is one of the leading causes of bankruptcy in the U.S., with over 50% of all bankruptcies being tied to medical expenses? Adequate health insurance enables individuals and families to mitigate the risk of falling into financial ruin due to unexpected medical bills.
Importance of Health Insurance
Rising Healthcare Costs
According to the Kaiser Family Foundation, an uninsured hospital stay can cost upwards of $20,000 for relatively routine treatments, while complex surgeries or long-term treatments can result in costs of six figures.
In the U.S., healthcare costs have been increasing for decades, with average annual health expenditures reaching approximately $12,914 per person in 2023. Without insurance, even a minor medical procedure or a short hospital stay can result in exorbitant bills.
Growing Prevalence of Chronic Diseases
Another driving factor behind the increasing importance of health insurance is the growing prevalence of chronic diseases such as diabetes, heart disease, and cancer. The Centers for Disease Control and Prevention (CDC) reports that 6 in 10 adults in the U.S. have a chronic disease, and 4 in 10 have two or more.
Managing these conditions often requires long-term care, regular doctor visits, medications, and sometimes expensive treatments like dialysis or chemotherapy. Health insurance can significantly reduce the financial burden associated with these ongoing health issues.
Access to Preventive Care
Health insurance provides access to essential preventive services, such as annual checkups, vaccinations, and screenings, which can help detect health issues early when they are easier and less expensive to treat.
Preventive care not only improves health outcomes but also reduces overall healthcare costs by preventing serious health issues before they escalate. A study by the American Journal of Public Health found that preventive healthcare can reduce long-term costs by addressing diseases early on.
Mental Health Coverage
In recent years, there has been a growing recognition of the importance of mental health. The World Health Organization (WHO) reported that depression and anxiety disorders cost the global economy an estimated $1 trillion annually in lost productivity.
Many health insurance plans now offer comprehensive mental health coverage, giving individuals access to therapy, counseling, and medications. However, the hourly workforce often faces significant barriers to accessing these vital services. Without health insurance, the cost of mental health services can be prohibitive, leaving millions without necessary care. This lack of access can have profound implications, not only on the individual’s mental well-being but also on overall workplace productivity and morale.
As businesses increasingly recognize the importance of supporting their employees’ mental health, offering inclusive mental health benefits tailored for the hourly workforce can create a more equitable and healthier work environment.
Protect Your Health and Finances
At TIS Insurance Services, we help businesses address the unique needs of their workforce. By implementing tailored insurance solutions, employers can ensure that all employees, regardless of their work status, have access to the vital support they need. Our team of specialists are here to guide you through the process and find the right coverage that fits your needs. Contact us for a free consultation!
