Health insurance benefits aren’t always easy to quantify. Most people have a vague inkling that it’s good to have health insurance coverage if something goes wrong, but most people don’t expect to need it – or understand how much you could owe if you don’t have it. If you’ve never quite understood what all the fuss is about, here are a few key health insurance benefits:

Save Money on Medical Costs
Unexpected medical costs add up quickly. One of the most important health insurance benefits is the ability to save money on medical costs. When you carry a health insurance policy, you typically only have to pay a monthly premium, and sometimes a small out-of-pocket fee for services. It’s easy to budget for the monthly premium, and you actually get a discount on procedure costs. If you don’t have health insurance, though, you could find yourself paying thousands of dollars out-of-pocket for health care – a scenario that has driven too many families to bankruptcy and dire financial straights.

Tax Benefits Under the Affordable Care Act
The Affordable Care Act is attempting to get every American onto a health insurance plan, so the ACA imposes a tax penalty if you don’t have insurance coverage. For 2014, the penalty is $95 per adult and $47.50 per child – or up to 1 percent of family income, whichever is greater. In 2015, the penalty goes up to $325 per adult and $162.50 per child, or a 2 percent of family income. For 2016 and beyond, the penalty to be uninsured is $695 per adult and $347.50 per child, or up to 2.5 percent of family income. Conversely, if you enroll in a plan through the Health Insurance Marketplace, you may be eligible for tax benefits in the form of a tax credit that can help lower health plan premiums.

In-Network Discounts with Group Health Care
If you join a group health care plan that works with “in-network” providers, like a PPO, you may be able to get discounts on routine and specialist care. Paying less for health care is always a good thing, and with some group health care plans, you have the flexibility of paying less and going in-network, or paying more and selecting a provider of your choice. This kind of flexibility is one of the best health insurance benefits of going with a group health care plan.