Final answer:
Medical insurance is valuable even without immediate medical needs due to the protection it offers against unpredicted, high healthcare costs. Insured individuals may also pay less in medical care over time. Insurance is a mitigation of financial risk and provides access to necessary healthcare services.
Step-by-step explanation:
Having medical insurance is often viewed as a precautionary measure to avoid the high expenses that can stem from unexpected medical events. Even if Damon had not had the appendicitis attack and did not require immediate medical care, having medical insurance could still be worth the premiums. The just-in-case nature of insurance means that while you may not use it, it provides peace of mind and financial protection against potential catastrophic health issues. Furthermore, people with insurance might pay less in medical care due to factors like deductibles and copayments, which can reduce moral hazard and restrict unnecessary healthcare utilization.
While some may argue that those who consume less health care have no difference in health status compared to those with more comprehensive plans, the value of insurance goes beyond just health outcomes. It's about managing financial risk and ensuring that you have access to care when it's needed. This is especially important in the U.S. where healthcare costs have been on the rise and having a medical procedure or an emergency without insurance can lead to an overwhelming financial burden.
The risks of being uninsured are significant, as those without coverage tend to use emergency rooms, which are the most expensive form of healthcare. This not only contributes to rising costs but reinforces the importance of insurance in safeguarding against unexpected, high healthcare expenses.