Most people who consult with me regarding their personal injury or medical malpractice cases have the mistaken belief that if they use their own health insurance to cover their medical bills, their rates will increase.
Many of these people would rather not get medical treatment if it means having their medical bills submitted to their own insurance company. Others, who can’t afford the high price of medical treatment (isn’t that just about all of us?) would rather their bills get sent to collection agencies rather than to their own insurance company. Those hurt by someone else’s negligence have the mistaken belief that the “bad guy’s” insurance company will cover the medical bills. Wrong.
What the general public does not seem to understand is that, while insurance premiums often go up, it’s not because people like you and me are submitting our medical bills to them. Insurance companies make money, not a little bit of money, but billions of dollars, by collecting premiums from people like you and me and then paying out as little as possible in claims.
Don’t take my word for it. Take a look at the insurance industry’s annual profit reporting. The numbers are staggering. The insurance companies’ profits keep going up, and interestingly enough, so do our premiums. So the billions of dollars don’t convince not to feel sorry for the insurance companies? Take a drive by the corporate headquarters of a major insurance company. There are plenty of them here in Illinois. How do you think they are able to afford those thousands of acres of land, the nice buildings, the softball fields (gated off to you and me of course)?
And don’t let anyone try to tell you that insurance premiums are increasing because of lawsuits. That’s another bunch of bologna – another myth created by the insurance companies and their public relations machines.
If you are fortunate enough to have insurance to cover the cost of your healthcare, use it. Use it even if your injury was caused by someone else’s negligence. That’s why you have it. While you think your premiums may go up if you use it, you just may be right. But that’s not why your insurance rates continue to rise. And ask yourself this, “If I don’t use my insurance, will my rates go down?”