As you have witnessed, the prices in the healthcare industry are significantly increasing in every country. Besides, the increase in cost, there is also an uprising of several diseases. Due to which, health insurance today is not a luxury; it has become a necessity. Let’s be clear; having health insurance is not inexpensive. According to the report of the 2018 National Health Interview Survey, 30.4 million subjects of all ages (9.4 percent) were uninsured. You may wonder why even to bother buying insurance when I rarely visit a doctor. Sometimes, the situation may not be in your favor, and you may ardently require health insurance because of serious illness, an accident, or a perpetual health issue.

Health insurance safeguards your valuable money

Health insurance is just like a financial backup, which later acts as an exigency during medical emergencies. Let’s be honest, uncertainties and health risks are a part of our life. Nobody plans to get sick or is financially prepared against unforeseeable health risks. Health insurance is a type of innovative health coverage that pays your medical expenses. Do you know if you stay in a hospital for three days, the average cost would be $ 30,000? Or fixing a broken leg can cost you up to $7,500? Even emergency surgeries like appendectomy can be exorbitant. Getting hold of health coverage can protect you from these unexpected, high costs. Without insurance, you will not be able to pay for your medical cost, and you will eventually end up in the crippling amount of medical debt or even worse, i.e., bankruptcy.

Here are the other five reasons for acquiring health insurance:

A change in our lifestyle:

An increasing shift in our lifestyle has caused us to become more susceptible to a wide range of health disorders. Work schedules that are extremely hectic, rising levels of pollution, wrong eating patterns, lack of sleep, and adulteration in food increases the risk of developing major health problems.

Sky-high medical costs:

Lately, medical prices have dramatically risen. So during emergencies, consumers usually end up spending their savings.

Having income tax benefit:

Some countries like India have made it eligible to deduct tax for senior citizens after purchasing health insurance. Individuals having an age of 60 years or above can claim a deduction of about 25,000 rupees for themselves or their spouse or children.

It covers pre and post-hospitalization expenses:

Health insurance not only covers medical costs but also the cost of the out-patient department (OPD)diagnostic tests.

Other fringe benefits:

Other benefits one can get include ambulance coverage, health checkup coverage, day-care surgeries coverage, and vaccination expenses. According to the 2020 health insurance statistics, private health insurance is the 5th most owned type of insurance, and only 13% of the respondents replied affirmatively that they own it. On the other hand, car insurance is the most popular as it is mandatory for the majority of drivers. A person having no insurance tends to avoid minor issues that escalate and become a bigger problem. A report that presented statistics on health insurance coverage in the United States showed that in 2018, 8.5% (27.5 million) of the people did not possess health insurance at any point during the year. The uninsured rate has increased from 2017 (7.9% or 25.6 million).

Which age is the right age to buy health insurance?

The answer to this question is simple: there is no right age. You can buy a health insurance policy at an early age, and for this, you will have to pay less. Premium charges for a health policy increase with age, as a person is more inclined towards health-associated disorders.

Which insurance plan will fit your needs?

If you want to buy insurance, but you are unsure that which coverage will work best for you, then there are some questions mentioned below for you to answer yourself and figure it out.

How is your health in general?

Currently, do you have good health? Do you go to the doctor regularly? Have you engaged yourself in risky occupations or sports?

How often do you visit the doctor?

Last year, did you go several times? Did you spend a lot of money on urgent care, lab work, and prescription drugs?

What options do you have, currently?

See if you can get quality and cost-effective health insurance through either your employer, state’s healthcare exchange, a health share ministry, or group insurance via membership in an organization.

What are your prime concerns?

If you visit the doctor more often, you will probably need a plan which provides lower deductibles and copays. If your monthly expenses are already draining your paycheck, then you might want insurance with lower monthly premiums. Moreover, high-deductible plans can decrease your premiums; if you don’t visit the doctor that often, then it makes no sense to pay substantial premiums for low-deductible plans.

What are your needs for health coverage?

Go through all the available insurance plans options, and select that best fits your needs. Make sure to dig deep into the details. Sometimes, the cheapest plan may entice your attention, but it may fail to provide as much value per dollar as other plans.

Did you ask any expert for the opinion?

For some people, health insurance shopping can be too overwhelming. Many insurance agents can help you out, making quick decisions, and finding out the best-fit plan for you. Ending Note Health insurance is generally a contract between you and your insurance company. When you opt to buy a plan, the company supports you by paying a part of your medical bills. Without health coverage, people can become exposed to high costs, and this eventually can lead them into deep debts or bankruptcy.
In this article

Join the Conversation