Health insurance is insurance against the risk of incurring medical expenses among individuals. By estimating the overall risk of health care and health system expenses, among a targeted group, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to ensure that money is available to pay for the health care benefits specified in the insurance agreement.
Health insurance provides risk coverage against expenditure caused by any unforeseen medical emergencies. In current times of high medical inflation rates, failing to hold adequate amount of health insurance cover can prove to be a major personal finance disaster. This could lead to either poor health care because of non-affordability or spiral an individual into financial distress due to high medical bills.
There are two common mistakes when it comes to buying life insurance and health insurance.
- People don’t act at the right time, and
- When they realize that they have made a mistake they try to over-compensate by buying too much insurance.
Medical expenses are sky high these days. An appointment with a doctor might churn out big bucks. The elaborate medical treatment expenses could eat into your savings meant for the future. Health insurance policy kicks in to ensure that you get the required treatment and your pocket is still under control. Having health insurance is important because the coverage helps people get timely medical care and improve lives and health. It covers the risk of financial difficulties in the event of long illness. The awareness has been enormous in the last couple of years. This must have been in response to the series of uncertainties people have observed in recent times like the terror attacks.
Importance of Health Insurance
- Even if you are usually in good health, you will need to use the health care system at some point in your life. You never know when an accident may happen or your family member will get sick and need to see a doctor. Health insurance provides you with an affordable way to get medical care when you need it.
- It also protects you and your family from the high cost of health care. The cost of even routine care can quickly add up, but the cost of care for a major illness or injury can be devastating. At any age, and every level of personal health, health care costs should be something you take seriously. That is what health insurance is all about — covering the expenses that come with preventing illness and staying healthy, and being prepared for the worst that could happen.
- It helps securing a better future by paying a fraction as an expense today called the premium.
- It reduces saving huge amount of financial losses, risk of financial breakdown in case of expensive medical and post-illness care.
- It definitely induces a sense of security to the insured.
- It provides financial security to the family members.
- It covers your hospitalization and medical bills.
- It also covers disability and custodial bills.
- You can avail tax benefits on the premium paid under section 80D of the Income Tax Act.
- The best factor, you can also opt for health insurance policies even after the age of 60
Other benefits of health insurance include:
- Being able to quickly and easily find the help you need close to home
- Peace of mind and less stress during a tough time because you know you’re covered
- Access to affordable care and health information to keep you happy and healthy
Conclusion
Many people don’t even think about health insurance until they need it. You protect yourself and your family from financial losses when you purchase home or car insurance. The same goes for health insurance. The sad fact is that many people who do not have health insurance simply don’t get the medical care they need. That’s because they may be worried about the cost. It may also be because they don’t have access to the best resources. One of the key benefits of health insurance is access to a large network of doctors and hospitals, as well as other handy resources to help you stay healthy.
The bottom line is health is the most valuable asset of all. With a good health insurance plan, you help protect the health and financial future of you and your family for a lifetime. With the new opportunities to get insurance that you can afford, it doesn’t make sense to take a risk and go without insurance.
A healthy mind in a healthy body” is an often-repeated quote. But there are challenges every moment. Hundreds of viruses, bacteria, and infection stalk a human life. There are accidents, which challenge the well being of a person. Health is a very important issue. If you have good health then half the life’s battle is won. Being sufficiently covered under a plan gives unrivaled peace of mind.
A health insurance is a necessity for a safe and secure future. Its goal is to protect an individual from financial stress of disease, accident and its consequences. To safeguard your money and your health insure your life for medical emergencies. Also preventing diseases is also a method of being healthy and fit. Health insurance can be cheap and affordable. You don’t have to shell out a lot of money for buying health insurance. You can be financially protected through a suitable and easy to pay medical insurance plan.
Health insurance is not a luxury, it is a necessity. Poor health results in loss of working days and loss of pay. Paying cash for illnesses or accidents result in losing your hard earned savings. A health insurance plan is the safest way of protecting your health and your savings. “Coverage matters,”
