Health insurance is a right, not a privilege, and it’s about time we start treating it as one. It is yours and your family’s very fundamental right to feel secure and has the much-needed backup at times of unforeseen medical emergencies. With the occurrence of global pandemics and increasing healthcare prices, health insurances has become a necessity today. Sickness is something that occurs out of the blue, and one can never plan it, but fortunately, it is possible to prepare for it. The best way to be prepared for uncertainties and health risks is by buying health insurance.
Health insurance is the type of coverage that covers medical expenses incurred on or by the individual insured. You can either pay the healthcare provider directly or reimburse the costs incurred due to injury or illness. You can choose from different variations of health insurances plans, including Critical Illness Insurance, Health Insurance Plan for Individual, and Health Insurance for Family. Health insurance is the best way to have the much-needed backup against health emergencies; however, unfortunately, medical care and coverage remain a luxury than a necessity.
Why should you have health insurance in the first place? The reasons are innumerable, and the list can go on forever. If you have a family, health insurance can help you cover all the medical needs of your loved ones. If you are an individual, it is always a better idea to invest in your health coverage than anything else. Although there is no right age to get health insurance coverage. However, the earlier you get the health insurance, the less you have to pay for the policy. The older you get, the more prone you are to disease and health risks. Age plays a vital role in determining the premiums for your health policy. Other factors that determine your health insurance premium include your medical history, city of residence, etc. Hence, the earlier you buy a health plan, the more you can save on the premiums to be paid.
Here are the seven reasons why you must have a family and individual health coverage:
1. Changing lifestyle & global trends
Lifestyles and trends around the globe are changing. Rising levels of pollution, bad eating habits, food quality, zero work-life balance, and global pandemics have made us more prone to health risks and diseases. These shifts are increasing day by day and have been expected to get more severe in the future. So, it is better to be safe than sorry.
2. Age is just a number
You don’t have to 50 and above to need health insurance. Despite our age, each one of us is prone to heart disease, cancer, lung conditions. A significant benefit of health insurances is that it provides you with annual health checkups. Helping you manage your health in a better way, diagnosing the medical problem at an early stage, and preparing you for whatever comes ahead.
3. Your company’s coverage isn’t just enough
With healthcare getting more and more expensive each day, we can’t emphasize enough on the need for health insurance. Do you think your company’s coverage can cover unforeseen health risks? Take out the cost of one-week hospitalization and compare it with the coverage of your company. You will immediately want to buy health insurance and get coverage for the rest of your life. And let’s not forget, the older you get, more frequently you would need medical attention. If you have a family, is the insurance provided by your company enough to cover for your loved ones’ medical needs? God forbid if one of your family members faces a medical emergency, do you think your company’s coverage would be sufficient to bear the losses? If the answer is negative, then it’s high time you get family and individual health coverage.
4. Increasing Medical Costs
The cost of healthcare is growing dramatically. The numbers are rising so quickly that in case of a medical emergency, consumers end up exhausting their lifetime savings and end up crashing their plans. Health insurance saves you from going bankrupt in case of medical emergencies.
5. Tax perks
If you have paid for the insurance on your own, using after-tax dollars, you should be able to deduct some amount of your premiums. You are qualified to deduct healthcare expenses incurred for yourself, your spouse, or even your dependents. That happens only in the case where the costs incurred exceed 10% of your AGI – Adjusted gross income. It’s called the 10% rule.
6. Pre and post hospitalization coverage
It’s not just the mainstream expenses of healthcare has risen, but it’s the cost of Out-Patient Department – OPD that has significantly increased as well. Making it even more important to get health insurance coverage. You would want to get yourself and your family health insurance even more, when you know that health insurance doesn’t just cover the hospitalization cost but also by expenses that incur before and after the stipulated period. Giving coverage for loss is committed to diagnostic tests and OPD.
7. Preventive care
Consumers with no health insurances coverage often avoid getting treatment for minor issues. Such health problems often escalate into more significant, more severe problems. If you have health insurance, you don’t have to worry about treatment expenses. With the right health insurance, you get to choose a private hospital from an agreed list provided by your insurance company. Making you eligible for a private room, choice of food, TV, and above all, premium health care, which otherwise wouldn’t have been possible without spending a fortune.
Usually, standard health insurances would cover your stay at the hospital, scans, drugs prescribed by your physician, and surgical procedures. Inpatient treatment, when an individual is required to be hospitalized, is also covered. Outpatient treatment is covered by more expensive health insurances plans, including external consultant visits. Treatments not usually covered by health insurance include chronic problems, existing health issues, drug abuse, non-essential cosmetic surgery, and organ transplant but also beneficial in emergency cases as well that depends on your policy terms and conditions.