Funny that we take insurance covers to protect our property and cars but we never think about getting an insurance cover to take care of our most valuable asset – health. It is easy to dismiss health insurance as an unnecessary expense especially if one rarely falls sick.
This is a dangerous financial decision with the cost of healthcare steadily rising and chronic diseases becoming more common, a medical diagnosis and treatment can wipe out your lifetime savings and cause financial ruin to yourself as well as your family.
A health insurance cover also comes in handy when your medical bills far much outweigh what you are capable of settling with your savings and income.
How it works
Getting a health insurance cover is simple. Almost all the insurance companies have a health insurance package and you can contact any to quickly sign up. Do not rush into settling for the first provider you talk to; play the field and see what the other players have to offer.
You are then required to remit a monthly payment called a premium to the insurance provider. Consider this a saving plan for a rainy day, only that in this case your health is the investment.
The premium to be paid depends on the type of package you have picked and other factors such as age, family history, the number of beneficiaries, status of your health, and existing medical conditions. Some insurers will ask for a medical check-up before giving you a policy document.
It is important to pick a medical insurance plan that you can keep up with the payments since defaulting on your premiums may lead into the cover becoming null and void.
You need health insurance for the following reasons:
You wouldn’t want a situation where you are denied entry into a medical facility because you are unable to pay admission fees or medical bills rising to levels you can no longer afford. Health insurance cover insulates you should such eventualities occur.
There is also the option of co-payments where you pay a portion of the medical bill and the insurer tops up the balance.
Treating chronic diseases can take a huge toll on your finances and that’s where health insurance comes in – it helps you shoulder the financial burden of treatment.
Furthermore, you earn tax benefits when you sign up for an insurance cover.
One of the benefits of a comprehensive medical cover is the ease-of-access and affordability to specialized medical care. Medical insurance makes it possible for you to access far-much advanced medical attention that would have otherwise been too expensive to afford.
Depending on your cover, you can have advance laboratory tests, prescription medicine and surgeries, all covered by your insurance provider. Some insurers even include eye care, Dental Reviews and cosmetic surgeries in the same package thereby eliminating the need for you to have several insurance providers for every possible medical condition.
Medical insurance enables one to have preventive medical attention regular like check-ups. This way, diseases are detected and treated early before they worsen and treatment becomes difficult.