The importance of health insurance and why you must get it. The current COVID-19 pandemic has made the entire world sit up and realize that medical exigencies are unpredictable and can cause a financial upheaval that is tough to handle. With a high infection rate and no successful vaccine yet, people have started to understand the importance of having a good health insurance plan.
Besides, with the rising cost of medical expenses, access to good medical facility and hospitalization costs can be financially strenuous. Therefore, getting a health insurance cover for yourself and your family can provide the added protection you need in times like these. Apart from the obvious benefit of having the financial confidence to take care of your loved ones, a health insurance plan is extremely useful when it comes to beating medical treatment inflation.
- 1 Importance of health insurance
- 2 Summary of Benefits and Coverage
- 3 Glossary of Health Insurance Terms
- 4 Paying for Health Care or Health Insurance
Importance of health insurance
Here are six crucial reasons why you need to consider getting a health insurance plan today:
1. To fight lifestyle diseases
Lifestyle diseases are on the rise, especially among people under the age of 45. Illnesses like diabetes, obesity, respiratory problems, heart disease, all of which are prevalent among the older generation, are now rampant in younger people too. Some contributing factors that lead to these diseases include a sedentary lifestyle, stress, pollution, unhealthy eating habits, gadget addiction and undisciplined lives.
While following precautionary measures can help combat and manage these diseases, an unfortunate incident can be challenging to cope with, financially. Opting for Investing in a health plan that covers regular medical tests can help catch these illnesses early and make it easier to take care of medical expenses, leaving you with one less thing to worry about.
2. To safeguard your family
When scouting for an ideal health insurance plan, you can choose to secure your entire family under the same policy rather than buying separate policies. Consider your ageing parents, who are likely to be vulnerable to illnesses, as well as dependent children. Ensuring they get the best medical treatment, should anything happen to them, is something you would not have to stress about if you have a suitable health cover. Research thoroughly, talk to experts for an unbiased opinion and make sure you get a plan that provides all-round coverage.
3. To counter inadequate insurance cover
If you already have health insurance (for example, a policy provided by your employer) check exactly what it protects you against and how much coverage it offers. Chances are it will provide basic coverage. If your current policy does not provide cover against possible threats – such as diseases or illnesses that run in the family – it could prove insufficient in times of need. And with medical treatments advancing considerably, having a higher sum assured can ensure your every medical need is taken care of financially. But don’t worry if you cannot afford a higher coverage plan right away. You can start low and gradually increase the cover.
4. To deal with medical inflation
As medical technology improves and diseases increase, the cost for treatment rises as well. And it is important to understand that medical expenses are not limited to only hospitals. The costs for doctor’s consultation, diagnosis tests, ambulance charges, operation theatre costs, medicines, room rent, etc. are also continually increasing. All of these could put a considerable strain on your finances if you are not adequately prepared. By paying a relatively affordable health insurance premium each year, you can beat the burden of medical inflation while opting for quality treatment, without worrying about how much it will cost you.
5. To protect your savings
While an unforeseen illness can lead to mental anguish and stress, there is another side to dealing with health conditions that can leave you drained – the expenses. By buying a suitable health insurance policy, you can better manage your medical expenditure without dipping into your savings. In fact, some insurance providers offer cashless treatment, so you don’t have to worry about reimbursements either. Your savings can be used for their intended plans, such as buying a home, your child’s education and retirement. Additionally, health insurance lets you avail tax benefits, which further increases your savings.
6. Insure early to stay secured
Opting for a health insurance early in life has numerous benefits. Since you are young and healthier, you can avail plans at lower rates and the advantage will continue even as you grow older. Additionally, you will be offered more extensive coverage options. Most policies have a pre-existing waiting period which excludes coverage of pre-existing illnesses. This period will end while you are still young and healthy, thus giving you the advantage of exhaustive coverage that will prove useful if you fall ill later in life.
Summary of Benefits and Coverage
If you have a private health plan, you should get a standardized, easy-to-understand form called the Summary of Benefits and Coverage. You can use it to help you compare different insurance options. Ask your insurer for it if they don’t provide it.
Glossary of Health Insurance Terms
The U.S. Department of Health and Human Services has developed a glossary for common terms related to health insurance, such as deductibles, co-payments, and out-of-pocket limits.
Reading up about health insurance can take a little time, but it will pay off — for your heart health!
Paying for Health Care or Health Insurance
The Affordable Care Act (ACA) allows qualifying individuals and families to receive financial assistance to help cover the cost of premiums. Known as the Health Insurance Premium Tax Credit, this subsidy helps people who need health insurance afford their coverage. Resources like Health Sherpa and Healthcare.gov provide resources that can help you find out whether you are eligible for the premium tax credit and shop for and compare the different health insurance plans available to you in your state. They may also be able to tell you if you qualify for programs like Medicare or Medicaid.