The healthcare cost is rising each year by 15% and it is not affordable for many working-class people. Medical Expenses are the number one reason many people end up losing their hard-earned money and savings.
With expenses skyrocketing it becomes crucial that one should get covered by good health insurance for all the loved ones. And balancing the risks is the first step to archive great financial freedom. Here in this article, we are going to learn about why health insurance is important for you.
Why health insurance is important?
Good healthcare is one of the most costly things in this world. We know how important is our health if we want to enjoy life. If we are sick we feel like nothing good is happening. While we are suffering from an illness no one wants to undergo the final crisis and spend all their savings on the hospital and medical expenses.
Here comes the Health Insurance to rescue. All the individuals who are the only breadwinner in their house and don’t have tons of inherited money to pay bills must consider being insured. One should consider being insured as per your health conditions and need of their own.
Health insurance can save you a large on expenses as these expenses are taken care of by the insurance company in the exchange for small money paid as a premium to buy the health cover.
Most of health insurance companies provide many options to buy good health cover as per the requirements of each individual.
Having good health insurance is a big benefit for the people who are willing to have a stable and good financial life.
Types of health insurance
Health insurance has many options and each country has its set of options, here are the few common health insurance types that one can choose.
1. Individual Health Insurance:
This insurance policy covers the person who is buying the insurance and not the family of the person.
2. Family Health Insurance Plan:
This insurance plan covers the person who is buying the insurance as well as the family of that person. Most of the health insurance covers up to 2 children in the existing cover.
3. Senior Citizen Health insurance Plan:
These types of insurance are specially designed for senior citizens. The health insurance premium goes up as the age increases.
4. Surgery and Critical Illness Insurance Plan:
These are the plans that are beneficial for the specific surgeries and critical illnesses that the insurer wants to cover.
5. Maternity Health Insurance Plan:
If you want to buy the insurance just for the childbirth and the process then these are the plans
6. Personal Accident Plan:
As the name suggests this plan is for accidental health complications.
The insurance companies have a wide range of options for each individual need and one can opt for whatever his need.
The importance of getting health insurance
Getting health insurance is very important if you want to save for your children’s education, retirement, and emergency medical bills.
It is vital to ensure that you save enough money for these future expenses in the bank. Medical expenses are the biggest reason for bankruptcy in the US. Hence, it is important that you get your hands on the appropriate health insurance policy to cover all your medical expenses.
The net worth is the sum total of all the financial assets minus debts. Medical expenses can wipe out your whole net worth in no time.
And it becomes necessary to have a decent amount of liquid assets to protect you from sudden medical disasters. A study has revealed that nearly half of the people in America have no savings at all.
If you have a good health insurance plan these you will have some relief on medical bills. That money can be used to build the assets that can set you financially free from debts.
so these are some of the simple and important benefits of health insurance.
Importance Family Policy
Family insurance is a policy that covers the whole family members to a certain extent. The two children can be covered by a single policy which means that they don’t have to go through separate cover. The policy can be bought separately or as a joint policy where you can cover both parents and children separately.
The major advantage of family health insurance is that you can decide which family member needs a regular doctor checkup. If your brother needs regular medical checkups it is better to cover him as a single policy and it will only cost you half the premium if you put him on the cover.
On the other hand, if your parents are healthy and you want to cover them, you can have a joint policy.
Yes, as we have seen medical expenses becoming one of the biggest expenses. And some people may not have insurance or they may not get reimbursed the right way which could make medical expenses skyrocketing and we have to deal with that in some cases.
With health insurance, we are able to avoid such expenses and it is becoming increasingly more beneficial to have it. So, have a look at what the doctors have to say about getting healthcare insurance.