Should I Really Be Insured For My Health?


With the continuing cost of healthcare in America plus the ever-increasing incidence of health conditions, insurance these days is a grave need. Health insurance offers people a solid backup during emergencies, as health risks are part and parcel of life and are quite unpredictable. Of course, one doesn’t plan when he gets ill, but he can arm himself financially. Whether it’s the cost for a physician, therapist, or psychiatrist, purchasing health insurance is one of the most reliable ways to be financially ready against any sudden health hazards.

What Is It?

Health insurance is a category of insurance coverage that takes care of medical expenses that are billed to the insured. The insurance company can refund it, particularly if the insured individual has been billed for his injury or illness, and it may also pay the healthcare provider directly. There are various types of insurance, including individual and family health insurance and life-threatening illness insurance. Buying health insurance is a crucial aspect of financial and life planning.

As already mentioned, health insurance offers people with a reliable backup during medical emergencies. However, it is a sad truth that up until today, healthcare in the United States remains to be a costly issue. Reports reveal that India still has the lowest permeation of insurance company sales in the world. Fortunately, people like Ayushman Bharat Yojana are currently helping alleviate this problem in the said country, among other new initiatives.

There are more than enough reasons to purchase a health insurance policy. This is especially useful if you are supporting a family because you choose the family insurance option to better take care of their medical needs. But it is important to note that the good insurance policies that people have to buy vary per person and they also depend on several different factors.

Why Get Health Insurance?

Most of us buy an insurance plan because we don’t want to pay so much when we are admitted to the hospital. Some get a plan to protect their family in case of an emergency. Here is a list of some of the most common reasons why people decide to get health insurance.

  • Fast-Increasing Medical Costs. Medical lab tests, diagnostic examinations, and other medical costs are rising every year. So when medical emergencies occur, families often exhaust most of their savings to pay up for the hospital bills. In India, residents primarily use their savings to deal with medical emergencies.
  • Change In Lifestyle. Our way of living has tremendously changed these days. We have become more assertive, curious, and willing to do anything to provide more for our families. Thus, we are more vulnerable to a range of health conditions, including mental illnesses. Also, our busy work schedules, the current pollution problem, and our inappropriate eating habits have further heightened the risk for us to develop an illness.
  • Pre And Post Hospital Expenditures. People pay so much for outpatient appointments and procedures, which are similarly rising every year. People have realized that it is crucial to purchase insurance plans because these plans do not only include admission and other hospital costs but also expenses incurred when their family members have bills at the outpatient department, which include diagnostic and laboratory examinations.
  • Supplementary Coverage. When you purchase health insurance, you are also entitled to vaccination and checkup costs, outpatient surgeries and procedures, and even ambulance privileges. These added benefits make medical emergencies relatively convenient compared to those who have no insurance plans.

When Can I Buy A Health Insurance?

This is a common question for most of us – when is the right age to buy an insurance plan? But the most straightforward answer would be that there is no right age to purchase one. However, if one decides to get insurance for himself early on, he will be paying less for it. This is because health insurance policies become more expensive as he increases in age, as his risk for developing a medical condition or getting injured is heightened. Thus, it is suggested that one gets a plan at an early age. He’ll be paying less and getting the same amount of premium.


Vital Coverage Considerations

One of the recommendations from reputable insurance companies is to purchase a critical illness insurance plan. This type of plan offers a fixed payment for every circumstance that you diagnosed with a life-threatening condition that is included in the policy. You can choose to get critical illness coverage alone, or better yet you can get it as a rider when you get a regular health insurance plan.