The current COVID situation has made the entire world sit uptightly and ponder the medical extengies that can arise, without prior notice. Health has always been a top priority for everybody, and with the world undergoing once in a lifetime pandemic, the need for Health insurance has risen more than before.
According to the sector experts, the demand for health insurance will rise by 25% during and after the pandemic. It provides people with much needed financial backup at times of medical emergencies. One cannot plan for getting sick, but one can definitely prepare ourselves for the financial aspect of dealing with it. One of the ways to be ready for the financial risk that may arise due to uncertain medical problems is to buy health insurance.
Health Insurance is a type of insurance coverage that pays for the medical expenses incurred by the insured.
There are innumerable reasons to have it in place. If one has a family to support, one can buy family it to take care of the family’s medical needs. However, the premiums for health insurance differ significantly according to the person, the person’s medical conditions, and various terms and conditions.
7 Reasons Why Health Insurance is Necessary?
Talking about why we need health insurance? There are so many reasons, and some of them are listed below:-
#1: Rising Medical Costs
With the onset of a worldwide pandemic, medical costs have increased drastically. Medical inflation and the improvement in medical technology have led to the growth of medical expenses as well. Not only the hospital expenses but the health insurance also includes the doctor’s consultation fees, diagnostic tests, operation costs, medicines, room rent, etc. All of this together, it takes a toll on a person’s expenditure, if one is not financially secure.
Also read: 9 Ways to Save Money on Health Insurance!
By paying an adequate insurance premium throughout a specific period, one can beat the burden of medical emergencies, while opting for quality treatment.
#2: Coverage of Pre and Post Hospitalization Expenses
Not only the mainstream medical costs but also the costs of out-patient medical expenses are covered in insurance premiums. The diagnostic tests, follow-up expenses, and consultation fees also add to the medical expenses of a person.
Not only the critical diseases like diabetes and heart problems, but it also provides coverage to vector-borne conditions, like medical problems through viruses and bacterias. Under the specific policies, Health Insurance covers these expenses as well, making it necessary for people.
#3: Changing Lifestyle
The shift in the lifestyle has made people more prone to various types of diseases and health disorders. Commuting, Hectic Work Schedules, lousy eating habits, and quality of food have made humans more prone to different conditions. The sedentary lifestyle, stress, depression, especially among the age of under 45, is prevalent. Illnesses like diabetes, obesity, respiratory problems, etc. are on the rise. The Heart Problems, Cancer, lung conditions, stroke, have started claiming our lives more than ever.
While taking precautionary measures can help fight these diseases, one can never be sure when the illness will strike. It is better to be prepared with Health Insurance cover rather than compromising on health facilities later.
#4: To counter Inadequate insurance cover
Some employers provide healthcare benefits to their employees. It is always a smart option to check these benefits and knows in which circumstance that these premiums offer the coverage.
Every policy is different according to the coverage it provides and the situations in which that policy holds itself. If the current policy does not offer insurance to the illnesses, one is more prone to like in the case of hereditary diseases, diseases more prone to because of lifestyle choices. Those policies may be of no use.
Also read: how to choose a health insurance policy
In such cases, it can prove advantageous to have a policy drafted explicitly for your needs. Thus, making health insurance policy a necessity for everybody.
#5: Insure early to stay secured
The Younger generation is less prone to diseases. Opting for health insurance early in life can result in many benefits. Since one is young, one can avail more benefits at fewer premiums, and the advantage will continue even when one grows older. Additionally, more extensive coverage options are also available.
Insuring at an early stage results in better financial planning for the future, making health insurance a necessity for everybody.
#6: The benefit of Tax Exemption
Premiums made towards health insurance are eligible for tax deductions. Financial Planning is one of the main components for long-term financial planning, and including it is one of the main components in it.
Also read: What is Insurance and the 7 Major Types of Insurance!
Furthermore, the premiums towards the health insurance are deductible.
#7: Travelling has increased
Protecting ourselves during traveling is more than relevant now. Insuring ourselves during the pandemic is necessary. Other than that, many countries require health insurance before issuing visas to tourists, students, and people traveling.
People travel extensively for work. The policy covers emergency evacuation and makes the best healthcare facilities available throughout the world.
Thus, it makes it necessary for everybody to have health insurance.
Health insurance policy is a necessity in today’s fast-paced lifestyle. Protecting ourselves and our loved ones from any misfunctionality is the need of the hour. The systems providing comprehensive coverage and various other benefits can ensure financial security to people. Depending on the cover’s level, the policy helps you pay for services such as ambulance, daycare procedures, and other non-hospitalization expenses like chiropractic, dental, and many more.
While buying health insurance, buying critical health insurance is also necessary. It is one in a kind of health insurance that supports people by offering a fixed sum once they are diagnosed with a critical illness. Thus, it is the need of the hour for everybody to have proper health insurance in place, from an early age, to get the best benefits. Some good health insurance companies are United Healthcare, Anthem, etc.
We hope this article clears all your doubts about why health insurance is necessary. If you still have any doubts, then please feel free to mention them below in the comments.