The Importance of Health Insurance
Many people especially those that are starting out in their professional life and they do not have children consider health insurance as an unnecessary expense. They do not consider it important but mostly it is because they find it a great expense that cannot be justified.
The high health insurance premiums can cost a lot of money per month and most people feel it is a burden for them. But the truth is when a medical emergency strikes; they do not have the financial reserve to pay for a trip to the hospital or even cater for the emergency costs. Sometimes the normal routine visits to the doctor can also add up to a lot of money by the end of the year. This is the main reason why as an individual you should seriously consider obtaining health insurance.
The main purpose of obtaining health insurance is to help you manage your own health care costs. You pay the premiums and in exchange, the insurance company pays for your doctor visits, surgeries, hospitalization, prescribed medicine, emergency costs and any other medical attention that you may need.
There are various options or plans that are offered by the health insurers. If you research widely, you are likely to find one that matches what you need and can afford. The different options of covers have different limits, requirements, deductibles, and exclusions. You will need to look at several plans offered by different insurers’ in order to get a plan that matches your lifestyle, health, and financial status.
Most of the insurance plans last for a year but they can always be renewed after the year-end. There are basic types of health insurance plans in the market that you can choose from.
The single individual health insurance is the first type of cover that you can look into. This is the policy that only covers one person. It covers routine medical costs, prescription medicine, preventative care for dental and your vision. It can also include emergency care, hospitalization, and even surgeries. If you are single with no spouse or child, this is the plan to go for. It is usually a fraction of the normal family cover and the premiums are relatively affordable.
Once you get a family or get married you can easily convert the individual health to the other type of cover that is the family health insurance plan.
The family health insurance is similar to the single individual health cover but it can cater for more than just one person. Anyone with a family should go for this option. If you are married with no children, you can still go for the individual health care separately. You may find this more affordable than the family health cover.
If you get children later, you should evaluate whether to shift from the individual plans and get one family policy to cover all of you. You can also opt to have one individual health insurance to cover one spouse. The other spouse and children can be covered by the family cover. This will be based on the cost of premiums and your preference.
The other type of cover is normally referred to as a supplemental health insurance. This is usually an additional policy that you can take up to cover illnesses or injuries not catered for in the family or single health insurance. This can provide coverage for accidental and dismemberment costs, specific diseases such as cancer usually not covered in primary health insurance and indemnity costs. Indemnity insurance caters for your loss of income when you are hospitalized for a certain number of days.
You can also get medical insurance from your employer when you start working. Many employers offer employees a choice between getting the company sponsored medical plan or getting a personal cover. This mostly applies to permanent or full-time employees only. This type of cover only applies when you are employed. Once you leave your job, you will not be covered by the employer. The group cover offered is usually less expensive than the individual health insurance. It, however, does not have the flexibility of individual policies. This means it does not have the extensive protection that you can get with your own policy.