Is health insurance necessary?

0
38

Health insurance is not cheap at all and it can go away if you never get sick. So do you really need health insurance and what to consider when buying health insurance? Let’s find out more before dismissing it.

The necessity of health insurance

Healthcare cost is increasing enormously, similar to the rise of diseases, making it necessary to have health insurance. Health insurance provides you needed financial coverage in the case of medical emergencies. To get more information today, check out https://ibaohiem.vn/san-pham/bao-viet-an-gia/ one of popular health insurance companies.

Health insurance provides financial coverage in medical emergencies. Source: Harvard Health – Harvard University

In everyday life, you cannot know when bad things happen to you. Health risks, uncertainties and accidents are possible every time and everywhere without our knowledge. And in the bad scenario that you get sick, of course, you cannot continue working for a particular period of time. 

However, the thing is that you still need money to eat, drink, buy medicines and other basic needs. So where can you get money for these demands? Once you realize that, you will acknowledge that the preparation of financial resource is necessary. An effective way to prepare against these uncertainties is to have health insurance.

Health insurance is a popular type of insurance which pays for medical expenses incurred by the insured. Different types of insurance you can take into consideration include individual health insurance, family health insurance, critical illness insurance,… The most common one is individual health insurance but you can buy a family health insurance to take care of the medical needs of your all family.

Medical emergencies can blow out all of your money

Medical costs in most countries are extremely expensive. If you bad things happen and you undergo a medical emergency without insurance, they can bankrupt you in a more positive scenario. However, in the worst scenario, you cannot afford these expenses and end up laying in a bed with a huge debt.

Without health insurance, a medical emergency can cost you thousands dollars. Source: The Motley Fool

If you take proper care of your health, you may think that you do not need health insurance. However, you need to acknowledge that good health does not mean these things, including missing the last stair at home and dislocating an ankle, having an accident when visiting your friends, do not happen. 

These emergencies can cost you thousands of dollars. And the costs even climb up if you need to perform a surgery or follow ongoing procedures.

Add to that, it may take a particular period of time to fully recover. It means that you could lose out on pay. Even in case you are able to continue your work while waiting for the injury to be healed, it is challenging to pay the health care costs. This is when health insurance coming up as a perfect solution for this enormous cost.

Prevention and early intervention

When people do not have health insurance, they seem to ignore the symptoms of disease and minor issues. They always claim that these signs are normal and many people can still have a healthy life with these minor issues. They might not know that what they perceive as minor issues are the warnings of a bigger problem, which possibly leads to a severe disease later. Others may acknowledge these symptoms but still ignore them for money-saving purposes.

However, if you have insurance, you are more likely to take care of your health. There is no need to worry about the costs arising when getting treated because the insurer will provide the coverage as included in the insurance contract. 

Additional benefits included

These benefits depend on the type of insurance you have signed and the detailed provisions which are included in the insurance agreement. Some common additional benefits are ambulance coverage, coverage for day-care surgeries, coverage for health check-up and vaccination expenses under health insurance.

What to consider before buying health insurance?

Read all provisions carefully before signing an insurance contract. Source: VietnamBiz

Many people want to buy health insurance but not knowing what factors to take into consideration. A health insurance agreement may have many provisions to ensure that both insured and insurer will have to carry out their responsibilities and receive their benefits.

Notes

Do not just follow what the insurance suppliers tell you to. Of course, having health insurance for medical emergencies is good and needed. However, before signing any insurance agreement, you need to read all the provisions carefully. Do not sign and buy health insurance without proper knowledge about your benefits and responsibilities when having it.

Many insurance agents just mention the benefits you have when buying health insurance and ignore the responsibilities you have to follow. Remember, all these insurance agents care about is the commissions they receive after a deal, not your health or your benefits. Therefore, they tend to ignore information about responsibilities when advertising insurance. So, be wise before signing an insurance deal.

Claim process

It may be very easy to buy health insurance and they even go to your house to advertise their services. However, claim process is another aspect and it would be much more complicated than buying process. Generally, the simpler the claim process is and the faster the settlement of the claims is, the better for the insured. 

Of course, you obviously do not want to pass through the complex process just to receive your coverage – what the insurer promises to provide you in case of medical emergencies. These two factors, how simple the process is and how fast the settlement of claims is, are what you need to consider carefully when it comes to the selection of a policy. This information is written on the insurance contract and it is your responsibility to read it carefully.

Insurance amount

There are many different insurance packages with different benefits and different insurance amount you have to pay. So be wise when selecting the amount. It will cover the medical expenses for a year. You need to take your age into consideration: the older you are, the higher insurance amount you might need.

Another factor to take into account is your income. Make sure that you can afford this insurance package without having to cut down on the money for other daily expenses.

Network hospitals

You also have to consider the cashless network of hospitals with the insurer before paying your money. Whether the medical emergency in the network offer cashless option in the case of medical emergency or not? Whether the insurers settle the medical bills directly hospitals or whether you have to pay the medical fee first and then receive this amount at the insurance company?

An insurance company which cooperates with a wide network of hospital and provides a cashless option at the time of a medical emergency or hospitalization would be better.

Your current health

Consider your current health conditions before buying a health insurance policy. Source: The Telegraph

Your health condition is one of the most important factors, deciding which insurance package and which amount you should buy. Of course, your pre-existing conditions are not included when taking out a medical insurance policy. However, sometimes under particular situations, the pre-existing conditions can be covered over time. Of course, they must meet several criteria introduced by the insurer.

Make sure you understand the implications for any pre-existing conditions when buying an insurance policy to avoid wasting your money in an extremely expensive policy.

Taking out health insurance will add additional expenses to your monthly budget. However, it will be a tool ensuring you do not go bankrupt in the case of uncertainties or medical emergencies. Before purchasing an insurance policy, there is number of things you need to consider carefully. Visit ibaohiem.vn to advice on purchasing premium health insurance for your family.