11 Reasons Why We Need to Have Health Insurance
Here, we have many reasons to have health insurance in our life. Health Insurance is most important for everyone. Our life is very important to our family. So, Just suppose you are in the middle-class family at the sudden time your family.
And In the case of emergency, you or your family member will get admitted to the hospital at that time you can save your life or your family member life at a very low cost. That’s the main benefit for health insurance. And many smartest ways to save money in our life. But we are skipping out on health insurance policy is not one of them. Studies show that uninsured individuals do not receive the same quality or the amount of preventive care those with health insurance enjoy and maybe putting them selves at greater financial risk than their insured counterparts.
1. Waiting period:
In that of the most cases, health insurance policies have the waiting period of rang from 30 to 90 days, during which you can not make to any claims even if you have a medical emergency. Buying a health insurance policy for your self or any of your family members at a young age is, therefore, a big advantage in this context, as you would exhaust the waiting period without any concerns. There is always a waiting period for many ailments such as arthritis, knee replacements, urinary tract stones, cataract and so forth. Most insurance health policy providers declare that least 10 to 15 ailments which have a waiting period. Individuals above to the 60 years or more have a longer waiting period in some cases.
2. Financial planning:
More and more people attend the college are those who have been out of high schools for many years. Health insurance policies are becoming a prerequisite to attends colleges or universities. Some schools even require certain benefits to be covered in health insurance policies. When someone buys a health insurance at a young age not only gives you greater coverage but also helps you to plan your finances in the better way. When you have the adequate medical cover to take care of any health emergency, you can fully focus on making other types of long-term investments. Having health insurance policy allows your insurance companies to negotiate the better rates with the hospitals and doctors.
Many more people that have health insurance policy, the larger the pool and therefore the costs are better to absorbed. And the Larger medical networks typically have lower premiums since the insurance companies are able to distribute resources equally. Many More people having health insurance also creates a more competitive market and insurance companies are likely to offer lower rates in order to keep current customers and to attract new customers.
The more plans that are available allow individuals to shop for plans that are more compatible with their lifestyles. In the current political climate, many people do not believe that health insurance should be required. Almost all states require that drivers have car insurance, so why shouldn’t people be required to have health insurance? Consider having health insurance an investment in your future. You won’t always be healthy and having health insurance will make this less of a financial burden on you and your family.
3. Poor health:
People who have health insurance tend to be healthier individuals because they don’t wait as long to see a doctor. With the ACA, preventative care allows an individual to have a routine physical, which is more likely to catch any underlying medical issues such as high blood pressure or diabetes. Having health insurance allows these medical problems to be caught earlier before they can become more serious life-threatening issues. This leads to more individuals having better health and able to continue to contribute to society.
Sedentary lifestyles have led to an increase in the occurrence of many diseases related to the heart and lungs claiming lives at a young age. It is a sad truth that health insurance is now no more relegated to senior citizens. The young and salaried segment of India’s population is vulnerable to a number of diseases.
4. Lifelong renewal:
You can opt for lifetime renewal of your health insurance plan and thereby, avail of extended coverage. Consequently, you can enjoy healthcare benefits for your entire life by opting for the renewal of your policy.
Most insurance companies offer a ‘no claims bonus’ in the absence of any claims in the preceding year of a policy term. If you buy a health insurance policy at a young age, you can avail of the cumulative bonus as you will most likely renew your policy every year. As a result, the bonus accumulated increases your coverage amount which will prove to be an advantage at later stages of life when you are old and grey. No claims bonus may range from 5% to 100% of the sum insured in most cases.
Here the term profession is used literally. For example, everything being equal, as a self-employed individual my health insurance requirement is more compared to a salaried individual. The simple reason being, I don’t have a regular source of income.
Secondly, you also need to assess the so-called health hazards linked to the profession. For example, some types of jobs are more stressful compared to others. On the other hand, if you are in a traveling job then you are more prone to accidents or health issues. Therefore, your health insurance requirement is high compared to an office job.
Taking a health insurance policy at a young age ensures that you have greater coverage. Many latest health plans offer wide coverage from daycare procedures and vector-borne diseases to maternity benefits and OPD expenses among others. In short, your coverage costs will only increase as you grow older owing to more medical complications.
7. Pre-existing conditions:
Buying a health insurance policy in your late 40s will only increase your financial burden with reduced benefits. Many health insurance providers exclude many pre-existing conditions from getting covered which defeat the purpose of opting for a health insurance policy.
8. Personal health insurance:
In this day and age of an exponential increase in medical expenses, the importance of a health insurance policy cannot be overemphasized. The coverage provided by your employer may not suffice to cover your costs. Furthermore, you will run the risk of being uninsured at the time of any job change or loss of employment.
9. Lower chances of rejection:
When you are young, you have many productive years ahead of you and fewer health complications. As a result, the chances of your health insurance policy getting rejected are minuscule.
If you make the wise decision of buying a health insurance policy when young, you can enjoy the benefit of comprehensive and holistic coverage. You will, therefore, enjoy greater security during employment and even after retirement.
It is important to note that most health insurance policies on offer come with a ceiling on upper age. If you buy a health insurance policy at a young age, you will not have to worry about age limits and thereby enjoying the benefit of health insurance for a longer duration.
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