We are our most important asset and we should be prepared to do whatever we can to take care of our physical body. Nowadays, medical advancement have enable many of us to have a longer life but the cost of medical care is also becoming increasingly expensive.
Health insurance emerged from the concept of insurance which is being prepared for life’s uncertainties. The life uncertainties covered in health insurance are the occurrences of illness that requires hospital stay and long term treatment. One may argue that health insurance is not needed in countries that provide free medical care. However, in such places, conditions like long waiting time and limited choice may be a bane instead.
Wherever you are living and whatever your circumstances are, it is always good to have sufficient health insurance coverage. There are many types of health insurance and they are:
Hospital and surgical insurance- covers the expenses incurred during a hospital stay.
Hospital cash insurance- pays a fixed cash amount per day up to the number of days of hospital stay with a maximum stay limit.
Disability insurance- pays when a person becomes disabled (according to the conditions)
Critical illness insurance- pays a lump sum when the insured contract any of the stipulated major illnesses
So why is health insurance important?
-When you are not well, the last thing you want to think about is how to pay your medical bills. Health insurance gives you that peace of mind even if it doesn’t have full coverage for example deductibles.
-You do not want to burden your families with worries about the cost of your medical treatment.
-Even if your company provide medical insurance coverage, it is likely that the cover is only valid during your employment with them. So unless, you have an agreement of continuing the health coverage after you have left the company, it might be wise to get additional cover whenever possible.
-When you have health insurance, you can afford to choose the health care that is most suitable for your condition. This is especially so if the illness require long term care.
-Prolong ill health could result in loss of work and when you have health insurance coverage, you can take your time in getting well.
Health insurance premium tend to be more expensive than normal insurance policy and it is an unfortunate reality that we do need health insurance. However the costs of medical care incurred during an illness usually exceed the total cost of premium paid. Most importantly, you can comfortably nurse yourself without any worries of costs.