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Home» Health Insurance» Why Do We Need Health Insurance?

Why Do We Need Health Insurance?

The health of a person is the actual asset that he can count on. Today, a modern man's life is dominated by advanced science and technology and there has been a great revolutionization in our lives and our way of living. But what destiny has in store for us we do not know inspite of all the progress in the scientific field. Though there has been great advancements in the medical field , you never know when calamity strikes and hence it is always better to secure our present and future. There can be no better way than through a health insurance plan or a medical insurance plan.

What is a health insurance plan?

Health insurance is required to protect a person and his family from financial loss caused by the high expenses of medical care. It safeguards your health and also prevents you from extra expenses. Basically it is a policy, which can be short term or long term and covers someone for any health related issue, (like illness, paralysis...). The insurance company pays an agreed sum of money to the concerned policy holder. According to a survey made by National Coalition on Health Care, in every 30 seconds in US, one person reaches a financial crash after serious problems with health. According to the American College of Physicians, the insured people who are having serious or deadly diseases like pancreatic or breast cancer can be diagnosed or treated by regular inspections. Hence, the risk of death is high for uninsured persons as they do not get disease-prevention service than insured ones. Thus a health insurance or a medical insurance policy is a way to protect your health from the impact of illnesses as it helps in reducing the financial impact and also the mental stress associated with an illness.

Health Insurance Benefits

A good health insurance plan covers the following:
- Hospitalisation cover: This ensures that expenses on hospitalization are covered by the insurance company. The medical expense may include room charges, expenses on surgery, medicines and other tests , including the doctor's fees.
- Cashless claims: Most insurance companies provide cashless claims where the medical expenses are directly settled between the hospital and the insurance company.
- Tax benefits: This is another benefit of health insurance. Tax exemption is received by the insured person on the premium paid each financial year. This implies that while he is protecting his health, he is also reducing his tax deductions and saving money from his income.
- Pre & Post-hospitalisation expenses: Another benefit of health insurance is that the insurance company also covers the expenses for treatments received prior to hospitalization and during the recovery period and this is very helpful for the insured person as he might not have an alternate source of income during those trying times.
- Floater plans: Floater plans imply the heath insurance that cover the entire family under one policy. The floater plan allows the coverage of the medical insurance policy to be shared among the family members.

This is precisely why health insurance has become necessary in this fast paced modern world. Health care has also become very expensive. It is very important to procure a health insurance plan and maintain it regularly.

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