Health insurance is very important for every individual as its coverage help in getting timely medical care and services. It is an insurance against loss due to bodily injury or illness of an individual. Today life is unpredictable you never know when you fall sick or have to undertake medical treatment for curing some disease or medical disorder. Thus whatever the case is you can protect yourself from heavy expenses of sickness or medical treatment by purchasing health insurance. A health insurance insures you or protects you from the risk of incurring medical expenses. It is said to be a solid solution for assuring health in future particularly when the question is about various health concerns and emergencies.
How health insurance works
Health insurance has become an essential need of every person or a family nowadays. You will find many types of health insurances plans or policies such as policies that cover medicine expenses, medical services, dental expenses, disability insurance and many more other plans. A person can purchase long term or short term policy depending on his need.
Health insurance policies are purchased once and are renewed at regular time intervals. Under this policy insurer agrees to pay health expenses of the insured person and insured person have to pay regular premium of some amount. This is how a health insurance policy works. Deductibles, co-insurance amount, covered benefits, exclusions and coverage limits are few terms which you will probably come across.
In our day to day life, there is always possibility of various risk factors, thus it is very important for you to think twice before taking a health insurance plan.
List given will tell about things which you should consider before taking health insurance-
- Before purchasing any insurance policy from insurance service provider you should know what coverage rate you will require.
- Always consider health risks, tolerance risk, prescription needs and your budget before taking health plan.
- Always be sure that insurance provider which you have selected has good customer support services.
- Shop for various plans and policies that logically and evidently tailor your needs.
Advantages of health insurance-
- Financial protection during medical emergency is covered with help of health insurance plan.
- Tax benefits and critical illness coverage
- Family members of insured person are entitled with lump sum amount
- Provides peace of mind
- Health insurance is affordable
- Induces a sense of security to insured individual
- Best thing about health insurance is that you can take insurance policy even after you have crossed 60 years of age
Disadvantages/pitfalls of health insurance-
Lack of enough medical coverage either results in increase of illness or even death or insured person has to pay remaining medical services bill. This is the major drawback of health insurance plan.
In short a health insurance is very important for both family and an individual as it helps in relieving the burden of medical expenses caused due to unexpected medical emergencies.