If you’re young and otherwise healthy, you might think that there’s no need to opt for health insurance. Or, maybe because you feel like it’s too expensive for your liking.
It’s fine. I won’t be the one to blame you here, because I thought the same once as well.
However, trouble, especially a health-related one, comes without any prior notice. Hence, it’s always best to have a backup plan for you. Let’s talk a little more about it.
What is Health Insurance?
Before I delve into the deep waters, let me tell you a little about the basics of health insurance first. So, in essence, it’s a type of Medicare planning that you’ll need to buy in return to have proper healthcare coverage. Health insurance can take care of the expenses related to –
- Hospital stays
- Doctors’ appointments
- Medications
- Emergency room visits
- Operation and related outlays, etc
The idea behind curating insurance is quite straightforward – reducing the expensive aura of the medical system little by little. Thus, if you feel like you won’t be able to spare enough cash at once, it’s always better to invest in a health insurance coverage system.
Read more: Why Senior Citizen Health Insurance Is So Important
Why Should You Get Health Insurance?
Getting health insurance isn’t really a chore or something that you must do to be accepted in society. It’s merely a financial plan that can save you money in the long term. Keep reading this article till the end to know more about it.
Reason 1: Avoid Paying More
When you’re building your health insurance, you’ll only have to pay a small amount of cash every month. Now, if a health problem occurs suddenly and you don’t have a backup in your health insurance, your overall expense will increase massively. For example –
- Fixing up a broken leg – nearly $7,500.
- Staying for three days in a hospital – $30,000 – more or less.
- Following up with cancer treatment – More than $100,000.
Now, tell me, do you want to pay everything up front or is it better to pay small amounts of money every month? For me, the latter sounds more viable, to be honest.
Reason 2: Preparing For The Unexpected
No one ever plans to get sick. Due to this reason, when such a situation occurs in front of us, we get messed up entirely. Paying a huge amount is just another negative incentive.
Hence, if you want to stay prepared for everything, it’s better to keep up with your insurance policy. This way, you can easily cover the costs while maintaining your budget perfectly.
Reason 3: Could Be More Affordable
If you’re young and healthy, it’ll be pretty natural for you to stay fit for a prolonged period. It, in turn, can help you get the insurance deal from a more affordable facet.
Apart from that, you might be able to save on your out-of-the-pocket expense as well. Hence, the deductible for you will be lower. And, you can also get away with paying a small amount of money every time you seek medical care.
Read more: 10 Best Health Insurance Plans in India
How To Choose The Best Health Insurance Plan?
Choosing or selecting an ideal health insurance plan can be a little tricky, especially if this is your first rodeo. But, there’s no need to worry. In this section, I’ll share a few tips that I’ve personally used to get my insurance plan. Hope it helps!
- Whenever you’re looking for a health insurance plan, always choose two options and compare them. The subjects you’ll need to keep an eye on are:
- Coinsurance
- Cost of premium
- Prescription coverage
- Deductibles and copayments, etc
Choose only that plan, which offers the best possible rate in this regard. Talk to your parents or someone who’ll understand these proceedings better to get a better idea.
2. Always check if your go-to healthcare provider is a part of the plan or not. After all, it’d be unfortunate to see that you have chosen something that the hospice doesn’t entertain at all – not even the out-of-the-network payment.
Besides these, you should also ask the insurance provider if they offer their help with the IDF or not. Do check their policy before making any kind of investment.
It’s for the best, you know.
