Medical situations can be tricky sometimes. There can be accidents, or your body can go through a stroke or a heart disease. Medical expenses at its peak can accelerate you towards bankruptcy if not taken seriously. Having insurance can be of great help during these times. Here are some cases of medical bankruptcies.
You can also read: Life And Health Insurance – Everything You Need To Know And Why
What are the Benefits of having health insurance?
· Dynamic Lifestyle: The modern generation is accelerating towards an array of health disorders due to the tectonic shift in their lifestyle. Eating disorders, hectic work schedules, commuting daily, and the increasing levels of pollution have made this generation prone to an array of diseases. Having health insurance surely helps when you have to make frequent trips to the hospital.
· Cost-effective doctor visits: Health insurance lets you pay less for doctor visits. Having health insurance entails, you to pay your premiums monthly, whether you become ill or not. This comes handy when you fall sick as these premiums cover your charges. Insurers also negotiate for prices, including doctor visits, which go on to lower your costs and lead to discounted rates.
· Prescription medicines: It reduces the cost of prescription medicines significantly. Take a note of the amount you pay every time you fill a prescription. Your price will decrease as your insurer picks up only a part of the payment.
· Tax Penalty: Having health insurance saves you from paying a tax penalty. People who do not apply for health insurance are liable to pay a hefty penalty with their tax returns. Being enrolled in a health insurance plan will help you waive off this penalty.
· Accelerated Treatment: Having health insurance lets you get your treatment sooner if you or your family members fall sick. You can fill up your insurance form later and avail the premium post you receive your treatment, which generally wouldn’t happen.
· Post-hospital expenses coverage: The out-patient department or OPD expenses and diagnostic test expenses are also on the rise in addition to mainstream medical costs. This has made it imperative to opt for health insurance. It covers all the costs incurred through OPD and diagnostic tests apart from the hospitalization after a prescribed stipulation period by the policy.
· Additional benefits: Health insurance gives you many other benefits, like coverage for health check-ups, day-care surgeries, ambulance, and vaccination expenses. All these costs would otherwise pile up on your bill and make up for a ridiculous amount of losses.
When is it the right time to opt for health insurance?
A lot of times, people are confused regarding the right age to opt for health insurance. Though, the truth is you can opt for health insurance any time you want. It is also to be taken under consideration that one pays less if they choose for it at an early age. The risks associated with increasing age are high, so the premiums are higher for higher age brackets. The health insurance premiums determine a variety of factors such as age, city of residence, medical history, etc. Hence, you will save a lot on your premium if you buy your health plan early.
It is challenging to avoid unforeseen circumstances, especially when it comes to health. With health insurance in hand, you will be able to save a lot of money. As the medical expenses on the rise, opting for health insurance should be prioritized with utmost sincerity, the failure of which can lead to both emotional and financial trauma. Besides these benefits at hand, you will not only be able to save a lot of money, but it will also help you steer clear the tax penalty.