Reasons why you must have health insurance

The constant increase in healthcare prices has made it pretty hard for the average individual to afford medical bills off their pockets. With the rising instances of diseases, the only way you ca make sure you are safe is through getting health insurance coverage. Health insurance will provide you with the needed finances when you are facing some serious medical emergencies.  Heath uncertainties and risks are somehow a part of everyone’s lives.

Health insurance will pay for medical expenses you incur in the hospital.  You can be reimbursed for the expenses you incurred from the injuries or illness or the provider could make a direct payment to the healthcare provider. There are so many different types of health insurance plans, the famous ones being family health insurance, individual health insurance and critical illness insurance.

Here are some major reasons for getting a health insurance

The changing lifestyle

There are endless reasons why insurance policy was put in place. The major shift in lifestyle has made more people prone to a wide range of risky health disorders.  Work schedules, poor quality foods, poor eating habits, commuting and the rising pollution levels have led to the increase in health problems.

The rise in medical costs

The medical costs have shown a dramatic rise lately. In case there is a medical emergency.  In case you are faced with a medical emergency, you will need to spend much of your savings on the hospital bills. This can be dangerous to your financial future and that is why you need to sign up for a health insurance policy.

For the income tax benefits

The payments you make towards your insurance policy are eligible for tax deductions. This means that individuals within a certain tax bracket can claim a deduction for their health insurance premiums. This also works for the family member as long as they are under the same insurance policy.  The deductions are available when you make the annual payments on the insurance policy. You can get away with a lot on these tax benefits as compared to direct payments in the hospital.

To cover your pre and post hospitalisation expenses

This does not only apply to the mainstream medical costs. Most insurance policies will cover outpatient expenses, diagnostic tests and other expenses. Diagnostic tests are so expensive which makes it very important to have health insurance coverage. The health insurance will cover most of your medical bills, especially for people who pay for more expensive coverage.

Other benefits

You will also get additional benefits with a health insurance policy. Most policies will cover things like surgeries, health check-ups, vaccinations, and other health care expenses. Instead of going into your savings to clear the medical expenses by yourself, you should consider an affordable insurance plan.

Health insurance provides us with essential financial backup during emergencies. If you have a family you have to support, you can buy family insurance to take care of the medical needs. For those who are living on their own, individual health insurance will be convenient.