Health insurance plans are not as cheap as some people may suggest while asking you to go for them. A lot of people think that it is alright to go without them, and if you are one of those who do not fall sick that easily, extra expenses may look irrelevant to you. Those who are in their twenties think that the body’s immune system is strong enough to bounce back from any illness. Most people do not feel the need to check with the doctor as a precautionary measure or get an overall check-up once in a while.
However, have you ever consider the rising cost of health care and factor it in the decision? Will it be alright to pay the medical bills on the go rather than paying regular premiums? What if you catch a serious illness? There are many questions that need consideration before you decide to skip health insurance.
Medical emergencies are expensive
Nowadays, we are vulnerable to a wide range of diseases. Bills raised because of a medical emergency can bankrupt you and your entire family if you choose to skip the health insurance. The unimaginable medical debt that comes with countless diseases, health problems, and accidents puts you in a vicious circle, which provides virtually no way out. Unfortunately, it is not just about the medical bills that are going to accumulate while you are getting better in a hospital or at home. During the process of treatment,you might not be able to work at all. The additional pressure will come if you are the sole earning hand in your family. All the savings that you have done in the past will go in the drain.
Prevention and early intervention
Health insurance covers not only the critical diseases but also minor health problems. When people do not have the cover, they often skip getting checked for minor issues like cough, cold, fever, or joint pain. These small issues do not take the time to hit hard and become a critical health problem. If you have a health insurance plan intact, you will not worry about the small medical bills as well, and you will be able to get preventive health check-ups on time.
If you do not check with the doctor for a cough, cold, or fever, there is a chance you will end up doing self-medication, which is another blunder most of the people do across the nation. Your immune system becomes weak with time, which can result in major health problems in the long run. Health insurance in hand will give you a way out of this mess of self-medication.
Points to consider while opting for an insurance plan
There was a time when health insurance was considered a luxury, but now it has become a necessity. There are a few aspects of an insurance plan that you should consider before choosing the right one for yourself.
How is your health overall?
If you believe you are in good shape and regularly check with a doctor for overall check-ups, you should be a fairly good shape. You should also consider if you indulge in any risky occupations or sports. Based on these aspects, you should choose the insurance plan. Please keep in mind that based on the degree of risk, your insurance premium may go up.
Do you check with the doctor regularly not as a preventive measure but for health problems?
If you are visiting a doctor for one or the other reasons regularly say at least once in two months, then you should consider the amount you have spent on the doctor’s fees, lab work, medicine, and admission charges if you had stayed in a hospital. These expenses will give you an idea about the regular medical expenses you have over a year.
Does your employer provide health cover?
There are many companies that provide group health coverage to their employees. These health insurance plans cover basic health problems. In case you have any additional history of health problems in your family, you can opt for a critical illness rider. In case you are self-employed or a freelancer, you have to take care of the health insurance on your own.
How much premium can you afford?
Everything boils down to the amount you can spare from your budget. Check for the options available in the market and compare them before you make the final decision. Missing out on a premium can cost you dearly in case of a medical emergency.
Health insurance is something that you should not avoid. There are a lot of reasons which can lure you in skipping the whole idea of health insurance from the budget, but as a whole, to be on the safer side financially, it is important to have health cover. In case you have a history of critical illness in your family, you should consider that too while finalizing the plan.