Is health insurance worth it?

2017-18 Aetna Student Health Insurance | Global Risk Management Services |  RIT

Health insurance has, over the years, grown and is now a major sector. Though people are increasingly purchasing insurance policies, some factors tend to prohibit the widespread adoption of health insurance. One is the fact that they are expensive. Health insurance premiums from private, public, normal health insurance, or family health insurance plans can be very costly. The amounts to be paid can be very high at times that only the affluent can afford, leaving low-income persons without a cover. Another factor that tends to prohibit the widespread adoption of insurance is age. Specifically, young people tend to have fewer health problems, making them view health insurance as less important. Governments have continually tried to eradicate these barriers to ensure that health insurance is accessible to all. But despite all the government effort, the big question remains, is health insurance worth it? Without a doubt, the answer is – yes. Health insurance comes with numerous advantages. However, it is always essential to make sure that you get your health insurance from a reputable insurer. Reviews will help you locate reputable insurance companies. Always avoid the negatively reviewed companies. This article argues that health insurance is worth it by presenting the advantages of health insurance.

Health insurance covers your medical expenses
If you are hospitalized, health insurance will cater for all your medical expenses, including other related fees. With a health insurance plan, you are assured of receiving the best medical care without paying from your pocket. This ensures you don’t get financially strained. Thus, saving you peace of mind. With peace of mind, you will focus on recovery as you aren’t worrying about the accumulating hospital expenses. Even in instances of medical-related emergencies, your health insurance will get you covered. However, it is always essential that you confirm what your policy covers when you are getting your health insurance policies. Insurers tend to have multiple policy, always aim for the policy with the broadest coverage. 

Having health insurance gives you a chance to increase your savings
When you have insurance health coverage, you can save more. You are assured that in case of an illness, your insurance got you, and thus you can save money for other purposes that may arise.

With health insurance, you’ll get to benefit from No Claim Bonus
No Claim Bonus is an advantage that comes with having health insurance, and it is renewed annually every time you pay for a premium. In some insurance policies, the No Claim Bonus (NCB) reduces the annual premium. Typically, with the no claim bonus in health insurance, if you haven’t filed any claim for a year, you get eligible to receive NCB. With health insurance, NCB will offer you a bigger sum at the same amount of premium.

Health insurance will offer you some Tax benefits
Health insurance comes with a lot of tax benefits. While tax benefits might not be the main reason to drive you to invest in health insurance, it is a significant advantage that accompanies health insurance and cannot be overlooked. You’ll find that with health insurance for premiums that go up to a certain amount, the insured gets tax deductions 

Health insurance offers peace of mind.

This is a very significant benefit of health insurance. Having a health insurance cover gives you a deep feeling of safety and hence peace of mind. This is because even in case of any emergency, you will not be worried about anything as health insurance pays for all your medical expenses when they come up.

Preventive care services.
You will get free preventive care services by the fact that you have purchased a health insurance plan. Some of these preventive care services include free screenings, frequent checkups, and even getting certain vaccines.

Health Insurance comes with Add-ons
Health insurance comes with various types of add-ons available. While add-ons have the effect of slightly increasing the premium of a policy, they are beneficial in enhancing a plan’s scope. Even when you opt for a basic health insurance plan, add-ons will help you enjoy more health insurance benefits. For example, most health insurance plans tend to exclude some critical illnesses such as heart diseases or cancer and fail to cover treatments resulting from an accident. You can proceed to buy an accident or critical illness cover add-on to ensure that your policy will also cover such exclusions.

In conclusion, this article has offered the advantages that health insurance provides. With this article, the reader has the information they need to prove that purchasing a health insurance cover is worth it.