Private medical care costs are going up so hospitalization can easily destroy your finances. Health insurance steps in to help you but there are so many people out there that do not use it. This is a shame because health insurance has some clear advantages everyone should be aware of. In fact, this might very well be the most important purchase you will ever make. Here is why.
Financial Protection
This is one of the biggest benefits that could be mentioned. Your savings will not be eroded in the event that you are faced with some unexpected health problems. For instance, maybe you save money for the education of your child. But, you fall ill and you have to deal with a medical emergency. This might only be possible when you liquidate assets. You might even have to borrow some money from friends or family.
When you have health insurance, your finances are protected. This should never be taken lightly.
Numerous Options Available
In the past, insurers only gave you basic health insurance. Nowadays, modern providers give you access to several family and individual plans. As an example, most insurers will give you the possibility to protect the entire family with just one plan.
Some of the other health insurance options you might want to consider are critical illness plans, unit-linked health insurance, personal accident plan, hospital cash benefit plan, and group health insurance.
Cashless Hospitalization
Cashless claims are very useful for you. Top health insurers give you access to a huge network of hospitals. When you have a health problem, you can go to one of those hospitals to be treated without having to use cash.
Such an option can eliminate the claim reimbursement process. This is when you first need to clear hospital dues to then receive reimbursements.
NCB (No Claim Bonus)
NCB is very common with health insurance plans. It practically means that you are going to be given some money back on what you pay in the event that you do not use your health insurance policy in a specific timeframe (usually a year).
NCB became popular with car insurance plans and it is now used in health insurance. The only difference is that you actually get more money back with health insurance than with auto insurance.
Add-Ons
The last thing that should be highlighted is that with modern health insurance you have access to various different available add-ons. These do slightly increase your premium. However, they do help a lot as they enhance the plan’s scope. Even with basic health insurance plans, you can use add-ons to increase the benefits you receive.
As an example, most health insurance plans will exclude critical illnesses like heart disease or cancer. Buying the critical illness add-on removes this problem.
Final Thoughts
As you can see, health insurance is definitely something that you have to consider. The advantages we mentioned above are just some of those that we can consider. Just take a look at the policies you can afford and choose the one that is the most beneficial for you.
