Health Insurance – a Necessity, Not an Option

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We are living in a world that has become more aware and vigilant about health and medical services than ever before. Today, not only are we well aware of the various ailments that threaten our well-being but are also acutely aware of the financial burden of treating those ailments. After all, it is impossible to separate the health aspect of contracting an illness from the financial aspect of treating it.

That is why, in the context of the world we live in, health insurance is not the option that many think that it is – instead, it is a necessity.  The many benefits of health insurance demonstrate that having a financial safeguard can help make the entire process of medical diagnosis and treatment a financially simple one. In a world of rising medical and hospitalization expenses, health insurance plans make it possible for individuals as well as families to seek the healthcare they need without suffering the burden of financial strain.

Be it an individual health insurance plan or a family health insurance plan, it is essential that you and your loved ones have the financial medical coverage you need at all times. Here is a deeper look at the necessity of health insurance.

What is Health Insurance?

Let us start by reviewing what a health insurance plan is, what it includes and what it can offer to the insured. Health insurance is an agreement whereby the policyholder agrees to pay a predetermined amount of money, known as the premium, to the insurer at regular intervals, most commonly on a monthly,quarterly or yearly basis.

In return, the insurer provides the insured with a substantial amount of financial coverage for medical purposes. This coverage can be utilized by the insured if he or she suffers from any of the illnesses or medical conditions specified under the insurance policy. Health insurance plans prove to be an economical tool in the long run as they require only an affordable sum from the policyholder in return for offering a much higher cost of coverage to the insured. When you buy a health insurance plan, this coverage can be utilized for a number of medical purposes such as hospitalization, surgery, consultation fees, medication, and various types of treatment.

Why Healthcare Insurance Is A Necessity?

So with all of this is in mind, it becomes imperative to think about the ways in which health insurance exists as not an option for us, but rather an essential tool. Having the security of a reliable and affordable health insurance plan can go a long way in ensuring that we are prepared for medical emergencies as well as the financial strain that comes with them.  To that end, here are a few substantial reasons why health insurance is a necessity for all individuals and families:

1. Essential for Financial Planning

Buying a health insurance plan is more than just preparing your family for any future medical emergencies. The needs and importance of a health insurance plan also extend to your financial health. Consider this: while we can plan ahead in terms of our short-term and long-term financial goals, we can never fully account for the unpredictability of medical events.  So, even as you make investments and direct your finances into funds and assets for the future, medical emergencies remain the one big financial strain that it is not always possible to plan adequately for.

A health insurance plan allows you to factor in the unpredictability of medical emergencies into your financial planning. It provides a substantial amount of financial coverage in exchange for a regular, affordable health insurance premium amount. More importantly, it allows you to make payments for treatment, hospitalization, diagnosis, and medications without weighing heavily on your savings or future financial plans. It is, therefore, an ideal component of any financial plan.

2. Ever- Rising Costs of Health Care

It is well-known, especially given the current circumstances, that availing quality health care has become increasingly difficult and expensive over the past few years. Even seeking medical care for minor and common medical conditions can lead to a heavy dent in the pockets of most families. Add to that the cost of medication, the fees for doctor consultations, ambulance charges, and the exorbitant hospitalization expenses, you will find that a medical emergency can be quite financially distressing.

Considering all of these factors, it makes the most sense to have a safety net in place to financially prepare you and your loved ones for the worst-case medical scenario. With a health insurance plan, you can ensure that there is a financial option that can cover the required costs, should there be a severe medical emergency or a minor one that escalates quickly. In the time of need, your predetermined coverage will be provided by the insurance company, thereby protecting you and your family’s finances against unforeseen medical conditions.

3. Our Changing Lifestyles

It goes without saying that the lifestyles of most people today have nearly nothing in common with those of previous generations. Due to the changing nature of our professions, we spend most of our time glued to our desks and systems, thereby getting little to no activity during the day. Even outside of work, individuals of all ages rarely step out and seek physical activity in the form of sports, games, or exercises. Our diets have also seen a major shift in the past few decades, with quick junk and unhealthy food becoming a staple in our meals.

This can easily lead to the development of various diseases and conditions such as diabetes, high blood pressure, high cholesterol, cardiac diseases, and even stroke. While these diseases were rare or unheard of in previous generations, today they are much more commonly found due to our changing lifestyles. While there is certainly a need for us to live healthier and evolve our lifestyles, it is also prudent to financially protect ourselves and our loved ones from the occurrence of such lifestyle diseases.

This is where a well-chosen health insurance plan can make all the difference by providing you with the financial coverage you need in case a lifestyle disease emerges in the family.

A Word from Oshobaba

With rising costs of medical care and the many changes in our lifestyles causing lifestyle illnesses, health insurance becomes an essential choice for every individual and family, the importance of health insurance cannot be overstated.

Moreover, it is just as useful as a financial tool as it is for a medical one since it helps protect from unexpected financial strain.

However, it is crucial that you choose the right health insurance plan after going through several options and doing your fair share of research. When buying health insurance plans, it is also a prudent decision to opt for reliable, well-established insurers to make the best choice for this crucial decision.

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