HEALTH INSURANCE, WHEN AND WHY YOU NEED IT

Health insurance is a contract between an insurance provider and a policyholder for whom the insurance provider covers the cost of health care services and supplies and the policyholder pays premium periodically. Health insurance policies can be expensive to enroll in and this encourages a lot of people to go on without getting any coverage. They believe that they are healthy and do not see the need for health insurance. Health is however very unpredictable, thus the need for health insurance. The rising cost of health care services and supplies moreover, makes health insurance a necessity for everyone regardless of age and medical condition.

The 4 Times You Need Health Insurance

  1. When You Are Young

Understandably, a lot of young people do not see the need to get health insurance coverage. Their health condition is still very good. However, the earlier you enroll in a health insurance policy, the better for you. Financial advisors think that it is a sound financial decision to enroll in a health insurance policy early in life. The premium will cost less because when you are young, you are still very healthy and will not be in need of frequent medical attention. Your health naturally deteriorates with age and this equals a higher premium. It is better financial planning to get health insurance coverage when you are young.

  1. Medical Conditions

Your health status is another factor that helps you determine whether or not you need health insurance coverage. When you have a serious illness or an ongoing health issue, the cost of health services and supplies can become too expensive. It is necessary for you to consider how often you visit the doctor and whether or not your condition requires periodic treatment medications. The need for periodic treatments makes it important for you to get health insurance.

In considering your health, it is also important that you consider your family’s medical history. Knowing this medical history helps you foresee possible medical challenges that might come with age. Thus, it will help you make your decision to get health insurance coverage and also know the type of coverage to get.

  1. High-Risk Job

When you have a job that exposes you to a high risk of health issues, then you will need health insurance to cushion the effect of any health issue that might arise in the future. Examples of high-risk jobs are jobs that expose you to contaminants, mining, fire fighting, fishing, construction work. You need to take note of the fact that this will affect the rate of your premium. The higher the health risks of your job, the higher the premium you will pay.

  1. You Have Dependents

Having dependents is also a factor that helps you determine when you need health insurance. Medical expenses are one of the major causes of individual bankruptcy. If you have ever had to cover the cost of a medical emergency without health insurance then you will understand how crippling the debt can be. When you have people dependent on you, then you will need to get health insurance coverage for you and for your dependents. This helps to avoid the possibility of bankruptcy in the event of a medical emergency.

8 Reasons Why You Need Health Insurance

  1. Helps to Protect Your Finances

Perhaps the most important reason for getting health insurance is the protection of personal finance. Health insurance protects you from the high cost of medical services and supplies in the event of unexpected illnesses or accidents.

  1. Health Benefits

Having health insurance benefits your health in many ways. If you don’t have an insurance policy, you might not see the need to get treatment for minor issues. These minor issues can escalate into major health issues. Health insurance covers essential treatments you need for illnesses and accidents. Some health insurance policies also provide free vaccines, medical screening, and check-ups. These preventive treatments benefit your health.

  1. Expands the Network Available to You

Generally, health insurance providers partner with a network of Doctors, Health care providers, and Specialists. All these will be available for you to choose from when you are in need of medical care. This expands your network and ensures that you have the best possible care.

  1. Reduction In the Cost of Medical Care

The health insurance provider pays for the cost of medical care. You are left with just a little portion of the medical bill to complement. Most health insurance providers partner with hospitals to offer lower rates to policyholders. This helps to keep your cost lower which is about the major reason people enroll in health insurance policies.

  1. Health History

You need to examine your personal health history and family’s health history because they go a long way to show your need for health insurance. They help you foresee the diseases you are prone to. When you are at risk to have certain diseases, then it is a good reason to get health insurance. Ensure to disclose these diseases during the process of enrolment.

  1. Tax Benefits

When you pay your health insurance premium, there are certain tax benefits attached. For instance, paying a premium from your income makes you eligible for tax exemptions in most places. You pay less tax to secure the future of your health while at it.

  1. The General Shift in Lifestyle

Lifestyle is constantly changing. Modern life exposes us to a lot of things that make us prone to new health issues. Take coronavirus for instance. Other activities such as low quality of food and bad sleeping patterns can lead to health issues. This unpredictable nature of life makes health insurance a necessity and not a luxury. You need to be prepared financially for any new health problem.

  1. Better Retirement Plan

Getting a health insurance plan early helps you during your retirement. At the time of retirement, your medical bills will become more expensive because your health will deteriorate. At this time, your income will be less than what it used to be. Health insurance will be very helpful to you at this point because it will reduce the burden of medical bills on you.

If you’re exploring health insurance or looking for alternative healthcare plans, Life Insurance, or supplemental insurance plans feel free to reach out to our professional agents and see what program or programs might be right for you, that can help you through this time.  Call Vivna, Inc. today to learn more here: 866.793.2301