February 23, 2022


Health Insurance Is a Basic Need: Here’s Why

If there is anything the current pandemic has taught us, apart from the importance of emergency funds, it is the need for health coverage. The rising cost of medical expenses was a big blow, especially for those who did not have insurance cover.

Like food and shelter, health insurance plans should be considered more of a basic need. Here are 6 reasons why:

1.   Access to Better Healthcare Services

One of the most vital advantages of getting medical coverage is the ability to access better healthcare services.

When you fall sick or experience a medical emergency and do not have enough finances to seek premium healthcare services, you might be forced to settle for just any healthcare facility. However, when you have health insurance, you can find treatment in well-equipped hospitals – even when you have financial constraints. Hence, you focus your energy on recovery and not on how much your treatment will cost.

2.   Minimizes the Risk of Bankruptcy

According to CNBC, two-thirds of Americans who file for bankruptcy state those hefty medical expenses are the key contributors to their financial instability.

Hospital admission expenses can escalate fast. For some medical conditions, settling the amount out-of-pocket is financially draining. In case the bill is overwhelming and gets out of hand, some people may opt to file for bankruptcy.

In such a case, having medical insurance cushions you from the need to file for bankruptcy.

Many insurance covers require patients to settle their deductible amount. Others need patients to cover an extra amount after paying their deductible, which is usually a certain percentage of their medical expenses. However, as much as you may settle some of your medical expenses in cash, insurance places a cap on how much money you can pay out-of-pocket annually. If you reach this limit, your medical insurance will cover all other medical costs without limitation, saving you from financial strain.

3.   Encourages You to Take Care of Your Health

Some people are quick to dismiss health coverage as a medical safety net for the elderly and those that are chronically ill. This, though, couldn’t be further from the truth!

The young and healthy can access preventive medical services through health insurance plans. For instance, they can go for cholesterol, HIV, STD, type2 diabetes, and TB screening without paying out-of-pocket. In addition, women can access contraceptives and pap smears, while pregnant mothers can get supplements through health insurance.

Additionally, children and adults can access various types of vaccines, including but not limited to tetanus, chickenpox, and HPV.

Being able to enjoy such preventive services for free is not only great for your pocket but also encourages you to take a proactive approach towards maintaining proper health.

4.   To Manage Lifestyle Diseases

Previously, lifestyle diseases were prevalent among the older generations. However, over the past few decades, there has been a significant increase in the number of young adults suffering from lifestyle diseases.

Obesity, heart disease, type 2 diabetes, stroke, and hypertension are some of the lifestyle diseases that you may need to deal with, unfortunately! However, in such an unprecedented situation, your health coverage can make it possible to seek medical assistance without over-stretching your pockets. Plus, it presents you with an opportunity to see various in-network specialists who can advise you on the best ways to manage or treat the condition.

Besides, if you are still enjoying good health, going in for free routine check-ups (thanks to insurance covers) can help catch some of these lifestyle diseases while they are still in their initial stages and when treatment is most effective.

5.   To Protect Your Family


Besides catering to your medical expenses, health insurance also takes care of our families.

As parents, purchasing individual health insurance for each member of your family can be expensive. Instead, you can take single insurance that offers full coverage. You can include your spouse and children. You may also consider including your parents who are prone to sickness, accidents, and lifestyle diseases – especially if they do not have a suitable health plan. That way, you can rest easy knowing that your loved ones are protected, and they will be in a position to access proper healthcare without much stress.

6.   Safeguard Your Savings

Medical emergencies are unprecedented and can set you back financially. Besides, medical expenses have significantly risen over the past few years, further putting a strain on people’s finances.

So, in the case of medical emergencies, people without health insurance might be forced to tap into their savings. Not only do they have to worry about their health condition, but they will also have concerns about slowing down their undergoing project or jeopardizing their future.

However, by taking out an insurance cover, unexpected illnesses and medical conditions will not cripple your savings or postpone your near-future aspirations to purchase your dream car or home.

Bottom Line 

From the factors listed above, it is evident that getting health insurance is a necessity. Moreover, it safeguards our finances from expensive treatments, most of which we do not have any control over.

Besides, it is crucial to note that many health insurance covers do not only cater to in-patient and out-patient but also additional services like ambulance charges, surgery, consultation fees, medicine, and many more.

For those who worry about the pricing of insurance policies, there are government medical policies like Medicare that are affordable and guarantee peace of mind as you seek treatment. However, you can always supplement it with private health insurance for a couple of reasons.

Private health insurance offers more coverage and allows you to seek treatment in private and public hospitals, with the luxury of requesting the doctor of your choice. You also gain access to medical services that are not covered by public insurance, which include dental, physiotherapy services, and many more. Yes, you may be required to part with more money every month, but that is nothing compared to the expense you are likely to suffer in case of an unexpected illness or medical emergency such as an accident.

Protect yourself and your family today by taking out health insurance.

read more