Life is the most precious gift to us. However, as ironic as it seems, it is also quite costly. Maintaining a healthy living can be a toll to many. Rising medical bills, exorbitant prescription prices, and the fact that life itself is uncertain, requires us to take a proactive stance in mitigating certain events, like illnesses, detrimental to our health.
This is where insurance – and specifically health insurance – comes into play. Let’s dive into it, and see how it does that, but more importantly, how pivotal it can be to other matters as well, like finance and mental well-being.
Health insurance is basically an innovative means of paying for your medical bills. With it, you pay sequential sums to an entity – Insurer – that will in turn offer partial to full coverage on your medical expenditure, once you are faced with a specified peril like an accident or disease.
Health insurance makes it easier for people to afford their medical costs. More so, they are able to access health care conveniently, when and where they need it the most.
Stemming as far back as the 1920s, health insurance has undergone a lot of changes to where it is today. In the old days, one would have to pay medical costs upfront or directly to his health provider, then later seek reimbursement from them.
This was highly inefficient as it was difficult to accurately predict costs, and their probability of occurrence of the insured event. Also, fewer options for medical plans, compared to what we have today, meant that it didn’t consider individual needs and preferences.
Luckily enough, now, with the arrival of innovative tech and increasing competition, premiums – the cost of insurance – can be paid regularly at a convenient pace by the policyholder. In addition, there are a variety of medical plans one can choose from.
From time to time, the government also tries to improve the healthcare system in the country. As an example, the state and federal governments passed the EMTALA act in 1986 to ensure public access to emergency services regardless of ability to pay. In addition, the state also funds specialized medical plans for eligible marginalized groups so the latter can access them easily.
Health insurance is the best safeguard against medical misery, and the long sequence of demise it harbours. Getting one for your family will surely provide the added protection you need then.
With health insurance, you will have access to better health care services whenever and wherever you are. Medical plans help connect you with a regular source of care, including a Primary Care Physician (PCP) who will act as a gatekeeper coordinating all your care and medical needs.
Having your insurance plan pay for your medicals and prescriptions means that you’ll be able to manage any illnesses before they even develop. This is ensured through routine check-ups and vaccinations that come free in most health insurance plans. On the long run, this will contribute to a longer and healthier life.
Hospital bills, Over-the-counter (OTC) drugs, and other medical costs are quite expensive, and with rising inflation, they get pricier. By paying directly out-of-pocket, you might be exposing yourself to a huge financial burden.
Unfortunately, most are not able to recover from this medical debt. In time, they end up bankrupt, and even lose the will to be productive, further multiplying the effect.
Health insurance helps put a cap on how much you could be paying from out-of-pocket each year. For instance, an accident placing you in a three-day hospital stay, can cost more than $30,000. Out-of-pocket maximums can, however, prevent your out-of-pocket expenses like co-pays and co-insurance from exceeding a set amount, let’s say $6000, which allows your medical plan to cover the remaining bills – $24,000 ($30,000-$6000).
Health insurance pays the most, if not all, of your medical bills. By not having to worry if you can afford quality health care, you’ll eliminate any related financial concerns, allowing you to concentrate on other pressing matters.
Peace of mind comes in knowing that quality medical care is easily accessible whenever you need it. Medical plans also ensure that you are free from other less than obvious inconveniences. Paperwork, a huge time waster, can be avoided at the point of service (healthcare center) by simply providing one’s insurance ID card, and within minutes, medical records can be accessed or a claim can be automatically processed.
You are never too late nor too early to buy health insurance. With numerous well-thought-out options, you’ll no doubt find a plan that is not only sensible – reflect your medical needs – but also one that you can afford.
Now more than ever, acquiring a medical plan is one of the most important things you can and should do. A happy life is a healthy life.