Health insurance can put a hole into your finances in a zap. While many young adults would forego health insurance because it’s not an immediate need at the moment, a health insurance can actually provide you the protective financial buffer when the inevitable happens.
Health insurance is expensive yet the edge of being financial ready with health insurance coverage protects you and your loved ones in times of medical emergencies. You may think that skipping health insurance coverages is ideal at this point in your life because it’s a hassle to be paying insurance premiums.
However, the possibility of accidents or critical illnesses at some point in the future could turn the tables around for you. You can seriously be in a huge pile of medical debt without health insurance coverage. The costs can incredulously go up which is why seeking the help of a health insurance agency now is vital to safeguarding not just your financial assets but your life.
A health insurance agency or company is tied up with diferent hospitals to provide immediate services to insured individuals. Basically, a health insurance pertains to an agreement between the insurance company and the insured over a guarantee of compensation to cover medical expenses in cases of accidents that would lead to hospitalization and also for illnesses.
A health insurance agency would explain the coverage of your health insurance policy such as hospitalization expenses, post-hotspitalization or recovery expenses, ambulance costs, doctor consultation fees, medical test fees, ambulance costs; and the like.
What are the Advantages of Having a Health Insurance Policy?
Getting in touch with a health insurance agency can provide you the buffer you need in terms of dire and urgent financial need in medical emergency cases. Here are the benefits of having a health insurance policy:
No Claim Bonus or NCB
If the insured was not hospitalized or was unable to use or file an insurance claim the previous year then he or she is eligible for a NCB.
Cashless Hospitalization and Treatment
This is especially beneficial for medical emergencies and accidents that could happen when you least expect it. You can go cashless and seek treatment or hospitalization because of your health insurance coverage.
Waived Ambulance or Transportation Costs
Your health insurance also covers ambulance or transportation fees of the insured.
Covers Room Expenses
Health insurance also covers room costs during hospital stay.
Covers Pre- and Post-Hospitalization Expenses
Depending on your health insurance plan, you would also enjoy benefits and perks which cover both pre- and post-hospitalization costs within the period of 60 days.
Under the Income Tax Act (Section 80D), premiums of health insurance coverages are tax deductible.
Free Health Checkups and Workups
Your health insurance policy would also cover medical checkups and workups.
Choosing the Right Health Insurance Plan
Different people would have diverse and unique requirements when shopping for a health insurance agency and a health insurance plan. Fee-for-Service or Traditional Health Insurance Plan
This is the basic type of health insurance coverage that allows you to seek consultation of treatment from any doctor or hospital but could incur more out-of-pocket expenses because of limited coverage.
High-Deductible or Catastrophic Health Insurance Plan
This offers low monthly premiums but would require you to shell out a large amount of the bills but the insurance would cover the balance.
Managed Care Health Insurance Plan
The health insurance plan coverage is limited or within providers of a closed network depending on your health plan or if you are referred to specialists outside of the network. Patients or the insured get to pay low premiums with this type.
While there are many types of health insurance plans now in the market, sticking to the basics would ensure quality coverage and protection for you and your loved ones.