If you do not get private medical insurance as part of your employment conditions you should think seriously about whether or not you need to pay for cover yourself. Many countries now have social health care provisions, but these may be subject to long waiting times or incomplete cover for an ailment or accident that may befall you.
Health insurance is a type of medical insurance that will cover: a stay in hospital, visits to your doctor, outpatient procedures and medical supplies such as prescription medicines, although most medical insurance cover will require additional payments for such items.
How do you find the best rates for the type of health cover you need?
The quickest and easiest way to book private medical insurance is to search the Internet for a suitable company. There are many insurance websites that will allow you to complete a simple form and get an almost immediate health insurance quote. When you do your search you should have at hand some basic information. This will include, the number and ages of people to be covered, any pre-existing medical conditions, whether you smoke or use tobacco and whether or not you have been refused medical insurance elsewhere.
In our opinion it is best to be scrupulously honest in your answers as any misrepresentation may come back to haunt you in the event that you make a claim and a discrepancy is discovered at that time.
Why is having health or medical insurance so important? There is certainly a misconception that medical insurance is only for the elderly and older folks. Many young adults and even some middle aged adults have this misconception that since they are still healthy and without any illness, they do not need this security blanket that a health insurance policy provides. Their argument is that the premiums are high and that they are not getting anything in return if they do not make use of the policy.
Perhaps, these people are ignorant or have not heard or read of young and healthy people who without any warning, suffer a health attack or succumb to cancer. This is not surprising considering the hectic lifestyle and the regular intake of unhealthy food in this fast moving world that we live in. In addition, unforeseen accidents, minor or major can happen anytime. Breaking an arm or a leg can happen anytime while playing basketball or football. In the tropics, many people young and old falls victims to dengue due to mosquito bites. Considering the rising cost of medical care, hospitalization, surgery and medicines, a visit to the hospitals for treatment can indeed set back your hard earned savings if you are not covered under a health insurance plan.
A well meaning financial planner will advise that a financial plan which would include managing your investment risks will not be complete without a comprehensive health and medical insurance policy with critical illness coverage and hospitalization and surgical (H&S) coverage. Indeed, a financial investment plan can be derail if one should suffer the tragedy of succumbing to any life threatening illness such as cancer, diabetes, etc causing the person to lose his job and income before the financial goal of his investment plan materialize. The cost of treatment which may be exorbitant from the hospital expenses and surgery needed would cause you to use up the emergency funds and in the worst scenario may require you to withdraw from investment program before it mature if a medical policy was not purchased earlier. One should realize that hospital treatment cost these days include not only surgery and medication but often diagnostic tests involving sophisticated equipments, physiotherapy, etc. hence, the rising exorbitant cost of medical treatment.
One reason why many people do not purchase a health and medical insurance is due to the opinion that their employers have already provided the medical coverage. They may not be aware that once they leave their company, the coverage will cease. Hence, they may be caught in a bind if they are terminated during an economic downturn. Premiums for this kind of policy are lower if you purchase coverage at a younger age and when you are still medically fit. Those who insure themselves when they are older and not medically fit may have to pay higher premiums or are subjected to certain exclusions. Older folks and those who have some form of illness will therefore find themselves in a very precarious position if they are terminated from their job and are without medical insurance.
In summary, having a health and medical insurance is important as a security blanket that you need to buy but hope never to have to use. A health plan will give you the necessary assurance that you have the finances when the need arises.