Health Insurance – Types and Advantages

In this article you will find nuggets of information on the advantages and disadvantages of health insurance.

First a quick brief explaining the reason to get health insurance-
Why health Insurance?
The major reason to get health insurance is to protect you during unexpected costly emergencies. The health insurance proves to be way cheaper than the actual treatment costs.
In order to get cheap health insurance you must compare the prices of several health plans offered by leading insurance companies. In this way you’ll be able to choose an affordable and suitable health insurance plan.
Further you will know the advantages of health insurance.
Advantages of health insurance-
It is a seemingly difficult task to get best health insurance plan. One needs to do a lot of research to be able to find a credible policy.

  1. The 1st step is to ensure the legality of the insurer’s credentials. Also you must gauge the company’s past performances.
  2. You should review the insurer’s financial status. This includes the range of customer care services offered by the insurer. This will enable you to know the insurer’s credibility and is it safe to invest in that company or not.

Tip- You can keep a track on the ratings credible agencies reveal for various health insurance schemes and companies. For instance, A.M Best or Moody’s
Some common types of health insurance schemes are-

  • Individual health insurance
  • Employee health insurance
  • Family health insurance
  • Business health insurance

Determining premiums
One’s monthly insurance premium is determined based on numerous aspects. Two of the common factors are listed below-

  1. Age of the person
  2. Occupation of the person

Advantages of health insurance

  1. Unforeseen and unfortunate incidents can occur any time. You cannot predict the future. However, what you can do is set preventive measures to offset any kind of odds faced in future.
  2. For instance, one experiences a broken bone in an accident. The hospital charge proves to be very high and creates a dent the person’s credit ratings as well as savings. However, had he purchased a health insurance the charges would have been comparatively low. Also it would have prevented the savings and credit ratings from getting degraded.
  3. One can prevent the downfall of his credit ratings which creates numerous hurdles in crucial activities like applying for a loan.
  4. Comprehensive health insurance prevents you and your family against high medical costs in future and favors speedy treatment for speedy recovery.

Many people don’t consider getting health insurance as they are healthy enough. Hence, many healthy people consider it as tad important. However, wise men always emphasize on the need to see and prepare for the long-term.
Health insurance is a policy which ensures protection of a person against possible future health problems.
This cannot be ruled out. Hence, it is important to consider the purchase of health insurance. Therefore, start planning for investing in an affordable health insurance policy today.
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