What is health insurance? Do you know that so many factors such as changing lifestyle habits, climatic change, pollution levels and so much more can have damning effects on one’s health and general well-being? Yes, these factors and a whole lot more can give room to critical health conditions and various medical diseases. When faced with these health issues, what do you do? In an event such as the above, this is where health insurance comes in.
Health insurance is one of the two general types of insurance. If you are not insuring your property, of course, you are insuring your life or health. Now for the benefit of those who have no idea as to what insurance means and for a better understanding, I will be reviewing to us what insurance is.
Insurance is an arrangement between two parties. This agreement is usually between an insurance company and an individual, a firm or a group of persons such as family. This insurance company undertakes the responsibility of providing compensation for specified losses, damages, illness or death in return for a specified payment.
Benefits of Health Insurance
There are lots of benefits associated with purchasing a health policy. Just as the famous saying goes, health is wealth. In the case of an emergency with your health, your health policy might just swoop in and save the day. Below are some of the benefits and reasons why you should purchase a policy for your health;
- Coverage against medical bills and expenses.
- There is a cashless claim benefit with this policy.
- Protection against critical illnesses.
- Tax benefits.
These are some of the benefits associated with purchasing a health policy. With these benefits and insured will receive the best when it comes to medical care without having to strain his or her finances.
Costs of Health Insurance
When securing a health insurance policy, it is either for you or for a group such as family o an organization. Well, the cost of these forms of health policies differs. According to international surveys, individual policies cost less than group insurance policies.
The cost of individual policies has increased by 123 % since 2008 while that for the group has also increased by 174 %. Individual health insurance policies are the fastest growing form of insurance in the USA. This is because people can now see the benefits and it’s also cost saving. If you don’t have a health insurance policy in place, do so now and don’t forget, health is wealth