Why it is important to have health insurance
1.Unexpected illness
While health insurance is considered expensive by some, the alternative of having no insurance at all is guaranteed to break the bank in case of unexpected illnesses. Having health insurance covers you against unexpected hospital visits, be the small out-patient visits for more serious illnesses since the overall cost is covered either fully or partially by the insurance, can be hard to track. Covering the bill out of your pocket is way more expensive. This comes into play in old age, when you do not have a lot of expendable income, which would make hospital visits almost unbearable.
2.Cheaper rates
As discussed earlier, having health insurance is cheaper than having no insurance, in a nutshell. Having insurance allows the insurance company to negotiate for cheaper rates with hospitals and doctors, at least better than you can do individually by yourself. If the insurance company has many clients, the larger the fund pool, making the costs much lower. Larger insurance companies have lower premiums since the insurance company can distribute the resources equally. The more people have health insurance, the more the competition created for insurance companies, making them offer lower rates to keep their current customers while attracting new ones. This availability of options gives clients a large variety of options to choose from depending on their lifestyles.
3.Financial security
Medical service is expensive, and it tends to rise every single day. This would, therefore, make it very difficult and disrupting in case of unexpected illness, without health insurance, since it would end up siphoning money from other projects, or your savings to cover those medical bills. Having health insurance, especially from early on in life, will ensure that you have plenty of money in your insurance cover, such that you may never have to use any of your money for any medical expense, however big the expense. In the U.S., the government provides medicare which covers individuals, especially the elderly, ensuring that they are well covered even when they cannot support themselves financially.
4.Promotes healthier lifestyles
People with health insurance tend to have healthier lifestyles compared to those without insurance. This is because those with health insurance do not hesitate to visit a hospital any time they need to go for a routine checkup, or when they feel like something is off with their bodies. Health insurance covers even preventative care visits to the hospital, so checkups or things like flu shots are covered, ensuring that you get rid of the problem or prevent it before it gets out of hand and sends you to the emergency room. Health insurance, therefore, acts as a preventative measure towards illnesses getting more serious, keeping individuals at better health and as a result keeping everyone able to contribute to society.
5.Tax benefits
Another added benefit of health insurance is that there are tax benefits that come from paying health insurance in many countries. In these regions, you get tax returns from the government from paying your health insurance. This will, therefore, ensure that you get some money in your pocket, while also protecting yourself and your family from any medical emergencies.
