It is not difficult to figure out why you need auto insurance or home insurance but a lot of people do not know why they need health insurance.
So let’s see why we need health insurance.
WHY DO WE NEED HEALTH INSURANCE?
Health insurance exist to make sure that if you have medical issues in the future, you will not have to worry about the cost of treatment or at least all of the cost.
Health insurance can pay the bill in full or half depending on your insurance policy.
It leaves you with choices to make, you can choose where you want to receive treatment and in no time you will be admitted, diagnosed and treatment commences.
Let’s see the main benefits of health insurance:
- Better facilities.
- Faster diagnosis.
- More than one hospital to choose from.
- Shorter waiting time before treatment.
- Treatment at your convenient.
WHAT DOES HEALTH INSURANCE COVER?
Health Insurance covers a host of things. like drugs, all types of scans, hospital stays ad surgical operation.
You can still get covered for inpatient bills (when the patient is admitted to the hospital) and outpatient bills (when the patient visits the hospital or a specialist once in a while for treatments).
WHAT DOES IT NOT COVER?
Health insurance does not cover pregnancy, misuse of drugs, organ transplant, existing chronic health problems and A&E visits.
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TYPES OF HEALTH INSURANCE:
There are two types of health insurance cover: moratorium underwriting and full medical underwriting.
Under moratorium underwriting, the insurance company does not require much information from you. Initially the insurance company does not provide cover for any existing conditions that you suffered from in the past.
These are conditions you may have taken medication for or advice in the past. After a certain period the insurance company can begin to cover for these conditions.
Then under full underwriting, the insurance company requires you to give full medical history of yourself as part of the registration process.
Health insurance covers existing and future medical conditions.
As we have seen that this type of insurance covers more, so will the premium be higher compared to the later.
Your insurer may even write to your doctor to get more information about your health if need be. People above the age of 75 usually consider this type of health insurance to be the best for them.