Category: Insurance

  • health insurance policy

    Advantages of Taking Health Insurance

    A health insurance cover is meant to protect you against risks that can lead to medical conditions such as injuries, chronic illnesses, any illnesses, disabilities, or even death. It should cover all medical expenses before and after hospitalization.

    With so many insurers to choose from, always go for the policy that will meet your needs. You can start with global health insurance if you are clueless of the options. The following are the advantages of taking health insurance.

    Cumulative Bonus

    Most policies require the insurer to pay a bonus in form of additional insurance cover for every year a claim is not filed by a policyholder. In the first year, you may not be eligible to get the bonus but in the subsequent years, you get a significant amount as a cumulative bonus.

    You might get the bonus in form of a discount on the premium payable in subsequent years, additional cover, or some insurers may offer you both.

    Cashless Claim

    With health insurance, you get cashless hospitalization. Insurers have a wide list of hospitals that accept their insurance cover. You are able to access the cashless hospitalization in case you are admitted to their network hospitals. The insurer pays your medical bill directly to the hospital.

    The cashless claim has eliminated the traditional claim reimbursements process where you were required to first clear the hospital dues then get reimbursement from your insurer. This way you will not pay the high cost of treatment from your pockets. You will only use the reimbursement claim if you are admitted to a hospital that is not on the insurer’s network. Alternatively, a third party can pay the bill directly to the hospital.

    health insurance

    Peace of Mind

    There’s nothing more stressful than being sick and worrying about hospital bills. Most hospitals fail to treat patients without insurance coverage or depositing money to start treatment. With health insurance, you feel safe especially if you have a family floater plan. The sense of security comes from knowing that your health and that of your family are protected.

    You get quality health caregiving you peace as you recover, this speeds up the healing process. Health insurance enables you to choose the best medical care depending on your insurance policy. It is possible to get consistent medical checkups without draining your pockets for general health issues.

    Finance Protection

    Medical emergencies happen when we least expect and they may end up forcing you to liquidate your assets. You might have saved for your future goals only for you to spend everything on medical bills. If the expenses are more than your savings, you might go ahead and borrow a loan from family and friends.

    Loans can put you into unexpected debts and affect your long-term financial objectives. Due to the rising cost of quality health care, having health insurance is the best thing to do just like home insurance. In case of emergencies or long-term illnesses, your savings and financial plans will remain intact.…