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Wednesday, March 4, 2009

Health Insurance -- Why Nothing Less Is Sufficient

By Chimezirim Odimba

What will happen to your family and your finances if you suddenly fall ill? Will your finances withstand such a shock? Will a health insurance policy not help? Let me explain why health insurance is so important.

The possibility of an individual falling prey to a major disease can never be completely ruled out. In such a scenario, protecting yourself and your family from this risk is very essential.

A health insurance policy is the best protection against the risk of sudden health problems. Health insurance offers comprehensive protection in exchange of payment of an annual premium.

Ignoring health insurance puts you at the risk of being unable to afford timely medical care.

Shortage of liquid cash will never prevent you from obtaining medical care for your health problems provided you have health insurance cover. A sudden illness can cause irreparable damage to your finances if you are not protected by health insurance.

The annual premium payment you make is a compulsory saving which can be used to pay medical bills. Health insurance ensures lack of funds will never affect the precious health of your family.

The government encourages investment in heath insurance by offering tax sops on the premium you pay. This is an added advantage offered by health insurance. Another advantage of opting for health insurance is that your credit score rises if you are prompt in making health insurance premium payments.

When compared to other alternatives, health insurance offers complete protection from initial hospitalization to post cure nursing. Health insurance, as compared to safety net care, promotes more awareness about health and improves access to care.

Some liken health insurance to a dedicated fund for medical expenses and try to do the same on their own. This option rarely works in practice. Further, the issue of savings being eroded by inflation is a serious problem.

Having taken the decision to get health cover, you should identify the best deal available. The best policy is not just one which involves minimum premium payment. The coverage provided by the policy should be adequate as well.

Always compare different plans offered by different insurers before taking a final decision. Log on to the web and get multiple quotes from different insurers available for free.

Now that you have understood the benefits offered by health insurance,, it is time to go online and get one for you and your family.

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