Do You Need Health Insurance?

If your country doesn’t have a national health service which provides you with free health care, then health insurance is something you definitely need to have regardless of how young or old you are.

Health insurance is designed to cover your medical expenses, and if you don’t have any insurance you may even be refused treatment.

Why You Need Health Insurance

Despite the obvious need for health insurance not everyone chooses to get it, as they think that they won’t get ill or injured, and if they do, they will somehow be able to take care of themselves.

Not having health insurance when you can afford it is a huge mistake, because if you ever do need to get treated for something, not having insurance can very often mean receiving lesser quality medical care and higher medical bills.

In fact, many people have died because they didn’t have health insurance or adequate health insurance to cover them for an operation they required.

So this is not something you want to risk by hoping that you won’t get sick.

People who do not have health insurance are also less likely to report any medical problems they are having, and only seek medical attention when they are in extreme pain.

With diseases such as cancer, this delay in seeking treatment could very well cost you your life.

Getting Health Insurance

If your employer offers you health insurance then you are very fortunate, as even if you do have to contribute something towards it, it is likely to cost you much less than if you were to take out health insurance by yourself.

Should you decide to leave your job, most countries require that your employer continues your health coverage for a certain amount of time after you leave.

This will usually apply if you loose your job, go through a divorce or leave because you are pregnant.

If you are unsure as to whether your employer offers you a health insurance policy, make the effort to find out because your employer is usually under no obligation to supply you with it. If they do, find out exactly what sort of cover their policy offers you.

Private Health Insurance

Not everyone receives health insurance from their employer, and as a result they must take it out by themselves privately.

Private health insurance should always cover you for a variety of medical expenses, such as cover for hospitalisation, doctor’s costs and cover for routine things like x-rays, lab tests and diagnostic tests.

Deductibles

To help keep your costs down, go for the largest deductible you can afford. This is the amount you will have to pay before the insurance company will pay a claim.

For example, a £500 deductible means that you have to pay the first £500 of any medical expenses, and then your insurance policy will pay the rest. The larger the deductible you go for, the cheaper the insurance policy will be.

Co-Payment

You can also opt for a co-payment option, which involves you paying a percentage of your health costs.

But if you do this, make sure that it includes a maximum “out of pocket limit”, so you know exactly how much you would be required to pay.

Private Health Insurance & NHS

For countries which offer a national health service, private health insurance is far less common and usually only taken out by the wealthier members of society.

However for those who can afford it, private health insurance can often mean better quality treatment and shorter waiting times, which makes it a preferred option over any national health service your country may provide.

Conclusion

If your country does not have a national health service then you need to get health insurance, as in the long run it could save you money and even your life.

If your country does offer a national health service, getting private health insurance is usually a good option to go for if you can afford it.