Some people have medical insurance through their employer, but many others do not. This article will discuss how important it is to have at least some form of coverage in case of an emergency or accident that could lead to big bills if you cannot pay for the care yourself.
The Benefits of Medical Insurance
When you don’t have insurance, there’s no one covering your back; when something goes wrong and everything can go wrong at any time.
A sudden illness or injury can be devastating without ready access to help and resources, which is why everyone needs some type of medical insurance plan, even if they’re young and healthy!
The most common way people get coverage today is through a group policy offered by their employer (a “job-based” plan). But not everybody is employed.
Many people are not offered insurance through their work, need to switch jobs or be self-employed (and unable to get coverage through an employer).
The only way the requirement works is if there are available options for people who want or need them. Private insurers must offer policies on exchanges where applicants can easily compare prices and benefits before they buy.
So whether you’re young, older, healthy or sick, you need medical insurance. Without it, the only alternative is to pay every health care bill yourself if something goes wrong. That’s not always possible when you consider that even a brief hospital stay can easily cost tens of thousands of dollars.
Good medical insurance should have:
-“No medical underwriting”-meaning that insurers cannot deny you coverage or charge you more for your policy because of your health status.
-A cap on how much out-of-pocket expenses you have to pay in a year and how much total out-of-pocket expenses (for copayments, deductibles and coinsurance) you have during treatment.
And it’s also important to consider whether the insurance company is financially solvent enough to be around if and when you need them most.
The last thing anyone wants is to invest money every month only to find themselves without coverage when they end up needing it. And that’s why people must shop around and compare plans before deciding which one provides the best deal.
If you lack medical insurance today, don’t wait until it’s too late to get some type of coverage. If something unexpected takes place that will have a significant impact on your life, you need to be covered!
The benefits of having medical insurance Singapore (health, mental, financial):
- Maintain health
- Access to preventative care and wellness services
- Coverage for preexisting conditions (be aware: specific plans may not cover all pre existing conditions or fully protect against them)
- Coverage in case of accidents, injuries, and emergencies; no more worrying about paying medical bills yourself!
- Guaranteed renewability insurers cannot deny you coverage because of your health status.
- Can’t be dropped if your employer changes insurance carriers (less likely with ACA regulations, such as essential health benefits).
- Affordable rates through the Marketplace, most people can find a plan that fits their budget by shopping around and comparing multiple options for the best deal.
- Financial security and peace of mind knowing that you wouldn’t have to go without needed medical care because of cost or insurance availability.
Be wise!