It can be tempting to ignore health insurance due to its high cost, especially if you rarely get sick. With the hefty monthly premiums and out-of-pocket charges, you may wonder how much coverage you require.

Many individuals in their twenties may believe they are healthy enough to ignore health insurance for the time being. When you rarely visit the doctor, especially if money is tight, it may seem prudent to eliminate the cost of health insurance from your budget.

You can always pay for medical expenses as you go rather than worrying about insurance premiums and co-payments. However, the health insurance benefits are far too many to overlook altogether.

Paying as you go could be very challenging if you have a serious sickness, an accident, or a continuing health concern. The costs can escalate rapidly and become very high, especially if you have a family to support. This is why everyone must have a health insurance policy. Even better would be to buy a health insurance plan for your family.

Medical Emergencies can leave you bankrupt: If you take good care of your health, there may be no need to buy health insurance. However, being struck by a car, suffering a major injury, or simply missing the last stair at home and dislocating your ankle, might cause you to incur thousands in medical expenses. These costs might quickly increase if you require surgery or any long-term therapy. Additionally, emergency operations such as appendectomies can be rather costly.

You may be unable to work while you are bedridden, resulting in a loss of income. Even with insurance, paying for medical expenses in these situations can become challenging. It is difficult to pay for medical costs without health insurance, especially if you get hospitalised for even one night. *

Preventative care and early intervention: When you don’t have insurance, you may procrastinate receiving treatment for minor ailments, which can swiftly grow into more severe conditions. Preventive medicine and prompt treatment are the most effective means of avoiding costly hospital stays.

If you have health insurance, you need not worry as much about this. In addition, if you delay treatment and end up with a significant medical problem, you may find it difficult to find a health insurance plan if you never had one. *

Which health insurance plan meets your needs?

If you require insurance but are still determining the type of coverage you need, please ask yourself the following questions.

  • How do you feel? Are you in good health? Do you participate in hazardous sports or occupations?

Like other types of insurance, your level of risk determines your insurance requirements.

  • How frequently do you visit the doctor?  Did you pay for co-pays for office visits, lab work, urgent care, and prescription medicines multiple times last year?

Compile this information to estimate your annual healthcare needs.

  • What alternatives do you now have? Does your employer pay you for medical expenses, or does your spouse have insurance covering you?

Examine whether you can obtain affordable, high-quality health insurance through your workplace.

  • What may be your primary concerns? 

If you frequently see the doctor, you would prefer a plan with lower co-payments and deductibles. If you visit the doctor seldom, it does not make sense to pay high premiums for a low-deductible plan.

  • What type of coverage do you need?

Reduce the available insurance plan alternatives to only those that meet your needs, and then delve into the specifics. Although the plan with the lowest premium may pique your interest, it may offer less coverage than other plans.

  • Have you consulted an expert? 

Numerous insurance brokers can assist you in comparing various policies that may suit your needs and help you in making an informed decision.

* Standard T&C Apply

Therefore, health insurance can be termed as a necessity, not a luxury for everyone, irrespective of their age.

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.