Why is health insurance important?

Why is Health Insurance Important?

Health Insurance is one of the essential forms of insurance. Why? Health insurance provides a wide range of benefits for low-income individuals for most. Health insurance is designed to protect families who receive less medical care and to provide them better healthcare services without worrying about how much they will spend on it. Having health insurance does not protect only your health issues, but it also protects you against financial ruin, benefits of this will lessen your expenses, besides it may cover all cost of the treatment you may need. Getting involved in an accident or having an illness that can cost you a significant amount of dollars without your expectation, you may probably lose your assets to provide support for your medication. For instance, you need to visit the hospital for check-ups, or you need to stay to gain full recovery, it may cost you a massive amount of money. As we all know, hospitalization is a severe event that may end you up in bankruptcy.

What is Health Insurance?

 Health insurance is one of the most vital forms of insurance, which helps to cover the medical, surgical, and dental expenses needed by the policyholder. Health insurance can reimburse the policyholder for her/his medical expenses due to illness or injury, or make a payment directly to the health care provider. Since 2010, the Affordable Care Act or also known as Obamacare forbid insurance providers from denying coverage to individuals that are with pre-existing conditions and has allowed children to be covered under their parent’s plan until they reached the age of 26. 

Benefits of Health Insurance

The same with the other forms of insurance, health insurance protects the policyholder against financial risk and provides them better health coverage. These are some benefits you will have in having health insurance;

1. Financial Security

Health issues could cost a significant amount of dollars or worse, and you could end up in bankruptcy. Most individuals cannot afford hospitalization if needed. There is medical coverage that can save you a massive amount of money. It includes regular check-ups and offers you with the necessary care that you need.

2. Health Improvement

With the broad coverage of health insurance, any health problems can be checked up. Health coverage may provide you advice from a professional health expert before it gets worse.

3. Regular Check-Ups

Regular check-ups are one of the most significant factors of financial ruin for the most individual that has health issues. Health insurance offers coverage for special services and hospitalization, including check-ups, in which the costs of it are covered.

Since the Affordable Care Act was approved in 2010, most individuals that sustain health issues are more confident to check their health with the coverage it provides relief thinking the cost of each medical service would be.

Is Health Insurance Mandatory?

The affordable care act was approved into law in 2010. It is designed to provide better health insurance coverage and more accessible for Americans at the same time that the eligibility of Medicaid for more low-income individuals and families. Without having the ACA as a mandatory for every individual, you may face a tax penalty.

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