Health Insurance - Why Everybody Needs It

If you think you do not need Health Insurance, think again. It would indeed behoove you to consider health insurance, because life is filled with unexpected twists and turns. There are many uncertain things in life. The presence of risk requires that some form of risk management be present. Insurance is just a form of sensible risk management.

What really is health insurance to begin with? To put it in simple terms, a health insurance policy is an agreement between an individual and an insurance company. The policy will include a host of benefits such as medical tests, medicinal drugs and other medical treatments. When an Insurance policy is issued by the company, then it implies the insurance company has agreed to cover the cost of a particular set of benefits listed in the policy, which are known as "covered services".

It goes without saying that once you forge on with a service that is not covered by the policy, the insurance company would invariably deny your "claim" for reimbursement or coverage. The individual will have no other recourse in such a situation but to shell out quid to pay for the service himself or herself. However, the policy holder has the right to challenge the insurance company's denial, by following the appeal process mentioned in the plan handbook. One should always consult a health care professional before taking such action.

Everybody planning to take out an insurance policy would have to read the fine print - the terms and conditions - before signing their name on the dotted line. This is to ensure that your hard-earned money is not invested in a policy that does not meet your needs. It is also important to bear in mind the fact that decisions pertaining to what will be and what will not be reimbursed are made by the company, and not by the doctor. We advise everybody in no uncertain terms that the insurance company must be phoned for confirmation should the need for a policy arise in the near or distant future.

And now, for some quick closing remarks on health insurance - always ask yourself whether you have considered every one of its benefits before going with a provider. Remember that the cost of hospitalization can often outweigh the cost of an insurance policy, so this small investment can be very well worth your while in the grand scheme of things. Moreover, insurance policies may also be tax deductible, in which case you can be said to be paying for your policy with money you might have otherwise given to the tax man. These are just a few of the most obvious financial benefits of taking out an insurance policy. Aside from the obvious benefit of protecting yourself and your own family, there is one more salient benefit to having a health insurance policy in your name, and that is peace of mind, because at the end of the day, mental health and psychological stability can often take precedence over physical health. All things considered, owning a health insurance policy is a good investment and one that you probably would want to make sooner rather than later.