Health insurance: why it is important

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In case you do not know, health insurance is a type of guarantee that is granted according to the agreed terms in case the insured person becomes ill or needs medical treatment. The insured life may have a chronic condition that requires medical attention for years to come. Let’s know more about it.

Who will pay the medical expenses?

This is one of the most common questions people ask. If you have health insurance, you can rest assured that your health will be taken care of. In reality, it is a type of agreement or contract between you (policyholder) and the company that provides medical insurance. The purpose of the agreement or contract is to provide protection against costs. Sometimes, the costs are so high that the sick person cannot pay the bills. As a result, the person cannot get the attention they need to recover.

While you will pay a monthly or annual premium, you should expect that the amount of the premium you are going to pay is much less than the amount you would pay in case of illness.

Keep in mind that health insurance is a type of benefit provided by a nonprofit organization, a private business or a government agency. To calculate the cost, the company obtains an estimate of the collective medical cost of all people in the state. Then, the risk is divided among the subscribers of the policy.

Regarding the concept, the insurer knows that one person may suffer large unexpected medical care expenses, while the other person may not incur expenses. Therefore, the expense is distributed among a large group of people in an effort to make health insurance much more affordable for all insured lives.

Apart from this, public plans are financed by the government. Therefore, they offer additional health insurance to vulnerable groups such as people with disabilities and the elderly.

Let’s take an example to better understand the concept. A person with cerebral palsy needs special treatment throughout his life. It is understood that a chronic disease costs much more money than standard care. Cerebral palsy can cause physical deterioration that can last a lifetime of the victim.

Treatment for this condition may require regular visits to the doctor, many therapies and long hospital stays. Depending on the degree of disability, you may need special health insurance. Many health professionals will participate, such as vocational therapists, occupational therapists, physiotherapists, orthopedic surgeons, radiologists, pediatricians, neurologists, etc.

Some patients may need the services of more than one. Some may even need a speech pathologist, registered dietitian, cosmetic dentists or urologist, to name a few.

Therefore, the coverage offered can help you get some relief in regards to the burden of expenses. If you do not register, you may suffer a lot of financial stress and may need help from other sources, such as charities and community groups. Therefore, it is a good idea to benefit from health insurance.

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