Why do you need health insurance?

Health insurance is the type of insurance that covers the medical and surgical expenses that are incurred by the insured. It solves the problem of income protection if an employee falls ill for a long period of time. It helps him to pay off his medical bills. In countries that do not have universal health care coverage, like the USA, health insurance is usually added to employee benefits package and is seen as an employee perk. Just like car insurance or home insurance, you plan and agree on paying a certain amount of money to the insurance company every month. 

Health insurance is your basic right. In some countries like Canada and England, it is provided by the state. There are many benefits provided by health insurance. Let’s see how we can benefit from it.

What does health insurance provide you with?

Every insurance company is unique in what coverage they offer and how they provide it. However, preventive care is offered by most insurance companies. It’s alright to have questions while deciding on taking up a health insurance; these benefits might help you in making a decision:
1.    Tax Benefits
Health insurance can give you huge tax benefits. The premium paid for your health insurance for yourself or any of your family member is eligible for deduction from your taxable income. 

2.    Maternity and Newborn Care
Maternity benefits are amongst the top ten health benefits that must be offered by all health insurance companies. This gives a great advantage to families expecting a child for covering all medical expenses.
3.    Daily Hospital Cash Allowance
Your health insurance properties take care of the cost of hospitalization. Some health insurance policies also provide coverage for cost incurred while traveling to the hospital. The food, drinks, the medicines prescribed by the physician, and all such costs are covered as well. These costs can add up to a substantial amount as well.

4.    Attendant Allowance
Some child health insurance companies offer a fixed allowance. If your child is less than 12 years or between that age group and is hospitalized, health insurance companies give you cash for one adult who accompanies the child.

5.    Outpatient Care
Some health insurance companies provide non-patient care. It is the kind of care you get even when you’re not admitted to the hospital. It also covers pediatric care that includes dental and vision care for your kids.
6.    Support service and Treatment
Health insurance also provides you with mental health care. It offers psychotherapy, behavioral health treatment, and counseling.

7.    Care for Chronic Treatments
Chronic treatments are very expensive. Health insurance provides you care for managing chronic conditions like diabetes, cancer, and heart diseases. 

Health insurance is in the planning and in the long run, it will secure your health while taking care of your medical expenses even when you’re hospitalized.  It provides free preventive services to keep you healthy and in shape. Preventive services like counseling and vaccines are available and very helpful.