When it comes to its cost, health insurance is not relatively cheap, and a lot of people are tempted to end their coverage, especially those who are not that sickly, and with the expensive monthly payment that you have to shoulder and the out-of-pocket expenses, you may wonder right now how much do you really need this type of insurance?
The current generation of young people are less responsible when it comes to their health that they have come to a point where they do not prioritize getting health insurance for themselves, and also, they rarely visit the doctor especially if they are struggling financially, that for them is a good idea to save up money when in reality they are just driving themselves to a much more serious problem.
This does not mean, however, that the current generation of young people do not have the financial capacity to pay for their hospital and medical expenses along the way, but this can become more difficult if they are having a serious illness or have a health issue that must be frequently treated with medical care. The expenses could balloon up in the long run which can become more of a financial issue than a health issue. That is why it is not just essential but rather an important investment for young people nowadays, especially those young professionals to get some form of health insurance.
In this article from Cigna Insurance Hong Kong, let us discuss the reasons why getting health insurance is more important than you can think of.
- MEDICAL EMERGENCIES CAN COST A LOT– It costs a lot that it may lead to an untimely bankruptcy because the medical emergency is very expensive especially during a life-threatening situation, whereas you have a medical or health insurance that you are covered automatically regardless of the severity of your condition. Without health insurance, you will find yourself with a crippling amount of medical expenses that you have to pay.
- HEALTH INSURANCE IS EXEMPTED FOR TAX PENALTY– Under many laws from different constitution around the world, the health insurance, and affordable act creates a more conventional nature for everyone who has their own medical or health insurance because you are no longer required to pay for the penalty on your tax return.
- PREVENTIVE CARE AND EARLY INTERVENTION OF ILLNESSES– You may not think of it now, but eventually, your minor health issues if left unattended medically could grow into a more serious issue. Getting your own health insurance covers preventive medicine and early intervention by providing you the right doctor, the right treatment and the right coverage for it to prevent expensive hospital expenses.
- SAVES YOU A LOT OF COSTS– For obvious reasons, having a health insurance comes with a lot of advantages, and one of it, you are not going to pay the hospital bills anymore as part of the entire coverage of your plan. One way or another, you will fall sick and the last thing on your mind is the amount of money that you are about to spend for treatment.