What is health insurance and why do I need it? Health insurance protects you and your family from financial distress caused by healthcare expenses if you become untimely injured or sick. There are four types of health insurance, you may only need one or a combination to ensure you have the most coverage possible. It’s best to evaluate each type of insurance to get an accurate account of the type best suited to your needs.
Individual health insurance is designed for people who do not receive such coverage through their employer or family. Medical support insurance is designed for seniors who contribute to Medicare but want additional coverage for additional costs Medicare cannot cover. Hospital income insurance aims to complement your primary health insurance program. This coverage provides a predetermined daily benefit amount for unforeseen expenses accompanying extended hospital stays due to a covered illness or injury.
The fourth type of health insurance coverage is disability insurance, which comes in three different forms. Disability insurance protects you if you become physically or mentally disabled due to an accident or illness. This type of insurance is designed to provide you with living expenses if a disability prevents you from working or making a living.
Disability income insurance is used as a main income replacement plan or as a continuation of your income or in addition to your group disability plan. This plan is designed to keep you financially secure in tough times by paying monthly fees directly to you when you are not able to work. Mortgage disability income insurance is designed to protect your most valuable asset, your home. This policy specifically provides you with money to meet your mortgage obligation in the event that you are completely out of order. Personal loan disability insurance helps you pay your loan payments in equal monthly installments. In the event that you are completely disabled, this plan will pay the financial institution directly on your behalf.
There are many things to consider when considering which type of insurance is most beneficial for you and how much coverage you really need. If you work and get insurance through your employer, research how much health coverage you actually have. Then ask yourself this series of questions:
Does it include pre-existing conditions, genetic conditions, chronic or life-threatening conditions? Does it only cover workplace accidents? How much money will he spend before it counts towards his limit? Will it cover the cost of an organ transplant or long-term care? What about family members, how much coverage will your insurance plan provide for them? Then consider your lifestyle. Do you drink or smoke? Is hypertension a family heirloom? Are you at high risk for diabetes, heart attack or stroke? Are you prone to accidents or do you often take unnecessary risks? Do you work late and travel considerable distance to and from work? Are you the primary breadwinner, and if so, how will the bills be paid if you become unemployed due to an unforeseen disability from an accident? Think about all this, then ask yourself and your family if you are adequately insured.