|If you think you do not need Health Insurance; then think again.
The unpredictable nature of life is itself a valid reason to own
a health insurance. Life is filled with risks. Wherever there is
an element of risk, risk management is indispensable. Insurance
is just a form of sensible risk management.
So, what is health insurance? 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".
So, when a particular service is not covered by the insurance
company and you have it performed anyway, the insurance company
"denies the claim." In such a situation, the individual will be
left with no other choice, but to pay for the service out of his
own pocket. However, the policy holder has the right to
challenge the insurance company's denial, by following the
appeal process mentioned in the plan handbook. But, it is
advisable to do so after consulting the doctor in this regard.
It is also very important to read the terms and conditions of
the insurance policy clearly, before signing up for one. 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. So, even when a shadow of a doubt about the
policy arises, it is advisable to call the insurance company for
In conclusion, when considering the purchase of health
insurance it is important to consider all of its merits. One has
to realize that the money that is involved in purchasing a
medical insurance is very little, when compared to the cost
incurred in undergoing some major medical services. 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 some of the
financial incentives of having an insurance policy. Excluding
the protection to family and oneself, however, the greatest
benefit is that possessing a health insurance policy would also
ensure peace of mind to the policy holder, a significant
psychological benefit. In light of all these advantages, it
really wouldn't be such a bad idea to own a health insurance
About the author:
Marcus Dubois is a veteran in the insurance industry, and
recommends InstaQuoter to get an instant health
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