Why Do You Need Medical Insurance?

By Pandora Poikilos

If you are one of those who do not think medical insurance is important or beneficial, think again. Medical insurance may have its downsides in terms of paperwork, monthly payments and even a limited choice of hospitals or clinics but in the long run, medical insurance functions to be more of a benefit than a disadvantage, as you’ll soon find out.

The most important thing to you must ask yourself and the insurance representative when buying medical insurance is to know what it actually covers and what it does not. All medical insurance packages have a very detailed list on what they are able to pay for and what they do not.

Some medical insurance packages that are very attractively packaged and come with a small price tag may seem easy on your wallet but might not be able to meet your medical needs when you need it the most. In recent years, insurance selling has become a very competitive market providing you with more than one choice of medical insurance packages.

When selecting a medical insurance package, you would need to choose one that is able to cover your whole family, even the different age groups and different jobs that each of your family does. The medical insurance package must also be able to provide coverage for the most unexpected conditions so you will be covered when you least expect it and when you need it most. This can include accidents in and outside the home, rare conditions that involve the heart, brain or lung.

Yet another reason for buying medical insurance is that no one will ever be able to predict future medical costs and the one thing that is certain is that medical costs will definitely be priced higher than it is now. As medical research evolves everyday and finds new cures for old diseases, it is also evolving to find names for conditions that you never knew existed which is why updating your medical insurance plan is vital.

Purchasing medical insurance for your children as babies till they are aged at least 21 years will provide a more secure future until they are able to fend for themselves. This also creates a more healthy budget for your other major expenses such as saving for a college education or buying your own house. With their medical covered, you do not have to worry about making big payments, unexpectedly.

When selecting the appropriate medical insurance plan, you will come across some people saying that their insurance companies stopped paying after their child got more sick or was diagnosed with a severe medical condition. This of course goes back to knowing what you are buying when you first purchase an insurance plan.

Even if you and your family are covered by medical insurance provided by your workplace, bear in mind that these are usually not comprehensive medical insurance plans and will require you to add on more coverage. Paying medical insurance monthly payments may seem very tedious on your wallet but consider this, paying $200 a month for one year and having to undergo a $20K surgery which you never expected. Would you rather pay $2400 a year or $20K?

In some cases, having medical insurance also guarantees quicker and more efficient medical treatment when you are taken into a hospital. Some hospitals have been known to apply 'delaying' tactics when it comes to dealing with people who do not have medical insurance or who are unable to guarantee payment.

Medical insurance is also very beneficial if you travel frequently for work. One, you are able to purchase medical insurance that covers you while traveling be it via plane, ship or car and when you are overseas in a foreign country. Second, medical insurance when you are not around guarantees your family immediate medical attention without having to wait for you to come back.

The one very tricky factor of buying medical insurance, however, is your lifestyle. If you are a smoker, you drink alcoholic beverages (more than socially) or you are obese, you may not be able to get medical insurance as easily or you might have to pay premium payments for medical insurance that others are paying average prices for.

Be sure to declare all these items when purchasing your medical insurance or you may find that even after making all your payments promptly, your medical insurance has been revoked because of a false declaration.