Private Health Care Insurance: What's the point?


It's simple: Having open heart surgery can bankrupt you if you don't have health care insurance. There can be financial hardships due to the surgery even if you are covered, but without it families can be decimated. It's best to be prepared in advance and carry health insurance your whole life in order to avoid unnecessary financial stress during a time when you should be focused on your medical condition.

For a large portion of our lives we take for granted our health and well being. Some people pay more attention to their health than others, for example eating a balanced diet and exercising; but most do not have significant concern until later in life when a medical crisis sets in.

Health care insurance helps protect from having to pay out of pocket for treatment of unforeseen medical problems. The problem is that it is not cheap, and there are a number of factors besides cost that can make it challenging to obtain. Having health care insurance is a concern of everyone, and governments across the globe struggle to come up with solutions to ensure that all citizens are cared for. 

Generally speaking, private health care insurance works by people paying dues for coverage and if and when they get sick the insurance policy covers the costs of medical care. It works for the companies because people are healthy more often than they are sick. They accumulate the dues from the healthy individuals and ideally it amounts to enough to cover the sick cases and then some.

If you don't already have health care insurance you should consult your employer, look into government programs, and/or purchase it privately if you have the wherewithal. May professional groups and unions also provide opportunities to buy into health care insurance.

Everyone’s needs are different, so look for a policy that allows you to select only the cover age that you need. Some policies even provide for "specialist" care. Private health care insurance should cover diagnosis and tests, treatment and aftercare.

Read the fine print. Make sure you're buying comprehensive coverage that will cover you should you suddenly fall ill and rack up thousands in hospitals bills. Insurers have been known to attract customers with low teaser rates that can change after only a few months. It may cost a little more, but you should look for one that will guarantee your premiums won't rise for 12 months. Go with a reputable firm, and check its claims-paying ability rating.


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