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We all are somewhat conscious about our health. And we should be. “Health is wealth” is a saying we have heard a lot in our life. We need to be healthy and it is a necessity for long and happy life. But if we do become unhealthy and caught an illness then the cost for cure may be big. It will have a great financial impact on our life. In such cases is where health insurance comes into play. Health insurance covers us from expensive treatment and probably from life-threatening diseases. It especially becomes very important when the disease needs long-term treatment and expensive drugs. If one’s family is not particularly wealthy then the treatment may cost a fortune.

Health insurance covers many diseases and people can claim the amount if they are diagnosed with the disease specified in the policy. Health insurance also covers some of the more serious diseases like cancer, heart disease, and other serious illness. So, people with much health consciousness or having a history of illness are needed for health insurance.

But with all the advantages of health insurance, there are some disadvantages too.

Pros:

1. Saves against expensive medical costs:

Many illnesses or diseases have expensive medical costs. The drugs used in such diseases are equally costly. Treatment methods like chemotherapy are particularly more so. Also, the cost of hospital stays adds to more costs. For any normal middle-class family, the cost is beyond their capacity. So, health insurance becomes their savior.

2. Insurance among the most critical illness:

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Health insurance covers some of the most critical illnesses or diseases. Some such illness includes heart diseases, cancer, kidney problem, bone marrow transplant serous accident and so on.

3. Additional facilities:

With the insurance, you not only get an advantage on medical costs but also on other facilities. Some of them include ambulance charges, stay at the hospital, and other benefits.

Cons of Health Insurance:

1. Complex and lengthy formalities:

In order to claim insurance, the procedures are very long and complex. The formalities themselves are biased sometimes and limit the amount to be paid.

2. Does not accept Pre-existing illness:

If the insurer gets insurance after contact with illness then the insurance company will not recognize the illness. Sometimes there are clauses for other diseases caused by symptoms of previous diseases. At such conditions, it may not offer compensations.

With all the pros and cons of health insurance, we believe that it is worth having one in our life. Nobody is ready for any type of sudden illness and disease. Health insurance protects us exactly from those sudden situations in our life. We are saved from the financial burdens which may fall and also from those illnesses. So, if you are planning to have one, then do have one. Make sure that the company has a good reputation among the masses.

You never know when you might need one. So, it is always better to be safe than sorry at later dates. And to live a long and healthy life, it is a must to have one.

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