23/09/2023
THE THING ABOUT HEALTH INSURANCE..
Buying a health insurance policy is not something that most people willingly do, until it is too late. While the awareness and intent to buy health insurance has increased, it is still not seen as a priority. There is still a big lag between the intent and actual buying.
Health insurance is a safety net that takes care of your financial wellbeing in case of a medical emergency. A health insurance policy covers medical expenses you might incur due to accidents, illness or injury. Technically, it is a contract between you and your health insurance company. It means the insurer will bear some or all medical expenses you incur ag*inst a certain fee you will pay.
A medical emergency can come knocking anytime. If you are young, chances of falling ill are low but not zero and accidents can also happen. The medical expenses associated with such situations could make a big hole in your pocket. A good health insurance plan can protect you from this financial blow to your savings and provide you the much-needed cushion to bear the costs towards doctor’s visits, tests, medicines and other procedures. Healthcare expenses are increasing at a rate higher than medical inflation; health insurance helps you to get the required treatment without cutting any corners for the lack of funds.
In short, health insurance:
* Enables you to get quality medical treatment without the worry of high costs.
* Adds a cushion ag*inst the shock of medical inflation.
* Protect your savings during medical emergencies.
* Most importantly, it allows you to take care of your and your loved ones’ health instead of worrying about hefty medical bills.
When To Buy a Policy; NOW or LATER?
The sooner, the better. Let’s take a look at buying a health policy at different life stages:
In the 20s;
The best age to buy a policy. You are likely to be in good health with limited financial responsibilities and pressures. Investing in a health insurance plan at a younger age certainly has its own advantages like better sum insurance for a lower premium amount, no medical tests required and so on.
In the 30s;
This is the settling down phase. You will most likely be married, planning to start a family, invest in a home, etc. Add to it, lifestyle diseases that are increasingly affecting the younger population. Buying a policy at this stage will need you to factor in all these aspects. Be prepared for a higher premium and higher chances of a claim.
40s until 60;
A stage where your financial responsibility is likely to be at its peak. You will need a higher sum insured resulting in higher premiums. If you have fallen prey to diabetes, hypertension, etc. then expect longer waiting periods. You will also need to consider add-on benefits to ensure the additional protection needed is taken care of. Also, be prepared for a medical screening prior to getting the policy. Usually, for anyone above 50, medical screening is a prerequisite.
Senior Citizens;
You will need a high sum insured that comes at a hefty premium. A life stage where you anticipate long term treatment for critical illnesses and hospitalisation, etc. Opt for senior citizen health policies. Research, compare and choose the best one. Typically at this stage, policies come with a co-pay condition which mean that you have to bear part of the medical cost.
Types Of Health Insurances;
There are basically two types of health insurance plans you can choose from — individual plan and family floater plan. Both policies can be described in a few words: a family floater as “one plan to cover them all” and Individual cover as “different strokes for different folks”. Your choice will depend entirely on factors such as your age, your kids’ ages, medical history, and budget.
It is important for you to thoroughly understand both types and make a smart decision that works best for you and your family.
BOTTOM LINE: You may have heard that health is wealth but given the unpredictability of life, beyond good habits and lifestyle, you also need some wealth or money to ensure good health. And health insurance can make it a lot easier to access that money when you need it most.
N/B: Did you know your insurance could cover all the expensive baby-friendly vaccines for your babies?, thought you should know.
"Have you ever had that information is power?", Now that you have a glimpse of what health insurance entails and you might be interested in getting one, at a fee of just Ksh 500/=, side chat me and ill give you options on how you can also get yourself and family insured. CHEERS!
