Everything You Need to Know About Health Insurance for Your Wellness

Medical insurance ensures you get healthcare private equity for illnesses, injuries, accidents, and other emergencies. When you are most vulnerable, your medical insurance comes through to settle your medical bills so you can concentrate on getting well again. 

How much does health insurance cover?

Your medical insurance provider covers expenses agreed upon in the initial policy. An insurer can settle the entire medical bill or some expenses so you can pay the rest.

The two popular health insurance plans include: 

  • The health insurance provider pays directly to the hospital. This is the most convenient medical cover. A client pays an agreed sum to cover particular medical procedures. The insurer pays the hospital when the facility communicates the details of the medical attention you have received. You do not have to pay cash when receiving treatment.
  • The client pays the hospital bill to the health provider and claims reimbursement from the insurance company. In this plan, the client is disadvantaged because they may only sometimes have the required money to pay for the services provided. It also means that the client has to wait for the processing of the claim before the insurance provider can reimburse their expenses.

  Why a health insurance cover is necessary

  • An emergency is what it is

A medical emergency does not give you a warning so you can prepare yourself. An accident can happen anytime and to anyone despite their age, economic or social status. Medical expenses can earn you unexpected debts and financial crises.

An illness, injury or accident may require countless hospital visits, medical procedures, tests, and therapies. However, securing your future with a reliable health insurance plan ensures you received medical attention when needed.

  • Health insurance does not always match inflation

Your premium for health insurance does not change with the current inflation. A client is not worried that they have to settle for less expensive medical attention because of the amount of money they have in their pocket. Insurance providers hire experts to calculate your current and future medical expenses. The calculations take care of expected inflation, and clients do not need to top-up medical expenses when the bills go higher than expected. However, the client should be aware of the limitations of the health policy they get from the provider.

  • Health insurance plans attract tax benefits.

The premium client pays for their health insurance receives tax deductibles up to specified limits by the law and provider.

In a nutshell, health insurance plans ;

  • Protects your savings from unexpected medical procedures
  • Provides medical attention without worrying about the cost involved
  • Cushions you against medical inflation
  • Allows you to enjoy tax relief in the form of deductibles
  • It affords you the time and peace when you most need it instead of worrying about hefty medical bills.

Should you buy medical insurance now or later?

Your age significantly determines the cost of the medical insurance premium you purchase. Consider the following age brackets:

The 20s

This is the best period to buy a health insurance policy. Your health is at its best. Consequently, your insurer may not need to run medical tests. You also pay a low premium for the sum insured.

The 30s

Clients in this period are settling their careers, getting a family, buying a home, and growing. You are likely to have a spouse a starting a family. The premium tag is high, and the risks are higher as lifestyle diseases and dependents. 

The 40s, 50s and 60s 

This is the prime period for lifestyle diseases such as hypertension, diabetes, and other opportunistic illness. Similarly, your financial assets and liabilities are both at their peak. The insurance provider also screens clients in this age period for health risks. Health insurance in your mid-life period is expensive because the sum insured and premiums are high.

Retirement and beyond

Senior citizens pay the highest premium and sum insured for their health insurance. The health insurance beneficiary is at their most vulnerable stage in life. Critical illness and long-term treatment plans are features for clients beyond sixty years. Health insurance providers require the client in this age bracket to co-pay.

What you need to know before purchasing a health insurance

Here are some most critical factors when shopping for a health insurance policy.

  • The inclusivity of the cover-a comprehensive cover is the most reliable health cover. A comprehensive cover requires a high sum insured and premiums. Consider the number of dependents under your responsibility, the cost of medical treatment, and the inflation rate. It may help to compare quotes from various health insurance providers to find the best-suited health coverage.
  • Premium-the premium you pay depends on the sum insured, your age, medical wellness history, and the type of cover. Shop for an insurance cover that protects your interest at the best price. If you pay a hefty premium, ensure it provides more than the basic medical services.
  • Understand your policy-a medical health insurance policy is a legally binding agreement. Therefore, it helps to understand all the necessary provisions in the policy.  You can hire a lawyer to help you know what is included in the claim and what is not; understanding your health insurance policy cushions you from future shocks when you must pay for a product not included in the claim. 

Points to bear in mind

It would help to purchase separate medical insurance for your parents and family. Your elderly parents are likely to have more visits to the hospital, therefore, depleting the sum insured. Purchasing health insurance for a sickly family member safeguards the other dependents’ future medical expenses.


Health insurance is a personal contract between a client and an insurance provider. The client pays a premium against the insurance coverage. Health insurance coverage can be comprehensive or partial, where the client pays part of their medical expenses. Some of the critical factors to consider

Post Author: Jordyn Kyle