Why Bother With Health Insurance
- Health insurance provides financial protection in case you have a serious accident or illness. For example, a broken leg can cost up to $7,500. Health coverage can help protect you from high, unexpected costs.
- With Marketplace coverage, youâll get access to preventive services â like shots and screening tests â at no cost to you. Getting recommended preventive services is a key step to good health and well-being.
- When you apply for insurance using the Health Insurance MarketplaceÂ®, youâll find out if you qualify for savings that can make insurance less expensive. Before you apply, select your household size, state, and income range to see if you may qualify for financial help.
Benefits You Need Today
Your health is your most valued asset. With a good health insurance plan, you help protect the health and financial future of you and your family for a lifetime. With the new ways to get affordable health insurance, it makes sense to get covered.
Other key benefits of health insurance are access to a network of doctors and hospitals, and other resources to help you stay healthy. With health insurance, you’ll enjoy:
- Being able to find the help you need close to home
- Peace of mind and less worry because you know you’re covered
- Access to affordable care and health information to keep you healthy
With health insurance and by making some good basic health choices, you can boost your own health and well-being. For more health information intended to keep you healthy, see our wellness guidelines:
Have A Dream Of Retiring And Traveling The World
If you dont have health insurance, you may not be able to travel the world with peace of mind because getting injured could turn your life upside down. When you get injured in a different country, the cost of seeking medical attention could be significantly higher than in your home country. When we get older, our health needs more care and attention than our youth. Health insurance will ensure that you have the accessibility you need to thrive.
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Is Employee Engagement On The Decline Heres How To Address It
According to data from Gallups 2017 State of American Workplace report, only 33 percent of workers reported being productively engaged in 2016 and employee engagement rose only three percent from 2012 – 2016. This statistic is a clear indication of workers sentiment around the subject and a call to action for leaders to reconsider some of the current initiatives in place at their companies.
Ways To Increase Employee Productivity
Companies around the world are struggling with the complex issues of employee health and well-being, which has proven to have a direct impact on productivity. Absenteeism, wherein employees take days off regularly, is arguably a challenge faced by employers today. Adding to this burden is the high incidence of low productivity caused due to presenteeism, wherein employees attend work Offer being sick.
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Why Do You Need Health Insurance
The reasons why health insurance is important include:
- Health insurance helps pay the costs for medical care that you or covered dependents receive. Without it, you may pay the full cost for all your care.
- Most health plans provide you with a network of participating doctors, specialists, other health care practitioners, and facilities to choose from. These network doctors, hospitals, and others offer lower rates than those outside the health plans network, which helps keep your costs lower.
- Having a health plan encourages you to see your doctor for your annual check-up and other preventive care. This helps identify any health issues early before they become serious. And most health plans provide 100% coverage for certain in-network preventive care.*
Have A Dream Of Going On A Motorcycle Trip Across The Usa
According to the U.S. Department of Transportations Fatality Analysis Reporting System, a total of 5,014 motorcyclists died in crashes in 2019.
Without your health, you cannot enjoy all the great things life has to offer us. Worrying about your health takes away from the present moment. What is happiness without peace of mind?
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You Or A Family Member May Get A Chronic Disease
Did you know that 44% of adults over age 20 will have at least one of ten common chronic health conditions in their lifetime according to the Public Health Agency?
Here are some typical treatment costs you might be faced with just three of these conditions
- DiabetesOn average, Canadians today with type 2 diabetes have been living with their diagnosis for an average of 12.2 years¹. Its estimated that people will pay anywhere from between $1,000 up to $5,000 per year out of pocket for medication and supplies, depending on how they manage their diabetes².
- High blood pressureOf all chronic conditions, hypertension affects the most Canadians and almost half of all older adults. Adhering to treatment can increase your life expectancy and that usually includes taking prescription medication every day. Blood pressure and cholesterol medications easily cost over $500 each year.
- CancerWhen Canadians face cancer, their struggle is not just medical but also financial as your expenses rise to cover medications, the cost of medical travel, parking and home care costs. Depending on you province, costs for drugs not provided in a hospital setting and some medical devices may not be covered under your public healthcare plan. The burden of out-of-pocket costs can be unmanageable particularly for parents of children with cancer or those with high drug costs. The average treatment and recovery time for most cancers is about 30 weeks.
What Is Covered In Health Insurance
Cigna health insurance offers flexible plans to suit different budgets or regions. However, all the plans have common services that include in-patient treatment, day-patient treatment, and across costs of surgery, prescriptive drugs, basic maternity care, cancer care, mental health care and sometimes dental.
Examine the list of benefits carefully to ensure that you have selected a plan that is just right for you.
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How To Select The Right Insurance Policy
Its difficult to select the best insurance policies as all insurance company provides a similar type of insurance plan. Hence some of the important points that any Person should look before purchasing any plans are:
What Is Health Insurance And Why Is It Important
You probably hear people talk about health insurance all the time. But you might feel like you dont understand much about it. Thats OK, because, honestly, it can be a pretty confusing subject.
Like most things, though, health insurance is something you can easily learn about and master the basics. And thats what Health Insurance 101 will help you do.
So, lets look at a few questions together. What is health insurance, how does it work? And should you get health insurance?
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Health Insurance And The Affordable Care Act
As of 2019, you no longer have to pay a penalty on your federal tax return if you’re not insured, as the fine was rescinded for the 2019 tax year, though some states may still have mandates.
Even though there’s no longer a penalty, you’re protecting both your health and your financial status by taking out a health insurance policy.
You can sign up for health insurance at the Health Insurance Marketplace or a health insurance exchange in your state, or you can look at other options such as your employer’s health care plan.
Importance Of Health Insurance:
It is health that is the real wealth, and not pieces of gold and silver.
Almost all the people on this earth are running behind success. To most of us, success is materialistic like a fancy house, exotic car, high bank balance and so on. However, a sudden medical emergency may turn anyones rosy life upside down. Lets imagine Mr. Jamils story
Mr. Jamil is a Head of Marketing in a renowned company. He enjoys six-figure salary and car facility from his organization. Every month he is paying EMI for his apartment and investing in some other financial instruments for future solvency. Suddenly, one day in office he is feeling chest pain and immediately taken to nearest hospital. Doctor diagnosed and told his wife that he has 4 blocks in heart and need stenting in heart immediately which will cost approximately BDT. 500,000. Now, Mr. Jamils wife is in big trouble how she will arrange this big sum of money in a short notice. Although she asked her relatives, they could not help her to arrange required money. At last, she had to sell her jewelry and a piece of land for her husbands treatment.
Likewise, this type of unforeseen medical emergency may arise in our life any moment. It is wise if we prepare ourselves earlier to face anything unexpected. Some might think, I always have some emergency fund and it will safeguard me. Please remember, in that case you are spending your hard-earned money and you will have no savings for your future.
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Documents Required When Buying A Health Insurance Policy
There are few documents that you need to provide such as:
- Age proof
Any one of Birth Certificate, 10th or 12th mark sheet, Driving License, Passport, Voter ID, etc.
- Identity proof
Driving License, Passport, Voter ID, PAN Card, Aadhar Card, which proves ones citizenship.
- Address proof
Electricity Bill, Telephone Bill, Ration Card, Driving License, Passport, should clearly mention the permanent address.
- Some plans require a medical check-up
- Passport Size Photo
Summary Of Benefits And Coverage:
If you have a private health plan through your employer or that you buy on your own, you should get a standardized, easy-to-understand form called the Summary of Benefits and Coverage. You can use it to help you compare different insurance options and costs. Ask your insurer for it if they dont provide it.
To see a sample of this short form and learn more about how it can help you, Consumer Reports magazine has developed this helpful guide.
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Impact Of The Uninsured On The Health Care System
The high rate of uninsured puts stress on the broader health care system. People without insurance put off needed care and rely more heavily on hospital emergency departments, resulting in scarce resources being directed to treat conditions that often could have been prevented or managed in a lower-cost setting. Being uninsured also has serious financial implications for individuals, communities and the health care system.
While all providers offer some level of charity care, it is insufficient to meet fully the needs of the uninsured. In 2017, hospitals provided $38.4 billion in uncompensated care to patients. However, hospitals also absorbed an additional $76.8 billion in underpayments from Medicare and Medicaid, and are facing additional funding reductions through cuts to the Medicare and Medicaid disproportionate share hospital payment programs. These factors dramatically reduce the resources available to hospitals to provide charity care.48
Health Insurance As A Safety Net
Its important to have health insurance as a safety net. If you unexpectedly get sick or injured, health insurance is there to help cover costs that you likely cant afford to pay on your own.
Health care can be very expensive. It can be an enormous financial burden. Surgery, emergency care, prescription drugs, lab work, scans and examinations these sorts of costs can add up very quickly. They can even be high enough to cause individuals to go bankrupt, or to turn down care that they need but cant afford out-of-pocket.
But, with health insurance, youre not facing those costs as an individual theres an insurance plan helping you cover the costs, and helping you navigate the confusion of medical billing.
Lets face it, medical bills arent the sort of thing you want to be dealing with while ill, injured, in a hospital bed or the emergency room. Its smart to make difficult financial decisions ahead of time, by getting health insurance before you get sick.
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About Health Insurance Plans
Health insurance plans look after the medical expenses of an individual at the time of hospitalization in case of an emergency. The inclusions and exclusions of the policy cover can differ from one insurer to the other. The affordability of the health insurance plans depends on the medical history, sum assured, deductibles, age of the applicant, etc. There are several types of health insurance policies in the market to cover the demands of different groups of people like individual plans, family floater plans, maternity benefit covers, critical illness plans, and much more. Policyholders also get tax deduction benefits on their premium payments of the cover under Section 80D of the Income Tax Act.
Peace Of Mind Is Priceless
Health insurance gives me peace of mind and is absolutely necessary, in my opinion, to protect against future accidents and health issues. Going without it, especially in America, is a huge financial risk, and Id never recommend it. Even better is that I see a doctor more often with health insurance as I know it will be coveredhesitating to get something checked out because of the cost is not a feeling I want to experience.
Quincy Smith,ESL Authority
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Makes Your Organization Attractive
Lets face the facts. Today, the job market is extremely competitive. Hence, it is crucial you stand out to attract the best talent. Many prospective employees actually look for companies that offer group Mediclaim insurance as the cost of private healthcare is high.
This gives them peace of mind knowing that they have something to fall back on if there is a medical emergency.
Myths And Policy Making
Popular confusion about the facts of health insurance coverage and its importance can hamper effective policy making, as can policy makers’ uncertainty about the interpretation of coverage trends and consequences. This report and those that will follow aim to provide reliable information, useful to both the public and policy leaderslegislators, employers, program managersas they meet the ongoing challenges of financing health care.
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Why Is The Type Of Insurance Plan Important
The type of plan a person has dictates how they will approach getting the treatment they need and how much money they will need to pay on the day they receive it.
In 2003, the U.S. Congress introduced a new option: the Health Savings Account . It is a combination of an HMO plan, a PPO plan, an indemnity plan, and a savings account with tax benefits. However, in plan year 2020, a policyholder must pair this type with an existing health plan that has a deductible of over $1,400 for individuals or $2,800 for families.
HSAs can top up coverage, extending existing plans to cover a wider range of treatments. If an employer pays for an HSA on behalf of their employees, the payments are tax-free. An individual can build up funds in the HSA while they are healthy and save for instances of poor health later in life.
However, people with chronic conditions, such as diabetes, might not be able to save a large amount in their HSA, as they regularly have to pay high medical costs for the management of their health concern.
These plans often carry very high deductibles, meaning that although premiums can be lower, people often end up paying the full expenses of any required medical treatment.
There is more overlap as plan types evolve. The distinctions between policy types are becoming more and more blurred.
How Health Insurance Works
When you have health insurance, your medical bills go first to your health insurance plan. Then, they pay for some or all of that bill according to the plans details.
In a way, health insurance is a lot like car insurance. If your car is in a bad accident and needs a lot of work to repair it or maybe it needs to be replaced entirely with a new car car insurance picks up some or all of the cost. And thats good, because the cost of fixing or replacing your car could easily be more than you have in your bank account.
But, unlike car insurance, health insurance covers far more than just the costs from a bad accident. Health insurance often covers things like annual checkups, vaccinations, preventive health and other routine maintenance for your body and mind. Its like if car insurance helped pay for oil changes and tire rotations.
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Life Vs Health Insurance
Life insurance pays out a lump sum to your beneficiaries in the case of your premature death. The idea is that the death benefit should be sufficient to replace future income loss, as well as cover expenses and obligations outstanding such as funeral costs, medical expenses, and other debtsor to fund college savings accounts or retirement years. This gives the family financial continuity so they do not struggle, despite the loss of you and your wage-earning capacity.
Health insurance, on the other hand, helps pay for medical expenses such as doctor’s visits, hospital stays, medications, tests, and procedures. This helps ensure that people can afford medical care and stay healthy.
The reality is that a lot of people genuinely need both types of protection, especially if they have dependents. If thats the case, the better idea is to limit coverage to what you truly need so you can afford both types of insurance.
Keep in mind that insurance needs can change dramatically during different life stages. What might seem essential for a parent with teen children might not be so important for a recent college graduate or a retiree.