With growing privatization in the hospital sector, medical care has become more expensive than ever. Any unforeseen malady can completely derail your financial future. It is, thus, extremely important to prepare oneself for all kinds of physical contingencies and secure one’s financial future with a reliable medical insurance policy. Many individuals keep postponing making an investment into a reliable medical insurance policy, simply to save the meager premium amount required to be put in each year.
Unfortunately, these individuals fail to understand that a good health insurance policy can literally be a lifesaver, if need be. Why is individual medical insurance necessary?
Here are a few reasons:
1.Lifestyle risk factors have amplified in the last few decades:
Life is not as simple as it was a few decades ago. Lifestyle diseases, such as obesity, diabetes, cancer, etc., have become more common than ever. The prolonged hours that people put in at work coupled with environmental changes have put individuals at a higher risk of developing health problems. While adopting healthy habits can help individuals keep diseases at bay, these habits do not guarantee a disease-free life. Due to this changing lifestyle, it has become more important than ever for individuals to secure their future with the right medical insurance.
2. Paying a small check might save you a big one in the future:
Due to growing privatization in the healthcare sector, affording medical care has become quite difficult. According to estimates, in Hong Kong, cancer treatment at a private hospital can cost anywhere between HK$400,000 and HK$1 million. Most target therapies alone can set an individual back by HK$30,000 to HK$40,000. The grotesqueness of these figures isn’t hard to comprehend. With healthcare prices skyrocketing, buying a reliable medical insurance has now become a necessity.
3. It’s hard to get insurance if you develop a condition:
Now is the right time to buy medical insurance. As individuals age, medical insurance companies not only charge a heavier premium, but sometimes downright refuse to provide insurance cover to people with pre-existing conditions. The best way to bypass this problem is to get an insurance before it’s too late.
4. Insured people care more about preventive care:
It has been observed that people with a health insurance are more likely to indulge in preventive care. Most medical policies cover all routine check-ups. One is more likely to go for a preventive flu shot when one is not worrying about the humongous fee they will be required to pay at the end of the session.
5. They help you save tax:
While the rules regarding this are different in different countries, for the most part, it is true to say that individual medical insurance can help individuals save taxes while also ensuring their well being. In Hong Kong, individuals can claim concessionary deduction on premium paid towards a health insurance. There are many other benefits of individual medical insurance. For instance, many medical insurance policies also cover additional costs, such as ambulance cost, dental treatment cost, vaccination expenses, etc. The decision to invest in an individual medical insurance cover is simply the decision to secure one’s future and such decisions should not be postponed.
Now that you know the importance of having a comprehensive plan, feel free to reach out to us at Cigna on why is individual medical insurance necessary for you.