5 Reasons Why You Need Health Insurance Plans

With healthcare costs going up all the time and more people getting sick, health insurance is becoming a necessity. Health insurance plans provide customers with a much-needed financial cushion in the event of a medical emergency. Health risks and uncertainty are unavoidable aspects of life. 

One cannot plan for illness, but one can surely plan for the financial component. Purchasing health insurance is one method of being financially prepared for unforeseeable health risks.

Health insurance is a sort of insurance that covers the insured’s medical expenses. Health insurance can either repay the insured for illness or injury-related expenses or pay the care provider directly. 

Individual health insurance, family health insurance, critical illness insurance, and other types of health insurance plans are available. Buying health insurance is an important element of financial planning.

Health insurance plans offer people much-needed financial support during medical emergencies, but it has been observed that medical care in our country remains mostly an expensive affair to this day. 

According to numerous reports, Nigeria and India continue to have the world’s lowest health insurance prevalence. However, the government’s emphasis on healthcare programmes may help to improve the situation.

There are numerous reasons to have health insurance coverage in place, and if you have a family to support, you may purchase family health insurance to cover your family’s medical needs. 

However, health insurance plans that one must pay in order to obtain suitable insurance coverage differs for various people and is determined by a variety of criteria.

Here are the Top 5 Reasons To Get Health Insurance Plans:


1. Lifestyle Shift:

There are numerous reasons to have a health insurance policy. Our tectonic shift in lifestyle has rendered us more vulnerable to a wide range of health problems. Commuting, stressful work schedules, poor eating habits, food quality, and rising pollution levels have all increased the chance of developing health problems.

2. Rising medical expenses:

Medical prices have recently skyrocketed. As a result, in the event of a medical emergency, consumers wind up spending their money, jeopardizing their future goals. According to reports, when it comes to dealing with health problems, Nigerians rely mostly on their own savings.

3. Income tax break:

Payments made for health insurance plans are also tax deductible in several countries. Individuals up to the age of 60 can claim a deduction for health insurance plans paid for themselves, their spouse, or their children. You can also claim a deduction if you get health insurance for your parents aged 60 and up.

4. Pre and post-hospitalization expenses are covered:

Not only have mainstream medical expenditures climbed in recent years, but so have OPD (outpatient department) fees and diagnostic testing, making it even more important to purchase a health insurance plan. 

It is worth noting that medical policies not only cover hospitalization charges but also fees for outpatient care and diagnostic testing before and beyond the policy’s specified time period.

5. Additional benefits: 

Ambulance coverage, coverage for daycare surgeries, coverage for health check-ups, and vaccine expenditures are all included in a health insurance plan.

When Is the Best Time to Purchase A Health Insurance Plan?

People frequently disagree regarding the appropriate age to get a health insurance policy. However, there is no set age for purchasing one. If one purchases a health insurance plan at a young age, one will have to pay less for the policy. 

Also read: HMO Companies In Nigeria

Premiums for health insurance plan rise with age because the related risk rises. Premiums for health insurance plans are decided by the insured’s age, medical history, city of residence, and other factors. So, purchasing a health insurance plan early will help you save money.

Important Coverage To Think About When Purchasing Health Insurance

Also, when purchasing a health insurance plan, it is recommended that you purchase critical sickness insurance as well. A critical illness policy is a type of health insurance plan that promises to pay you a lump sum if you are diagnosed with a critical illness covered by the policy. 

You can get a critical illness plan as a standalone or as an add-on with your normal health insurance plan. In the event that you are diagnosed with a serious disease, a critical illness insurance plan might be a very helpful complement to your basic health insurance plan. 

While your usual individual or family health insurance can cover your hospitalization expenditures, the lump sum payment from the critical illness coverage can be used to fund additional vital expenses related to your critical illness.

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