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Health insurance is a necessity in this generation. It is simply a form of an insurance policy where the life insurance companies will take full responsibility of compensating the medical expenses if the policyholder is hospitalized due to an accident or other illness. In 2010 at the USA, due to the enactment of the Affordable Care Act, around 20 Million civilians got the access to health coverage. A study in 2018 revealed that around forty five percent of the working adults are provided with health insurance through their jobs, whereas around twenty five percent gained access to health insurance through the individual market. Moreover the study shows that from 2014 to 2018, the percentage of uninsured civilians increased up to 6 percent. 

Furthermore, the study shows that in 2018 around 47 percent of the uninsured working adults declared that they had trouble paying their medical bills, whereas around 41 percent claimed that they got delayed care. This study also revealed that around 87 million people or around 45 percent of the working adults were uninsured. In the span of 2010 to 2018 an astonishing amount of growth among the uninsured adults were observed. 

Health insurance is of the utmost importance these days. Normally, the leading hospitals of a country are often in collaboration with the health insurance companies, so the hospitals often provide cashless treatment up to a certain amount to the insured patient. A reimbursement of the cost of medical expenses incurred by an individual is also provided in case a certain hospital has no form of tie-up with a certain insurance company. The reimbursement is provided upon submitting proper bills of medical expenses. Nowadays even the government is promoting health insurance by reducing income taxes. 

Health insurances possess the following benefits:

  • Free or discounted medical check-ups are provided by certain hospitals under the tie-up with a specific insurance company. This is an amazing benefit received from availing health insurance. 
  • Cashless treatments are offered by hospitals which are in tie-up with the insurance companies. The policyholder receives proper treatment without worrying about the bills. 
  • Depending upon the purchased plans, a health insurance policy often covers pre hospitalization and post hospitalization charges. 
  • The cost of ambulance charges are also covered by the insurance policy, depending upon the plan purchased. 
  • Under the Section 80D of the Income Tax Act, the premium which is paid on behalf of a health insurance is deductible from tax. 
  • Often the expenses of hospital rooms and cabins are also covered by the insurance policy and it depends on the plan purchased and the premium amount which is being paid. 

In this generation, health insurance is not a gusto or show off, but a necessity. With the rapid increase in medical expenses, it becomes nearly impossible for everyone to spend humongous amount of money at once. In order to secure the future of an individual or his/her family, a proper health insurance plan is of utmost importance. Now with the added aids provided by the government, a health insurance is not only easy but also a smart choice to go for.