An insurance cover is something we all need to have – to keep our homes, our assets and our future secure. Most of the times, we go in for all-comprehensive insurance policies – which act as protecting agents for our assets. But what about the policies which secure our lives, our health? Yes, you’re right, I’m talking about health insurance. Why is it advisable and ideal to have separate health insurance? And what is it that sets apart health insurance from other types of insurances? Let’s have a look:
When it comes to other insurance policies for movable and immovable assets, the three main aspects that are considered are –
- Wealth, which is the property itself
- Probability of loss
- Quantification of this loss
Now, for example, motor car insurance, in case of an accident, the car will get damaged – this will satisfy the first two conditions. When it comes to quantification of this loss, it’s pretty easy to do the same too. The parts of the car that have been damaged can be quantified, keeping their market values in mind.
What happens in health insurance is that it doesn’t meet any of the aspects mentioned above. And the reason behind this? Health – it’s intangible and unquantifiable. How can you calculate the amount of damage caused when a person falls sick due to any major or minor cause? You, of course, cannot. Good health is the happy state of mind and body. And health is a right that’s entitled to all, which is one main reason why everybody should have their health insurance in place.
Another point that separates health insurance from other insurances is the probability and surety factor. When it comes to other insurances, they will be claimed only if there is any loss. Continuing with the previous example, you may be an excellent driver and never meet with an accident in your entire life – which means your motor car insurance goes unclaimed. But when it comes to health, everyone at one point in their life has to claim. Because we’re all going to need the aid of health insurance to cover the expenses of the illnesses we fall prey to as we age – no matter the gravity of the illness, we’re all pretty aware of the fact that hospital bills are high. And they definitely take a toll on your finances if you don’t have insurance in place.
Health is something we are all entitled to, and we should understand the importance of preserving this entitlement and making sure we do all we can to secure and protect it by buying health insurance.