Why Is It Good to Have Health Insurance?

Natalie and James were leading a happy life. Both these Boston based professionals were enjoying their personal as well as professional life. Natalie was working as a communication officer with a corporate headquartered in Boston, whereas James was working as a sales manager who often had to travel between Boston and Manchester.

Everything was moving in the right direction for this Boston based couple, till James met with a serious accident. The mayhem left him with serious head injuries and the doctors suggested that the only way to save his life was to immediately conduct an operation. However, the proposed operation’s cost left Natalie dumbfounded. She did not have the requisite amount of money. And James was not even covered under a health insurance plan. Natalie somehow managed to arrange the necessary finance for the operation. However, the operation left the couple almost bankrupted.

In our lives Health insurance plays a very vital role. However, there are many people who underestimate the importance of health insurance, unless and until they face a situation similar to that of our Boston based couple. According to estimates released by the Census department of the US government, nearly 44.8 million US citizens are living without any health insurance. But why is it necessary to have a health insurance plan? What are the benefits extended to an individual via a health insurance plan?

We all must be aware as to what is health insurance. According to the website belonging to the State of New Jersey, health insurance is  ‘a policy that will pay specified sums for medical expenses or treatments. Health policies can offer many options and vary in their approaches to coverage.’  Thus, the basic aim of health insurance is to provide a financial back up whenever a person is faced with a medical emergency.

Medical care is increasingly becoming costlier. Hence, health insurance can prove to be a great leverage tool. At the same time, a health insurance policy can also take care of expenses incurred during regular doctor visits as well treatments. Take for instance Nathan. He lives near the countryside, has been suffering from kidney malfunction, and has to undergo a weekly dialysis in a Boston based hospital. However, his medical bills are taken care by his health insurance provider and that proved to be a great relief to Nathan

Health insurance is also needed to take care of the ever-increasing medical costs. An adequate cover of health insurance can also provide you a buffer against unexpected medical emergencies. Experts state that in most cases, people do not have enough financial strength that can help them tide over a medical emergency. A medical emergency can also wreak financial havoc in a person’s life and leave him bankrupt. Opting for a health insurance will protect you against medical emergencies.

Experts also state that having a health insurance does have an additive effect on the quality of life. It also offers financial aid when a person is met with a disability or a severe accident. Moreover, families of the victim are spared from further trauma, as they do not have to face an overwhelming bill amount.

In addition, health insurance also offers certain tax benefits to people like Nick. Now, Nick runs a printing business in Boston. This makes Nick a self-employed taxpayer. The US tax laws allows self-employed taxpayers to deduct 100% of their health insurance premiums.

In a nutshell, health insurance is necessary if you want to live a tension free life.

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