This brings us to another of the leading reasons why people want to run away from buying health insurance. Many of the employers offer a standardized package for coverage against medical expenses to their employees. It is a common misconception that the package you are receiving is more than sufficient for the requirements of yourself and the family. What needs to be realized is that as stated, the package for coverage that you receive from your employer is “Standardized”. This implies that it is not catered to your individual requirements in any way. You may rely on it completely but it will only be a matter of time before you find yourself in need of quality healthcare services but your employer-provided health insurance package bails on you.
Moreover, it won’t be wrong to state that we are living in a world of excessive competition with private ventures beginning to establish their monopoly over the market. Both of these features are counteractive for your job security. In the worst-case scenario that you ended up losing your job, do you have a fall back plan? The reasons could very well be plenty. It could be an accident that disables you from continuing your job or perhaps an illness that prevents you from playing the role of the bread-winner in your family. In such a time of great distress, the worst that you can face is an additional burden of the medical expenses since you no longer have an employer to pay it for you.
Buying health insurance, therefore, ensures that you’ll at least have one less thing to worry about when the push came to shove. It’s really about being prepared for the worst, to be honest.
Tax Deductible Premiums
Considering the information that we have stated so far, it is evident that health insurance may look like an expenditure for you now, but it helps a great deal in saving a lot of money for you in the years to come. But what’s even better is that there are monetary benefits associated with health insurance that are a lot more literal than what has been already mentioned. What if we told you that the premiums you continue to pay to your health insurer on a monthly basis are tax-deductible as well?
The policy for tax-deductible premiums varies from country to country and even among the different states of the USA. Primarily, though, the tax-related benefits of health insurance come in two different flavors. Either as tax exemptions or in the form of rebates or reimbursements. For detailed information, however, it is recommended to make your search and find out the rules and regulations regarding the tax-deductible premiums.
The point being, as per the income tax act, opting for health insurance makes you eligible for tax benefits. But that is not all. In an event that you go by without filing a claim throughout the year, it is likely that your insurer will offer a bonus to you that may be in the form of reduced premiums for the upcoming years or broader coverage for you and the family. So, there goes your worry of having the premiums go wasted as well.
There is no argument over the fact that the benefits associated with health insurance are numerous. The above-mentioned benefits can essentially be thought of as the tip of the iceberg with the actual benefits penetrating much deeper than these. We have tried to inform you of the major benefits in an attempt to let you see how opting for health insurance is a step that makes sense for you as well as your family in the long run. The benefits must have helped you to stop thinking of health insurance as an expenditure and consider it a wise investment that will surely pay off in the time to come.
If you are convinced that opting for health insurance is indeed a boon for you, it is time for you to start looking into the health insurance providers in order to make an informed decision. Always remember to never make a rushed decision. Get an appointment, meet with a few of them, discuss your circumstances and see the best that they can offer. Compare and contrast the offers to get the most out of your health insurance plan. All in all, it won’t be wrong to conclude that buying health insurance is certainly not a decision that you will have to regret making.