It’s funny how people like to talk about inflation in terms of how much more does the real estate costs as compared to ten years ago. The point of comparison is usually things like food, shelter, clothes, vehicles, etc. But a quick search on the internet would give you an idea of how the cost of healthcare has skyrocketed a lot more than any other necessity on the face of the Earth. And that’s when we are referring to outpatient only. Being admitted to a hospital for a few days is a whole another story that has the potential to shake your entire budget for the next couple of months.

We have already established that your health is of prime importance. If so, wouldn’t you want to have access to quality healthcare services where you can find the peace of mind knowing that your health is in the hands of highly skilled and experienced professionals? Isn’t that the whole point of going to a doctor? But quality always comes at a price. And similar is the case with healthcare services.

In light of the rising cost of healthcare, opting for health insurance is certainly going to be a wise decision since it enables you to have consistent access to quality healthcare services. You wouldn’t have to worry about doing the math of how much it is going to cost you to visit a healthcare facility. Your focus can entirely be on your timely recovery and maintenance of health knowing that you are already covered for medical expenses like that of hospitalization, ambulance charges, domiciliary expenses, medication, medical procedures, etc.

real cost of health care insurance and services

Protection Against Healthcare Bankruptcy

If you hadn’t realized already, here’s an attempt to put it in the simplest of words. Yes, the cost of healthcare does have the potential to push you a step closer to bankruptcy. As per a World Bank report, an average individual is only one critical illness away from bankruptcy. One of the first thoughts that pop into your mind when you think of purchasing health insurance is the fact that you get a common cold or other mediocre illnesses every once in a while. You are convinced that you are more than capable of paying for it from your pocket when it comes knocking at your door.

Truth is, you are not entirely wrong. Perhaps you are capable of affording the out of pocket expenditure in such circumstances. But could we please take a look at the guarantee card that clearly states that you are promised to never fall prey to a critical illness in your entire life? That’s right, you don’t have one. Unfortunately, adversities and hardships have a way of coming uninvited. So, ask yourself this, are you prepared to manage the long-term costs associated with a critical illness all by yourself? In all honesty, you are going to have to resort to your savings account and that my friend, is your first step towards bankruptcy.

Opting for health insurance, on the other hand, may sound like expenditure in the present, but if you look at it a few years into the future, it is a way for you to protect yourself against the painstakingly high costs of critical illnesses that put you on a track to bankruptcy.

 

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