“As the proverb goes, ‘Health is Wealth.’ Taking care of your health and the health of your family members is crucial. With the increasing expenses of medical care and hospitalization, having health insurance has become a necessity. Health insurance serves as a safety net for you, ensuring that you have access to quality healthcare and necessary treatment while reducing your financial dependency. It also acts as a financial safety net in case of big, unexpected financial shocks that may arise due to rising medical costs, subject to the amount of coverage available. Here are 8 benefits of having health insurance:”

1. Financial protection: Health insurance offers financial protection against unexpected and expensive medical expenses. In case of a medical emergency, the insurance company will cover the medical bills up to the sum insured, which can help you avoid significant financial burdens.
2. Cashless hospitalization: Many health insurance plans offer cashless hospitalization, where the insurance company directly settles the medical bills with the hospital, without you having to pay any money out of your pocket.
3. Coverage for preexisting conditions: Some health insurance plans offer coverage for pre-existing medical conditions, which means you can get coverage for any medical expenses related to your pre-existing condition.
4. Coverage for critical illnesses: Many health insurance plans offer coverage for critical illnesses, such as cancer, heart attack, and stroke, which require expensive medical treatment.

When it comes to selecting a health insurance plan, it can be a daunting task. It requires a deep understanding of your family’s healthcare requirements, as well as a comprehensive evaluation of the available options. It’s important to consider coverage options, co-payments, deductibles, and other key factors that can affect your healthcare expenses.

To help you choose the perfect plan.

Here are six tips to consider:

1. Find reputable sources of information.

The internet is full of “too good to be true” offers, so focus your attention on trusted and accurate information sources. Talk with your human resources representative if you have commercial insurance offered by your employer.

2. Learn the terminology.

You may not use the words deductible, co-payment, and health reimbursement account in everyday conversation, but it’s important to understand these terms when evaluating plans.

3. Estimate how much care you’ll need.

There’s no magic ball for looking into your future, but you can give it your best guess. All plans should include some coverage for catastrophic injuries or illnesses, so think through other types of healthcare your family will likely need. This could include physical exams and screenings such as mammograms and colonoscopies. Are you pregnant or hope to become pregnant? Need shoulder replacement surgery, allergy testing, or hearing aids? Then review how many visits to Urgent Care and the Emergency Department your family averaged in recent years. Listing these can give you an estimate of what the coming year may look like.