September 9th, 2011 
Admin Question by prettyting: Health Insurance?
I’m doing an assignment on health insurance and I wanted to know why is it a good thing to get health insurance?
Thanks!!!
Best answer:
Answer by brian
go for life insurance. i has everything
Add your own answer in the comments!
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Health insurance provides compensation to the insurers when they unexpectedly face health problems and urgently need financial assistance. Health insurance covers most of the medical expenses that are required at the time of hospitalization, follow-up, diagnosis, consultation and different medical exams. Health insurance agencies may be publicly owned privately owned or may be owned by non-profit institutions but all these organizations provide insurance policies for individuals or groups. Health insurance may be a program sponsored by a company to the employees or even an individual may create an health insurance policy for him and his dependents. Many developed countries provide health insurance assistance to the public through their programs sponsored by the government such as United States Mediaid program. The insured should pay some expenses to get the coverage and benefits such as fee, deductibles, premium and some out-of-pocket expenses.
Health insurance provides protection with regard to health care costs incurred due to an illness or accidents. Health care insurance programs generally consist of expenses associated with consultations, emergency, as well as preventive healthcare, in addition to prescribed drugs. The insurance coverage provider could be a private company or perhaps a federal government institute.
Those who have doubt on which insurance to take… A benefit of choosing private healthcare over using the NHS can be the choice that is available. If you have common problems or can expect chosen benefits to be used and taken advantage of then an affordable package can be selected that will be most effective in ensuring you can be seen much more effectively than than the NHS can manage and avoiding all queues that are currently out of control within the NHS, for particular treatments.
Because the majority of bankruptcy filings are caused by medical bills. A simple hospital stay averages about $ 10,000 a day – and then there’s the bill for any tests done, and doctors who see you in the hospital. (Any doctor who walks into a hospital room can bill the patient.)
Because uninsured health costs are the #1 cause of bankruptcy in the US. If you ever want to own ANYTHING, like a house, or buy a car on credit, you’d best keep health insurance in place. A bad car accident could lay you up for 6 months and give you $ 250,000 in medical bills, in a minute.
The purpose of any type of insurance is to protect against catastrophic loss. Using health insurance as an example, most everyday medical expenses are not very expensive (a physical exam averages $ 150.00+/-), but if you are admitted to the hospital for an emergency your medical bills would be in the tens of thousands of dollars at a minimum. If you do not have insurance you “self-insure” againts that potential catastrophic loss. Without insurance, the average person would face financial ruin if faced with a major loss.
Have you gone to the doctor lately? Would you have the money to pay the hospital if you were seriously injured in an accident? Or contracted a disease? Or got cancer?
That’s why people buy health insurance: to protect themselves and their assets from medical costs. Did you know the most common cause of bankruptcy is medical bills?
Ask your parents.
Pretty simply – health care is more than extremely expensive. Just routine testing which should be done on a yearly basis is very necessary in preventative care and at the same time very expense without health care insurance coverage. I work in a Laboratory – and do the billing. It’s incredible! Even if you have a health care plan that requires such things as deductibles and co pays and employee contribution, it still is worth every penny when you are ill and need medical treatment. Of course there are a ton of variety of plans out there that cater to different needs. Therefore it is always wise to do your research if your employer gives you options in health care plans to choose from.
Isn’t it obvious? It’s a potential to defer losses. If you pay for insurance and get very sick/hurt the insurance company will cover a percentage of the bills.
Depending on the plan*, but usually the ratio that company pays versus what the insured is payed is about 80/20.
So is it better to pay $ 300 a month in insurance premiums to deflect a big injury by 80/20 if one occurs or is it better to not have insurance and pay 100% if one occurs? You decide your risk tolerance.