The Importance of Health and Life Insurance
Health insurance is undeniably the most important form of investment individuals including singles, married couples, and retirees must make during their lifetime for several reasons. Keep in mind that, in the United States, the healthcare system requires medical insurance from patients so that the appropriate medical care can be provided in hospitals and clinics.
In the wake of the Affordable Care Act, also known as Obamacare, more individuals will be able to sign up for medical insurance starting in October 2013 with actual coverage beginning in January 2014.
Why the Need for Medical Insurance?
For one thing, it will considerably lessen the financial burdens placed upon the insured individual and his family in the event of medical emergencies, elective and mandatory surgeries, and health check-ups, among others. The United States is widely considered to have one of the most expensive healthcare costs in the world so health insurance is a must. The insurance company will shoulder majority of the total medical bill, thus, lessening the patient’s monetary obligations for his healthcare costs.
For another thing, it will facilitate medical care in hospitals and clinics. Keep in mind that the staff members including nurses, doctors and physical therapists will ask for your medical insurance provider as part of their establishments’ standard operating procedures. Your insurance provider should be accredited in the healthcare facility so that you can enjoy the abovementioned benefit.
Indeed, health insurance is a necessity in enjoying a healthy, happy and productive life in the United States!
And then there's life insurance. It's also known as life assurance, which is a contract between the insurance policy holder and the insurance company wherein the latter promises to pay the former’s designated beneficiaries a sum of money – the benefits – upon the death of the insured individual. The benefits are usually paid in a lump sum upon the completion of paperwork necessary for its release to the beneficiaries.
Where medical insurance is a must, life insurance can be considered as an option. Nonetheless, an increasing number of individuals are purchasing life assurance policies as yet another layer of monetary protection for their families in case of their death. Just as medical emergencies cannot be predicted, thus, the medical insurance, death cannot be foretold, thus, the life assurance policy.
Ultimately, both the life and health insurance policies are designed as buffers against the uncertainties of life including health and death. With these insurance policies in place, your family members will not be burdened in the monetary aspect by your medical needs and sudden death.