Once you start earning, you have to sit down and weigh the benefits and risks of buying private health insurance so that you can take some informed decisions. Is it worth it? The world’s biggest insurance companies look to answer this question. Health experts and risk analysts are not able to predict when and if someone will fall sick or have an accident.
A California based Heritage Provider Network set up a competition in the last few months with a prize of three million dollars for anyone who came up with a predictive algorithm that identified accurately people at risk of hospitalization. No one could win.
Many of us are lucky enough to get health care as part of the employee benefits package. Others have to ask themselves the difficult question. There is no simple answer. For those who are self employed, health insurance premium is a gamble. It is a speculative hedge on your well being. Everyone’s health profile is unique. There are many countries that have made health insurance mandatory.
If you have a family with children, it is probably wise to get health insurance. If you are planning children, you can get insurance as maternity services in hospitals can be quite expensive. Children are more likely to get sick or injure themselves. Insuring an entire family will be cheaper for you on per person basis.
If dangerous activities are your frequent pastime, then health insurance is sensible. If you work at a construction site or an oil rig, insurance should definitely be a consideration if it is not provided by your employer.
The cost of insurance and the fine print depends on your age and pre-existing conditions. You can choose to get policies that offer partial cover or for a limited number of medical services. If you don’t have lots of money but a steady cash flow and certain health issues, a comprehensive medical plan is a sensible option. You have to read the terms of the policy in regards to exactly what is covered and when and how premiums can change.