In a bid to secure financial stability, we get so busy with different things that we easily neglect our greatest asset – our health. We invest in other aspects of our lives but tend to forget our health.

Health insurance is an essential financial decision for a number of reasons. For one, life is dominated by uncertainty. You never know when you might be involved in an accident or if you’d be diagnosed with a terminal illness that can drain your life savings. Paying for medical treatment entirely out-of-pocket can be very expensive, especially if you’ll need to visit regularly. Thus, getting a health insurance plan makes financial sense.

If you’re still wondering why you need a health insurance plan, we’ve highlighted a few reasons in this post.

1. Financial protection against terminal illnesses

Like other types of insurance schemes, health insurance will protect you financially against terminal illnesses. Terminal illnesses are rare and are usually unpredictable. In a blink of an eye, you can spend your life savings trying to stay alive. When you have a health insurance plan, you’ll have peace of mind because you know the bills will be paid.

For example, drugs for cancer treatment can run into thousands of dollars, and organ transplants can be costly as well. Still, with the right insurance plan, you could save a considerable amount of money when getting the needed treatment.

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2. Quality medical treatment

Most times, health insurance companies are affiliated with hospitals with excellent medical personnel and standard medical equipment. If you get an insurance policy for yourself or a loved one, it’s very likely that you’ll receive quality medical care if you’re involved in an accident, or you get sick.

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3. Access to a variety of treatments

Depending on the kind of health insurance plan you decide to subscribe to, you can get access to a wide variety of treatments and medical specializations. This would, of course, depend on the coverage and terms of the plan you select.

Thus, people with very specific medical needs, such as treatments relating to vision and hearing, can get the medical expertise they require. Similarly, health insurance policyholders can enjoy routine medical checkups and medication refills (if you’re on a prescribed medication), and sometimes, these services might be extended to their children, if any.

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4. Motivating members to live healthy lives

Health insurers know they are running a business and will be at a loss if most of their members keep getting ill. They try to encourage healthy lifestyles among members by providing incentives. For example, giving premium reductions to members who agree to join health clubs and those that decide to quit smoking.

Health insurance companies also use the Value-based insurance design (VBID) to encourage a healthy lifestyle among members. With the Value-based insurance design, you’ll pay little or nothing for medical services that help prevent certain medical conditions.

Although health insurers are looking out for themselves, their efforts indirectly benefit you because, with a healthy lifestyle, you’re likely to live longer. Plus, this could lead to you being more productive at work.

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5. A health insurance policy keeps your mind at rest

Although this is easily overlooked, having a health insurance plan keeps your mind at rest. You’re more likely to have peace of mind when you know an insurance scheme covers you.

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Final thoughts

Many people don’t get sick easily. This gives them the impression that they are fine and do not need an insurance plan. However, a lot of illnesses come unexpectedly. If you don’t have an insurance plan, you’ll not only be contending with your health but with your finances as well.