Do You Need Health Insurance in 2023 and Beyond?

Do you want to secure your loved ones from any possible illness expense in the future? Then, health insurance should be in your priority list.

Health insurance for yourself and your family can assist you in the future, as medical expenses can be quite expensive, especially in the private sector. Hospitalisation can burn a hole in your pocket and add to your problems. It would be more difficult if the person who would have financed the expenses well is the one hospitalised. All this can be avoided by securing a health insurance policy for you and your loved ones.

What is health insurance?

A health insurance plan gives assurance to cover all medical expenses in case of any emergency. Entering into high-quality insurance can save you from the large list of bills at the time of medical emergencies that can lead to financial hardships and medical bankruptcy.

With a health insurance policy, you can visit the doctor for treatment for any possible health issues including chronic diseases or serious injury. Medical expenses that can be claimed include doctor consultation fees, surgery, medicines prescribed and any other medical-related costs incurred by the insured individual.

Why Do You Need Health Insurance in 2023?

The year 2020 is still fresh on our minds as many of us are still dealing with the reprecussions of the pandemic, Covid-19. Millions of people were infected by the Coronavirus, where some people lost their lives while others recovered. In contrast, 2021 brought a lot of hope as there were vaccination drives all over the world to face this prolonged pandemic crisis.

While the pandemic is largely over for most of us as Covid-19 is now a manageable condition, we are now faced with other issues that put our health at risks. Climate change leading to higher atmospheric temperatures and prolonged heat waves, can increase the risk of lung, heart and cerebrovascular diseases. Extreme weather conditions such as drought and flooding can lead to diseases as well.

Besides this, there is also the challenge of dealing with medical inflation. At 12% per annum, the price of medical treatment is only likely to continue upwards for the years to come. This means that many will find it hard to afford treatment for the medical conditions they face.

All these events highlight the importance of health insurance policies, be it critical illness insurance or income insurance in order to deal with health related emergencies. We not only learnt the importance of opting for the insurance policy but also realised the importance of being prepared on the healthcare front to minimize possible arising problems.

From protecting one’s income to meeting the long list of hospital bills, the importance of insurance has rapidly increased now. Moreover, it is important to remember that the need for protecting our health is not something new - here''s why.

Health Emergencies Can Occur At Any Time

Health emergencies can knock on your door any time, any day irrespective of consideration to your pocket potential. Hence, measures should be taken to improve our health and prepare us financially for emergencies at an individual level.

This might involve an illness, accident or any medical condition that could lead to expensive medical expenditure. There has been an upward shift in the healthcare risks, be it the existing health risks or the risks adhered with the ongoing pandemic. In addition, there are some lifestyle changes, which have led to various health risks. Therefore, opting for a new health insurance policy or reviewing your existing policy is one way to cater to any medical emergency in the future. 

Increasing Medical Costs

There are several circumstances where opting for a health insurance policy can be a beneficial option for you and your loved ones. This involves the continuous rise in the medical cost, income tax benefits and meeting unexpected medical expenses.

Medical treatment costs are increasing all over the world.  During unforeseen medical emergencies, you must focus more on the recovery of yourslef or your loved ones instead of stressing about the list of bills that would be handed over to you at the end. Therefore, the right health insurance policy will assist you to meet the financial demands resulting from such medical emergencies.

Tax Benefits

Besides medical expenses benefits, there are other benefits as well such as tax relief which could lead to tax savings for you.

Reduces Financial Stress During Medical Emergencies

A health insurance policy can reduce the risk of exhausting all your savings. A good insurance policy can help you secure your future by eliminating financial stress at times of unforeseen medical emergency. No matter what stage of life or age, a health insurance plan can be a lifesaver for you. You must be adequately covered in order to reduce the uncertainties involved regarding health risks and financial planning. Whether it is medical insurance or critical illness, you can find different plans according to your needs.

Access to Quality Healthcare

Health insurance ensures that policyholders have access to a wide range of healthcare providers and services. You will have the flexibility to choose from a network of hospitals, doctors, and specialists covered by your insurance plan. This privilege enables timely medical intervention and ongoing treatments that will enhance overall health outcomes and well-being.

Management of Chronic Diseases

Chronic diseases such as diabetes, heart disease, cancer, and asthma require ongoing medical care, medications, and specialist consultations. Health insurance coverage includes visits to the doctor, prescription medications, and the treatments needed. This will help in the management of chronic conditions and help improve the patient’s quality of life.

Support for Mental Health

Mental health is a major aspect of one’s overall well-being, and some health insurance now offers coverage for mental health services. This means therapy sessions, counseling, and psychiatric medications are covered. With mental health support via insurance, individuals can seek professional help, address mental health concerns, and receive the necessary treatments needed.

FAQ

Can I pay for medical expenses out of pocket without health insurance?

Yes, it is possible to pay medical expenses out of pocket. However, healthcare costs can be really expensive, especially for major or chronic illnesses that require surgery or long-term treatment. Without health insurance, the financial burden can be overwhelming and lead to significant debt or limited access to the necessary care needed. Health insurance is a safety net that reduces the financial risks associated with both medical emergencies and ongoing healthcare.

What are the advantages of having health insurance?

Health insurance offers the following advantages:

• Access to a network of healthcare providers.

• Ensures timely medical intervention.

• Covers a significant portion of medical expenses.

• Facilitates early detection and management of health concerns.

• Promotes overall well-being

• Provides peace of mind knowing that you are financially protected against unexpected medical costs.

 

Can I rely on government healthcare programs instead of health insurance?

The Malaysian government provides valuable healthcare coverage. However, there may be overcrowding at public hospitals. Health insurance offers individuals a broad range of healthcare options and flexibility when it comes to medical attention.

Is health insurance necessary if I am young and healthy?

Yes, health insurance is important even if you’re young and healthy. While you may have fewer healthcare needs right now, unforeseen accidents and illnesses can happen anytime. Health insurance provides financial protection and access to medical care regardless of your current health. Also, having continuous health insurance establishes coverage history which makes transitioning to different plans easier as your needs change when you grow older.

Can I get health insurance later if I need it?

Yes, you can. However, it’s ideal to obtain health insurance as soon as possible. Delay in doing so can leave you vulnerable to high medical costs if an unexpected health issue happens. Remember that most insurance plans have waiting periods and exclusions for pre-existing conditions. Acquiring health insurance early will help ensure adequate coverage when you need it.

Conclusion

Health insurance such as Prudential’s PRUMy Medical Plus and PRUMy Critical Care is vital for financial protection during a health crisis, access to quality healthcare, coverage for emergency and critical illnesses, management of chronic diseases. Having a health insurance policy allows individuals to take charge of their health and receive medical care when it is needed. It’s also one of the best protection one can have to protect themselves from potentially devastating financial consequences due to expensive medical bills.