If you don’t have health insurance, then you’re not alone.
In fact, you may be in the majority as only 1% of Nigerians have valid health insurance coverage. But that is not a good majority to be part of.
Most people, especially youths, would prefer to go without coverage. After all, if you look after your health and you take proper care of yourself, there is no point paying a monthly premium to a company basking in some highbrow area of town. Right?
Not so fast!
Even if you’re youthful and glowing with no health emergency in sight, there are still ample reasons that make buying health insurance a smart decision.
Let’s see 3 reasons why health insurance is essential.
- It can save your life at little or no cost
Terminal diseases such as cancer can destabilize individuals and families in no time. Often, these illnesses come without warning and managing them can run into millions of naira. If you don’t have such an amount lying fallow anywhere, then you or your loved ones are open to the financial risks such diseases bring.
It’s disheartening to see people die because there was not enough money to save their lives. A proper health insurance package can enable you to cover part or all of your medical bills should emergencies rear up.
- It can save you from bankruptcy
Few things are more damaging to a person’s image than filing for bankruptcy. In climes such as Europe and America, a bankruptcy claim, though genuine can be a permanent scar on your credit rating.
In 2018, a study published in the New England Journal of Medicine revealed a correlation between bankruptcy filings and hospital admissions.
That is, people are more likely to file for bankruptcy in the years following their admission to a hospital.
Health insurance coverage may not shield you from paying your medical bills. However, it puts a cap on how much you would be required to pay; ultimately helping you avoid bankruptcy.
- It can preserve your health for the long haul
Although most people believe that having a health insurance cover is a license for reckless living, nothing can be farther from the truth.
Most people who tend to be careless with their health have no insurance cover. The reason is simple, most health insurance packages cover a range of preventive services. These services include those for all adults, specific to women and specific to children. These preventive care services are often free as long as you have a health insurance plan.
Preventive services like these do not only offer you convenience, they also save you thousands of naira in health checks and other ancillary bills that quickly add up. They also save you from future health complications that arise from untreated or undetected health issues.
Not getting comprehensive health insurance is choosing the hard way of health risks, compounding health complications and huge out-of-pocket medical expenses. Why take the hard route when there’s an easy path, especially when there are no apparent rewards for going the harder route? The premium you pay for health insurance is not you enriching a sleek company. It’s you investing in your future, minimizing medical inflation for yourself and your family and not having to dump your hard-earned savings on some disease popping out of nowhere.