The World Health Statistics is an annual snapshot of the state of health around the world, with the latest report highlighting just how vital health insurance can be in unforeseen circumstances.
“Too many people are still dying of preventable diseases, too many people are being pushed into poverty to pay for health care out of their own pockets and too many people are unable to get the health services they need." —WHO Director-General, Dr Tedros Adhanom Ghebreyesus
But despite its importance, health insurance is not something that many people consider. Why is that so? Today, we examine 4 of the most common reasons for not getting health insurance.
1) “Health insurance is too costly. I’d rather save money!”
“Health insurance is actually cheaper when you’re healthy and more expensive when you get sick.”
While health insurance may not be cheap initially, it can prove to be less costly in the long run when the need arises. It is important to realise that some situations demand for long-term treatment rather than a one-time fee. If you’re looking to save money, don’t dismiss health insurance entirely. In fact, it is actually cheaper when you’re healthy and more expensive when you get sick. Try looking out for cost savings through family policies. That way, you can save up but also not back out from your safety net.
2) “I have a regular exercise routine that keeps me healthy.”
Complacency often sets in when we’re having it good. You may be in the pink of health and taking up exercise classes regularly, but the worst types of disasters are those that come without warning. For example, certain diseases such as cancer have no correlation to your current state of health. In addition, people with active lifestyles might even be more prone to conditions such as high blood pressure and diabetes due to genetic disorders that are inherited in their family history. Hence, while a regular exercise routine is recommended for everyone, it should not be seen as a reason to avoid getting health insurance.
3) “I’m young and less prone to falling sick.”
“Most insurance plans require higher premiums when you’re older and exclude existing medical conditions.”
While that may be true to an extent, age could also represent a major complication should anything untoward happen. That is because younger people are less likely to have stable incomes to handle high medical costs as compared to older people who have been working for some time. As people age, it is also more likely for them to develop health conditions along the way. Most insurance plans require higher premiums when you’re older and exclude existing medical conditions—which is why it is always advisable to invest in a health insurance from a young age.
4) “Health insurance is too complicated to understand.”
With so many types of health insurance policies available on the market, it is normal to feel overwhelmed and confused about what is best for you. Hence, it is important to find a trustworthy insurance company that is readily contactable anytime, anywhere. A 24-hour hotline and easy-to-understand policies such as MSIG Voluntary Health Insurance Scheme would provide you with both assurance and awareness of health coverage that are most suited to your needs.
When it comes to health insurance, it is important to look at long-term rather than short-term reasons.
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