Question

What happened to the market for health insurance when every one was required to buy insurance? How did this affect consumers?

Answer 1

Medical Insurance is providing a coverage that pays your medical bill, has become essential today. The insured person can claim and get reimbursement of expenses incurred on illness and injury, under insurance policy. Let’s discuss some pointers why health insurance required for everyone:

1. Medical Insurance Plan make sure compensation for medical expenses that occurs due to any unpredictable/accidental event’s that affect any one’s savings and damage his/her financial goals. Even in today’s scenario Health Insurance plan become a necessity for all to get better medical facility at the time of need without affecting hole in the pocket.
2. Together with Financial protection and medical cover, Health insurance Policy also provides tax benefits.
3. The insurance company’s works in collaboration with various healthcare networks, in result insured person gets cashless and hassle-free facilities. Even a good health insurance policy cover expenses related to doctor’s consultation fees, Medical tests costs, hospitalization, medical health check-ups, ambulance coverage etc.
4. Affordable Care Act (ACA) – As per the Act most of the people are now required to have health insurance otherwise may have to pay a tax penalty.

Privatization of health insurance industries leads to premium increases which affects customer pocket but can benefit who lack coverage and are ineligible for public coverage can purchase private policies. Rising medical costs can affects a lifetime savings with any occurrence of one major medical emergency. Health insurance plan helps in paying such costs and gives you peace of mind.