Exploring the Advantages of Health Insurance

Health insurance is much more than covering a person for emergency medical situations. From opening up access to different healthcare services to being a part of your financial planning, such insurance can be a lifestyle boon in countless areas. Here, we’ll explore the advantages of health insurance and why such a policy can benefit both individuals and families alike.

Contents

What are the Advantages of Health Insurance Companies?

1. Peace of Mind
2. Access to Alternative Healthcare
3. To Cover the Cost of Regular Prescriptions
4. To Assist with Financial Planning
5. To Increase Choice
6. To Reduce Waiting Times
7. Access to Routine Screening
8. Cover Abroad

Conclusion

What are the Advantages of Health Insurance Companies?

Health insurance companies offer plans to cover the needs of individuals and their dependents. With €119 billion paid out in 2019 in Europe alone, more and more people realise its advantages.

There is a considerable amount of choice available when deciding on a health insurance policy. Different companies offer different perks and benefits depending on their cost structure. But in general, you’ll find the following advantages:

1. Peace of Mind

None of us know what’s around the corner, be it good, bad, or somewhere in between. Knowing you’re covered in an unexpected health issue is invaluable for peace of mind – something that can contribute to better health!

2. Access to Alternative Healthcare

The term ‘healthcare’ is wide-ranging but naturally covers treatments approved and legislated by qualified healthcare professionals and backed up by scientific evidence. There are countless other treatment methods for conditions which are neither endorsed nor legislated by qualified individuals but which may prove beneficial to some people suffering from certain conditions.

These fall under the umbrella term of ‘alternative’ medicine, including herbal medicines, homeopathy, and naturopathy. A public healthcare system offering access to these treatments would be doubtful because of inconsistent evidence. However, certain health insurance companies may allow access to specific alternative treatments, which are beneficial to some.

Discover more with our article on Why Take Out Private Health Insurance?

3. To Cover the Cost of Regular Prescriptions

If you have a long-term health condition requiring regular medication, the cost can mount up over a year, even if your condition is not severe. Most public healthcare systems charge for prescription costs for the majority of people. Having this covered by health insurance can be financially beneficial to the individual in question. 

It’s important to note that not all health insurance plans cover the costs of regular prescriptions. 

4. To Assist with Financial Planning

Those looking to secure their future may have an investment portfolio. This could include savings and assets such as property or stock investments. Should an unforeseen event occur, healthcare costs may suddenly impact your ability to save and thus plan for the future. Whereas having a health insurance policy to cover unforeseen eventualities means your financial planning can go ahead without any risk of interference.

5. To Increase Choice

Great as they undoubtedly are, public health systems need to be practical with regards to their planning. Should a person require immediate healthcare treatment, they’ll likely be taken to the nearest clinic or hospital to their address.

This may not always be the best establishment within the local area. Private health insurance gives an insured person the right to choose the hospital of their choice. It’s a similar scenario regarding needing a doctor or specialist. Instead of taking the first person offered, private health insurance allows you more choice over which healthcare professional you will be treated by.

6. To Reduce Waiting Times

Waiting times for non-life-threatening operations can be lengthy under public health conditions, with a majority of people in most European countries feeling they are too long. But those waiting for the likes of a knee or hip replacement may be experiencing discomfort daily. They may have no choice but to wait for their operation time to arrive. Private health insurance plans reduce waiting times, meaning you can access the operation you need much faster than those relying on a public health system.

7. Access to Routine Screening

Given the costs involved, public health services cannot offer random health screenings to those who may not need them. Instead, screenings are usually offered to groups most at risk of particular conditions, given their age, gender, or genetic history. Private health insurance can give an individual greater access to routine health checks for undiagnosed conditions, regardless of age, current health status, or background.

8. Cover Abroad

Although different to both life insurance and travel insurance, one significant advantage of health insurance offered by some suppliers is an international option. For example, GasanMamo is based in Malta but offers a comprehensive international plan. This offers a full refund of fair and reasonable fees for both in-patient and day-patient medical treatment anywhere in the world except the US and Canada. It also includes repatriation back to Malta should Maltese citizens require it.

Conclusion

Unfortunately, a surprise medical emergency can happen from time to time. Whilst we may be unable to prevent these from occurring, we can at least be prepared as much as possible. A policy that covers not only your own needs but also those of your dependents can reduce anxiety and be of financial benefit. As an overall, the advantages of health insurance could make a vital contribution to your well-being in the long term.

Begin your own search for the right plan by looking through our clear and transparent benefits on our health insurance page.

GasanMamo Insurance is authorised under the Insurance Business Act and regulated by the MFSA.