Importance of having a medical insurance

Many people don't have a great opinion on medical insurance. I'm one such people and I used to be that person until last year. In the last financial year I have had some big medical expenses in my family and that's the reason why I wanted to reconsider what I was thinking. I always think that we should save and keep enough money to cover our medical emergencies. That's a good thing but I didn't realise that saving and keeping the money will take some years time and until then we need the coverage.

Source - Gemini

I was fortunate enough to have some medical coverage in my office. Not just for myself but also for my family. One great thing about that is that it also covers my parents. Last year I had to spend a lot of money on my mother's medical expenses. One good thing is that some of it was covered by my medical insurance company. The advantage of having a corporate insurance is that they don't care about the previous medical history of the parents. They cover insurance if it is genuinely possible. If we go for a private insurance, it would even be hard to get it for old age people or for people with pre existing issues.

Now having an insurance reduced my burden by so much. If not for insurance I would have not had the money to cover my hospitalization expenses. Another reason why I did not have a great opinion about medical insurances is because they don't cover non hospitalization expenses and most of our medical expenses would be only that. So ultimately I would say that if we have enough money and we are well off, we should allocate some money and keep it for medical emergencies. If we are still growing our finances, then going for the medical insurance is the best solution.

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