Importance Of Health Insurance

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Introduction Human beings are exposed to various kind of risks in their daily lives and activities. Earning capacity may be ended abruptly due to death, old age, sickness or accident that may result in disability. Therefore, we need an insurance to solve this problem. Insurance can be defined as an economic institution based on the principal of mutuality, form for a purpose of establishing a common fund, the need for which arise from chance occurrences of nature, whose probability can be estimated. When you buy an insurance policy, you are transferring the risk of a potential financial loss to the insurance company in exchange for a fee. The insurance company, in return, promises to provide you with financial assistance if you face an unexpected loss. The Importance of Health Insurance…show more content…
Having health coverage is associated with better health-related outcomes. For example, it helps people to get timely medical care and improves their lives and health. There will be less unexpected health and medical bills when you enter hospital. Next, it makes quality treatment affordable. Health insurance also involve cashless services and tax benefits. Insurance seems expensive, but not having it can cost much more during the attack of some surprising events such as cancer or

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