Medical and Health Care Costs Are Skyrocketing!

While medical and health-care costs have skyrocketed in the last few years, for many people, if they just reorganize their priorities a little, then they’ll be able to get medical insurance for their family.

Let me explain.

Although some people say they can’t afford to buy any medical insurance for their family… they can afford to drink several cups of Starbucks’ coffee a day, eat at McDonald’s several times a week, drink the famous Coca Cola or have a beer every night, smoke several packs of cigarette a day, and so on.

As you can see, all of us will have our own habits, indulgences and priorities.

Listen, even if you’re in a tight financial position right now, if you reorganize your finances a little, you’ll likely be able to find the money to buy medical insurance protection for your family.

Even though medical and health-care costs are high, for as little as several ringgit a day, you can start getting some medical insurance protection for your family. And, as your financial position improves, you can then get more and better protection later on.

The question you need to seriously ask yourself is…

“Who will pay the medical bills if a loved one or I have a serious accident or a major illness?”

If you don’t have a good answer for this question right now, then you need to protect your family with medical insurance.

Now, while hospitals are legally required to give emergency treatment to you (and everyone who needs it)… it’s naive to think you would get the same quality of care as a patient who can pay the medical bills (either through their insurance company or out of their own pocket).

Anyhow, like most responsible people, you’re probably protecting your valuable assets, such as your home, your car, your business, and your life, with insurance products, aren’t you?

Well, since having medical insurance is just as important as having the other types of insurance, aren’t you going to give your family the necessary medical insurance protection right away, if you haven’t done so already?

Great!

Okay. When you buy a medical insurance policy, you pay money, known as the premium, to an insurance company. The insurance company then invests your money, together with those of thousands of other insurance buyers, known as the policyholders, to earn a great rate of return.

By doing so, the insurance company will have the money to pay your health benefits, known as the proceeds, if you should need medical care due to an injury or illness.

When you buy a medical insurance policy, you believe the risk of you getting injured, disabled, or ill… is greater than the premiums paid on the policy. And so you want to shift or transfer this risk to the insurance company.

On the other hand, by selling you the policy, the insurance company believes the premiums they’re receiving from you over the policy period are greater than the proceeds they must pay out in claims (requests to recover losses covered by an insurance policy).