HEALTH INSURANCE 101: EVERYTHING YOU NEED TO KNOW

• HEALTH INSURANCE 10T EVERYTHING YOU NEED TO KNOW *** WHAT IS HEALTH INSURANCE? A type of insurance that covers expenses caused by illness, injury, or medical conditions WHO SHOULD GET HEALTH INSURANCE? Everyone can benefit from having an insurance plan, but the following people are in most need of health insurance coverage: Breadwinners and providers for the family Maintaining their health is critical so they can continue to provide for their families. Additionally, their plan can cover family members. Students/Minors Students and minors who are unable to pay for their medical expenses can stay protected through coverage under a parent's health insurance plan. Employees (Private or Self-Employed) Private employees can benefit from more protection from a personal plan. Self-employed individuals need health insurance as a safety net. Parents, guardians, and pregnant women Parents and guardians need to safeguard their health, so they can continue raising and providing for their children. Pregnant women can reduce the financial burden of giving birth through health insurance coverage. Newly-married couples Newlyweds should invest in their health to reduce medical expenses and ensure their well-being for years to come. BENEFITS OF GETTING HEALTH INSURANCE COVERAGE Hospitalization and medical 1 bills are covered 2 Easier to maintain your health 3 Safeguards against illnesses even later on 4 Emergency services are covered Additional protection on top of your employer's coverage FACTORS THAT AFFECT HEALTH INSURANCE COST Age Older people are more prone to developing illnesses, making them more likely to avail of healthcare. Pre-existing medical conditions Having pre-existing medical conditions increases your risk for developing complications and may involve more frequent testing and treatment. %24 Type of insurance or coverage Different plans, add-on benefits, or investment-linked insurance products can make premiums more expensive. Policy duration The longer the policy is in effect, the more likely premiums will be affected by market inflation and age-related increases. Person covered The more persons covered by a health insurance plan, the higher the cost. $4$ Infographic by: BPI-Philam Life Assurance Corporation www.bpi-philam.com Sources: acko.com | comparethemarket.au | exidelife.in | hdfcbank.com | imoney.ph | insuresaver.com investopedia.com | medmutual.com | policygenius.com | taxguru.in %24 %24