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Why Health Insurance Is Important
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Why Health Insurance Is Important

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You know that health insurance is important, but it’s important in more ways than you may think at first glance.  
Health insurance isn’t always the easiest to understand. But it’s worth taking a little time to learn about, after all, knowledge is power. In order to make the best health insurance decisions for yourself and your family, there are some key facts you should know—including these. 

Health Insurance Improves Access to Healthcare   

Few things are more important than good health. Most of us learned that anew during the pandemic. One essential to good health is having access to quality healthcare. And in most parts of the world, health insurance provides that access.  
Think about it: often, health insurance is the key to seeing a physician…getting admitted to a hospital… and receiving the treatments and medications you need.  
In other words, that little health insurance card you carry in your wallet is one of the most important documents you own. 

Health Insurance Protects Your Finances   

Health insurance doesn’t just protect your physical health, it protects your financial health, too. Healthcare is expensive—and without health insurance, you’re responsible for paying those costs out‑of‑pocket. This can be devastating, especially when a health crisis arises.   
According to the World Health Organization (WHO), more than one billion people worldwide—about 14% of the global population—are mired in catastrophic medical debt that impacts their quality of life.  
Ask yourself: if you had to come up with, say, an extra 10% of your budget to pay medical bills, where would that money come from? Savings? Credit Cards? How much of a hardship would that be, and how would it impact your lifestyle and future?  

Quality Health Insurance Covers a Wide Spectrum of Care 

While health insurance is particularly valuable when seeking care for a serious condition, quality health plans provide coverage for a wide range of medical services, including:    
 In fact, many health insurers are placing increased emphasis on preventative care/wellness benefits, because they are highly effective at ensuring long‑term well‑being.   

You May Be Required to Have Health Insurance  

Because healthcare is so important, many countries require their residents to have it. Some also require employers of certain sizes to offer it to their workers. And in other countries, public or government‑backed programs provide healthcare directly to its citizens.   In most countries, health insurance is closely regulated—although those regulations vary widely. For example, you may be required to carry a basic level of coverage, although more extensive policies are also available.   
Obviously, it’s important to know what’s required of you, as well as how to obtain health insurance in your area.  

Where to Get Health Insurance: Know Your Options  

There are several ways to obtain health insurance, and these options vary depending on where you live. Some of the most common ways to get health insurance include:  
  • ‑ These are offered by employers or professional associations. Often, they provide more comprehensive coverage and lower premiums, because the risk is spread across a group of people. 
  • Government Programs ‑ Many countries offer government‑sponsored insurance or subsidies—often provided via an online insurance marketplace or exchange. 
  • ‑ These are designed for individuals and families who may not have access to group insurance, such as the self‑employed and those in‑between jobs. In many countries, individuals can purchase insurance directly from private insurers such as PALIG or through marketplaces/exchanges.    

Where to Find Health Insurance Guidance  

Obviously, there is much more to know about health insurance, including its key components—like deductibles and copays—how to choose a plan, and how the application process works.  
At PALIG, our experienced agents are here to help you increase your understanding. We offer a range of individual and group health insurance plans in many countries. Your local agent can tell you what’s available to you and guide you through the applicable process.  
Hurricane Notice
Due to the tragic impact that this season's hurricanes have had on so many, any policyholder affected by hurricane disasters who needs additional time to make a premium payment or comply with a policy deadline is encouraged to contact us so we can make reasonable accommodations to assist you.
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