It’s very important that you get good health insurance coverage on time before it's too late. A health insurance coverage plan is a must in today’s world while keeping into consideration the high cost of medical expenses, treatment, surgical processes, and care, etc. The entire medical and health care industry is expensive and seeking treatment, or simply advice from a doctor for some issue may seem to you highly expensive. Many people do not get their chronic ailments treated or delay their treatments for a long time, only because they cannot afford it at all, or realize that the treatment can get them bankrupt eventually. That is why a medical cover is a must to survive in such parts of the world where medical and health care costs are considerably high.
Don't Do Debt
People are in debt for health reasons in many places. One reason people get into debt is that they do not get health insurance, and one day when a serious health emergency strikes and they have to get it treated, they lose a lot of their money and liquid cash, thereby having to take a desperate step for taking a loan for meeting expenses. Another way people get into debt is when they have to take a health insurance cover which is costly for them to afford at once, and to buy that cover they take the loan. In both cases the person may get indebted, but with different consequences of it.
Debt Due To A Medical Emergency
A debt due to a medical emergency is a sad case. Here you have no plans to get into debt, and still, you are forced into debt due to the situation. It happens especially then when you have no health cover bought. When you have no health insurance to pay for your treatment, and you get into such a situation where the medical expense and treatment gets unavoidable, then you first use your saved funds and then liquefy cash from other invested wealth, and finally when you are exhausted financially, then you turn towards taking a loan too.
When a medical emergency strikes, and you have little time to plan, think and pay, then you also get forced to take loans on high-interest rates and no approval and processing time. Payday loans which are approved instantly at high rates of interest, often attract attention in such situations, and you fall into the trap. This kind of debt that you get into due to the wrong decision of not buying health insurance on time can be avoided smartly. If you realize how important it is to get health insurance, and as important as saving money is, then you will do this with great priority setting.
Debt Due To Buying Health Insurance
You may get into debt to buy health insurance too, but that is a quite much manageable form of debt. Health insurance plans are not cheap. The premium of the plans is high and fat. Paying the whole premium at once is not an affordable option for most people. In that case, what commonly people do it, they opt for an EMI based payment, where they pay installments every month to pay the premium. This EMI includes interest charges too because the premium is getting paid in parts while some of the insurance covers and facilities get implemented within a few days of starting the payments. If you take one such loan, and cannot pay the premium EMIs after a few payments, then the cash you already paid also does not help you claim the insurance cover when you need it, and neither can you claim back the already paid money. This is one kind of loss and also an impact on your creditworthiness and credit score. Therefore in any circumstances, you must take health insurance on EMI if you are sure you can pay it on time.
Avoiding Debt Due To Health Insurance
Avoiding debt, by all means, is sensible. However, if you are getting into debt with awareness and budget plans like in the case of buying insurance cover with EMI, then it's still okay. That’s because you will have plans on how to manage things on time and get out of debt. And while you get out of debt successfully, you also build a healthier credit score and record for yourself. But the other way, where you get into debt simply because you did not buy the health cover on time, is a bad way of getting financially unstable only due to insufficient and unsmart planning.
Saving Yourself From Debt
If you plan to save yourself from debt, then the best thing you can do is learn how to get out of debt while you take a loan. That’s because if you know to fight debt, you can plan alternative measures whenever you get the danger signs that you are getting financially weak. Debt consolidation is always a smart measure to get out of debt when you have more than one unmanageable debt. There are other ways too. And you can develop more knowledge of them by studying sources like National Debt Relief. The better you know how to fight debt you will also take better steps on avoiding debt too.
Finally - Getting A Health Insurance Plan
Buying health insurance for you or your family or loved one is the best gift you can buy. Health is important, and without health, there is no meaning in living a life. But maintaining this health and seeking needed treatment is so very costly these days that if you are not insured, you surely are planning financial devastation and wreck for yourself when you need medical treatment.
Conclusion
Hence, for frugal finance and fiscal freedom you must buy health insurance on time, and if needed take the insurance on EMI. This is much better a decision than taking it when you have the money for the full premium.
It goes without saying that healthcare coverage is getting expensive by the day. With health insurance you can live with a free mind and live better.
I hope you enjoyed this blog post about how to avoid debt due to expensive health insurance or lack of healthcare medical coverage.
Interested in more articles about health insurance and medical treatment?
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