No one plans on getting sick or hurt, but most people do need medical care at some point. The cost of an illness or injury can cause severe financial strain, draining your savings. Even if you’re young, fit, and healthy, enrolling in a medical insurance plan can be extremely beneficial.

Let’s take a closer look at five exclusive benefits of medical insurance coverage.

1. Protection from High Medical Costs

Healthcare costs are continuously rising, and the bills for uninsured individuals can be catastrophic. For instance, in Singapore, medical costs are projected to increase by 12% by the end of 2025. The credit goes to a fast-ageing society, more modern treatments, and increased manpower costs.

Whatever the reason, people have no option but to deal with rising costs. With a robust medical insurance plan, you would only pay a fraction of what the medical issue costs out-of-pocket. This goes for a broken leg, heart surgery, kidney ailments, and more.

Your medical insurance provider will cover some medical costs with monthly premiums.

2. Preventive Medical Services

Most medical insurance plans cover preventive services at zero cost to the consumer. Preventive care can be grouped into three categories:

Care for children
Care for adults
Care for women

For instance, preventive care for adults might include the following services:

Screenings – abdominal aortic aneurysm one-time screening, alcohol misuse screening, blood pressure screening, cholesterol screening, colorectal cancer screening, type 2 diabetes screening, hepatitis B screening, and hepatitis C screening.

Immunization – hepatitis A, hepatitis B, human papillomavirus (HPV), and influenza.

Counselling – alcohol misuse counselling, obesity counselling, and smoking cessation interventions.

In this way, medical insurance can protect you from life-altering medical expenses and improve your quality of life.

For children, preventive medical insurance will cover pediatric visits, vision and hearing screenings, developmental screenings, and immunizations.

3. Prescription Medicine Coverage

Prescription medication can be extremely expensive without insurance coverage. Most healthcare plans cover prescription drugs. This includes diabetes and asthma medications, contraceptives, and cardiovascular drugs.

This will lead to better management of health conditions and improved outcomes.

4. Fast and Convenient Access to Healthcare

Medical insurance plans make healthcare convenient and efficient. For instance, you can get cashless claims without having to go through lengthy claim procedures.

Most insurance companies settle the bill directly with your healthcare centre on your behalf. You would, however, have to pay some portion of the bill. For instance, your insurance provider might cover up to 95% of your hospitalisation bill.

Moreover, health insurance facilitates timely medical attention. This will lead to better outcomes and reduced complications.

5. Peace of Mind

Getting diagnosed with a medical condition is financially and emotionally challenging. It can put significant strain on your emergency fund, causing stress.

With a robust medical insurance plan in place, you can have peace of mind. Think of it as a safety net taking care of bills, medication, tests, hospitalization, and other medical expenses. You can focus on recovering and getting back to daily activities.

Just as you take out life insurance, you need health insurance to protect your family.