Money and insurance

This is why you need health insurance now

While you cannot plan for getting sick, you can avoid financial ruin with health insurance.

By Kaydee Dela Buena

According to a US News health report, one of the most common reasons people file for personal bankruptcy is their inability to pay for medical bills resulting from serious illnesses. This is backed by data from the American Journal of Public Health, which reported that 67% or two in three bankruptcies are due to medical problems—either from medical bills or income loss or both.

As much as we strive to be healthy throughout our lives, health risks and medical bills are part of life. While getting ill is not something you can plan for, you can better prepare for it by ensuring that you and your family have the appropriate financial protection when it does happen.

That’s why people who have health insurance and comprehensive coverage can live with fewer worries should they get critical illness and need hospitalization.

Here are 4 reasons you need health insurance right now.

1. Savings protection

Health insurance allows you to allot more of your savings to other important matters like your retirement and investments. Without it, unexpected medical expenses can siphon off your savings in one go. With health insurance, you and your family are protected, and you’re free to allot your savings to other goals such as buying your dream house, getting your master’s degree, or sending your children to college.

2. Comprehensive coverage

Medical emergencies, especially critical illnesses, may require multiple expensive treatments. A critical illness insurance coverage can help cover the majority of these medical costs, including post-treatment, without making a dent on your savings.

Fortunately, health insurance coverages are evolving to include more diseases and policies relevant to health care. FWD Life Insurance’s Set for Health offers health and financial protection with 3x claims for major critical illnesses. This way, you get to focus on your recovery without the added burden of thinking where you’ll get the money for payments.

3. Protection for your family and for yourself

While not all health insurance plans provide death benefit, there are some that do just like FWD Set for Health. With FWD Set for Health, your family will receive 100% of the benefit amount in case something happens to you before age 75.

And if you stay healthy and don’t make a major critical illness claim by age 75, you’ll get all your paid premiums back, which you can use to enjoy your retirement.

FWD KanMend, meanwhile, is a starter critical illness coverage plan that protects you from 42 major critical illnesses at an affordable price. You can even gift it to your friends, family or employees.

4. Peace of mind

With health insurance, you’re able to gain peace of mind and security knowing that you and your family are protected from unexpected medical expenses. Far from the resulting financial burden that comes with costly critical illness treatment, but closer to a healthy, more enjoyable life.

Schedule a free session and learn more about FWD’s health insurance plans. Click here.