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Good Thing We Humans Invented Health Insurance
Insurance is a good way of keeping yourself from going broke. Life insurance lets your family keep living a comfortable life after you die. Fire insurance helps you get on with your life after a fire. Auto insurance helps you get back on the road after getting into an accident. These days, there are all kinds of different insurance packages you can buy. This makes me wonder why health insurance lags behind all the other kinds. After all, it is very important and popular. Its purpose is to pay medical bills.
The principle that allows insurance to exist is loss sharing. Simply put, many people seek insurance, and they all pay the insurance company. These payments are called premiums. The company then promises to pay them much more than their premium in the unexpected event that whatever the insurance is for occurs. This promise of possible payment is called a policy. The three most common types of insurance are (1) life insurance, (2) private health insurance, and (3) property liability insurance.
Before the 1920as, there was very limited health insurance and very few people paid attention to it. Back then, it was common to deal with sudden illness by giving away life savings, going into debt, or simply not dealing with it at all and dying without the proper care. Although some doctors were willing to accept instalments, this did not help when a patient died before recovery as their family would be stuck with the debt. Health insurance was so difficult for the average person to afford that certain diseases became known as rich manas diseases, because only rich men could afford to have them treated. There are a few reasons why this may have been the case. Life insurance was the most common kind of insurance back then, and maybe nobody ever thought to insure health as well. Maybe people were too poor in general back then to afford the necessary premiums to make the system work. Maybe people had more trust in fate back then to keep them well. Nonetheless, life before health insurance was certainly difficult.
Since those early times, the insurance industry had undergone radical changes, especially concerning healthcare. Modern health insurance pays for at least the partial cost of hospitalization, surgery, laboratory tests, medicines, along with other medical costs. It is possible that insurance is more necessary than it was in the past because with rising medical costs all around, very few illnesses are affordable for the average person. Luckily for us, help is easier to secure these days. Health insurance has most likely been a large factor in decreasing mortality rates. It is kind of ironic how a man with life insurance can die of no health insurance and still make his beneficiaries rich.
These days there are many kinds of extra health insurance available. One kind compensates for loss of ability to work. Another kind is preventative, such as dental expense insurance. These additional kinds of health insurance are usually bought by companies for their employees. For the well covered employee, becoming sick is much easier these days. They need not worry about finances, only about getting better. One downfall of all this extra insurance is that prices can rise quickly in the medical industry because it is corporations and not people who are paying the bills.
Some relief is provided here by the competition introduced by the various financial institutions competing to provide health insurance at the lowest cost. Insurance companies seem to be aware of the importance of health insurance to the average consumer. Consumers of health insurance get a good feeling from knowing that any treatment within human knowledge is within their own reach. Despite the fact that medical care may now be more expensive because of the insurance companies, the prevalence of health insurance delivers a sense of security to the general public.
There are even special kinds of health insurance for people with high risk jobs. This is especially true of the performing arts. It is common for actors and dancers to have more coverage than the average person because they are more likely to hurt themselves, and their injuries are more likely to take them away from their jobs. It is good that such diversity exists in health insurance.
When one takes all the sides of the story into account, it becomes clear that overall, health insurance is a good thing. It has drastically improved the quality of the average personas life. Due to health insurance, there now exist adequate medical facilities to treat almost any ailment that arises. Hospitals and doctors have become much more specialized since the rise of insurance. Thank you insurance, thank you healthcare!
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