Building your savings account up can be a complete pain. Sometimes it is just too easy to dip into the account to pay for things that may or may not be needed but have to be paid for, such as a trip to the emergency room when the kid falls off the trampoline in mid-flight. Of course, your health insurance will cover most or all of the costs associated with the visit, but one aspect of that visit that you may not have even thought about is the savings that you received. You are probably scratching your head and thinking that the author is crazy. Going to the doctor and paying a bill is not savings to you, but rather another bill to add to the list of outgoing money every month that you have on your budget (you do have a budget set up, right?). Well, let’s take a look at a few ways that health insurance can help you protect your savings and actually help you increase it.
Health Insurance Covers Those Huge Emergency Medical Costs
You know how much medical expenses can cost, especially when you are talking about emergency room visits. Ambulance or helicopter rides are not even something you want to discuss because just the thought of either of them will cost you money. The point is that medical expenses cost money. A lot of money. Without a good health plan, all those expenses will have to come straight out of your pocket, which means you will have to dip into your savings account. If you have health insurance, it will cover most, or all, of the expenses, which helps you protect your savings.
Hospital Stays Covered By Health Insurance Save Your Money
One of the most expensive times in a couple’s life is when you decide to have a baby. Granted, it is one of the most exciting times in your life, but when you look at it from a financial standpoint, one of the most asked questions is what does ‘private health insurance cover for pregnancy? Well, the answer to that question will vary between health insurance policies, so you will need to read through your current policy or reach out to a representative of the company that can answer some questions. If you are close to your month when it is time to renew, it may be a good time to check around for a better plan if you are unhappy with what your current insurance company is offering. This saves you from having to fork money out of your savings account, which helps you save money.
Cash Discounts For No Claims On Your Health Insurance
If you go to your yearly or every six-month check-up, you probably have to file a claim with your insurance company, but if you get lucky, they may not count it as an actual claim. The reason is that it is a preventative visit that can help you stay healthier than you normally would be, saving the insurance company money in the end.
Anyway, the point is that many insurance companies will give you a discount on your next years premiums if you do not have any claims for the previous year. So, if they do not count preventative visits as a claim, which is the only reason you ever go to the doctor’s office, make sure to ask for a discount.
Also Read: List of Best Health Insurance Plans in India
If your insurance carrier does not offer one, you may want to check out your options before you pay for another year of health insurance through them. Ultimately, these savings on your premiums can help you put more into your savings account, helping you save money and build your wealth.
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