5 Reasons Why You Need Medical Insurance

Even as the medical insurance industry continue to expand in Kenya, some people, particularly the young or healthy, still think they don’t need coverage at all. This is quite dangerous in a country where the cost of health care keeps rising at an alarming rate.
While medical insurance, just like other forms of insurance, is a service paid for in the hope that it will be needed in future, it is important to remember its value in dealing with unpredictable, abrupt and purely uncontrollable health problems that arise in people’s lives.

So why do you need medical insurance? Without coverage:

1.       You are at a huge risk of financial ruin

You may be healthy today, but an abrupt onset of a serious illness (cancer, appendicitis, diabetes) or a severe traumatic injury (car crash) can leave you with overwhelming medical bills. Failure to pay for the high medical bills, one of the common reasons why Kenyans file for personal bankruptcy, will ruin your credit history and draw you back several years.

2.      You will not readily access primary care and preventive care

Medical checkups and preventive care, such as vaccinations, mammograms, prostate cancer screenings and colonoscopies, are usually catered for by Kenyan insurers without copayments. Hence, a medical plan will encourage you to routinely participate in preventive care, stay healthy and identify health problems early enough, when they can easily and inexpensively treated. Besides, most Kenyan medical insurance policies offer a minimum standard or care (essential health benefits) in the 10 categories of outpatient (ambulatory) care services, preventive and wellness services, hospitalization, emergency care, maternity and newborn care, mental health and substance use disorder services, pediatric care, prescription drugs, and rehabilitative services.

3.      You may have trouble accessing follow-up care

The emergency departments of Kenyan hospitals traditionally care for patients with urgent medical needs, such as head injuries and broken bones caused by an accident, regardless of the patients’ ability to pay. However, your ability to access the requisite follow-up care or other services necessary to get back to full function will require a medical coverage or a huge sum of money.

4.      You may never access the best options for offsetting coverage costs

Access to tax credits and subsidies for offsetting premium costs and out-of-pocket expenses are only available to moderate and low-income Kenyans with medical insurance plans. A lack of medical coverage means you can’t get these benefits and must pay your medical costs in full.

5.       You may be forced to wait to get coverage when you need it most

Don’t be fooled that you can simply use your iPad to sign up for health insurance any time you need it. No. Even when you are in the emergency room waiting to see a doctor, you will not be able to rush through your application and approval process. In fact, medical insurance can only be purchased during certain open enrollment seasons or within 30 days of life-changing events, such as divorce, marriage, change of job status, or the birth of a child. Hence, you need to apply for coverage to avoid the need to wait to be insured when you are in great need.