Insurance costs are going up. Whether you’re buying personally or it’s coming from your employer, expect to shoulder more than what you did last year. Premiums are increasing in value and it’s understandable should it command a higher price. Nonetheless, what drove it to cost more in the first place anyway?
The Needs of the Many
Pacific Prime noted, “Individual health insurance plans generally have the advantage of greater flexibility and a lot of options for different kinds of coverage. However, this also means that there’s a lot of choices to make.”
Many people have been complaining about the amount of coverage in packages since time immemorial, however. The basic premise of insurance is to protect one against risks, which have chances of not coming to fruition. Still, it’s better to be safe than to deal with it when it, either an illness or an incident, happens.
On a different perspective, insurance companies will charge more because they’ll be providing more. People need to realise the business side of providing insurance. As any SME, insurance companies need to earn their keep to continue existing. At face value, everything that factored to increased insurance costs has a reason to be there.
Everyone would like low-cost insurance accepted worldwide that has wide medical coverage. If society is perfect down to the last detail, this might be possible. Low-cost insurance will give you minimal protection. Nevertheless, it isn’t a bad thing if that the kind of insurance you go for. Take for example a car.
A Nissan Note is one of the lowest priced cars in the market. So low is its price that a minimum wage worker can afford it. It has a low price for the reason that it serves a basic purpose: to get one from point A to point B. The equivalent of radio, air conditioning and proper car seats to insurance is free medical check-up, essential prescription and hospital coverage.