Why we need health insurance – experts explain

Why do we need private health insurance when we belong to the state social security system? The question is reasonable, but the answer is also clear: For various reasons, state benefits do not always fully and comprehensively cover the modern health needs of us and our family.

This creates a “vacuum” that is filled by private health insurance that works alongside state benefits.

Private health insurance is considered necessary for a number of reasons that vary according to our needs. As insurance market experts explain, the main reasons for choosing a private health policy include:

Access to high quality health services

A private health insurance package provides the option of visiting private hospitals, clinics and doctor’s offices, where there is no waiting time compared to the public health system.

Multiple service coverage

Private health insurance most often provides additional coverage for a wide range of services not covered by the public system.

Immediate access to tests and surgeries

Faster delivery of health services is an advantage of private health insurance, which can ensure immediate access to diagnostic tests and operations and minimize waiting times.

Greater financial security

We all know about the fortunes lost in covering medical expenses. Private insurance provides protection against high medical costs by offering additional financial security.

Prevention and wellness

Some insurance packages also provide preventive care services such as checkups and nutritional counseling and offer comprehensive health care.

From the above, it is clear that although public health systems offer basic care, many choose private health insurance to ensure additional benefits and health protection.

So there are many reasons to rethink your stance and include private health insurance in your personal and family plan.

Summarizing the above, we note that:

  • through health insurance we ensure the restoration of our health in the event of illness or injury, as well as dealing with the financial consequences of temporary or permanent incapacity that may result from it.
  • We also get eaccess to the highest quality and modernized healthcare services and we avoid long hours and days of waiting.

So let’s see what we need to know about private health insurance to make the right decision. First of all, we need to know that health insurance can take the form of individual contracts (insurance for individuals) or group contracts (insurance for groups of people, e.g. company employees).

Coverage

The policy may contain pure health cover, or it may have life or annuity insurance as the main cover and the health cover is provided as a ‘supplementary policy’ or ‘add-on’ to the basic life policy. In any case, coverage in a policy that provides health insurance can be a combination of the following:

  • HOSPITAL, i.e. coverage for health problems that require hospitalization
  • outside the hospital i.e. coverage for health problems that do not require hospitalization
  • Inability, i.e. compensation/compensation for losses caused by illness, injury or disability.

It goes without saying that the cost of a health plan is determined by the coverage it provides, but also by factors such as whether or not there is an active Social Security fund, exemption amounts, coverage rates, and whether more than one family member is insured.

An important cost factor is also the degree of risk, i.e. the risk that the company is asked to assume by concluding the contract. The smaller the risk, the less premium the insured has to pay. For example, at an older age, there is a greater risk of disease, and therefore also a risk for the insurance company.

What does a hospital plan include?

A hospital health plan allows you to take care of your health in the best way possible. You get access to top private nursing facilities and quality health services with little or no co-pays. This means that depending on your policy, some or all of the hospitalization costs may be covered by your insurance. There are programs in Greece that offer a range of coverage for every need.

What health insurance does not cover

The answer depends on the company. Examples of cases not covered by health insurance are physical injuries or illnesses that existed before the start of the insurance and their complications.

When is the right time for a health insurance plan?

If we consider that the state of our health is primarily proportional to time, the sooner the better! Of course, it is never too late to decide to take out private health insurance even after the age of 60.

In any case, a health insurance plan can be started from 30 days to 70 years, depending on the company and the plan.

Compensation process

The reimbursement process varies by company and program. In any case, you should notify your insurance company immediately of any hospitalization. Some plans offer direct hospital payment (at contracted hospitals), depending on the terms of your policy.

If the hospitalization takes place in a hospital with which your company does not cooperate, you will have to pay the costs yourself and provide the supporting documents that your insurance company will require from you in order to subsequently compensate you.

Now is the time to contact an experienced insurance broker and get private health insurance. As this year comes to a close and we all make plans for the next one, it’s in our best interest to put a hospital health plan at the top of our list for 2024!

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