Discuss the advantages of Health Insurance.

A health insurance plan is a form of insurance that aims to provide with the financial capacity to
spend for any unfortunate incident that requires medical care and hospitalization within the coverage of
the plan. Having stated that, the advantages of health insurance are as follows:

 Lower costs for reliable health care. It is where small premium collects small
contributions on a regular basis with the level of assistance being determined by the
parties concerned in an instrument called policy. On the other hand, a voluntary insurance
is where a person may enroll in a health insurance scheme which is purely optional on his
part.
 Helps you protect yourself from the unexpected or unwanted conditions through the
principle of risk-sharing.
 Promotes equity in health care is when every person has the opportunity to attain their
full potential of health.
 Effective means of generating resources for health services. The government, the private
sector is compelled to set aside money for health purposes in the case of statutory health
insurance.