GAKENIA: Consider getting medical insurance this New Year

Health insurance is an inexpensive way of buying peace of mind but the medical question would be, are you buying the right insurance and not wasting your resources?

According to Roger Schank, (an American entrepreneur) human minds are naturally not ideally set up to understand logic but to essentially understand stories. The story of health insurance is factual, believable, affordable and interesting and we will seek to understand it in the simplest way possible.

Unfortunately, medical insurance story in Kenya is still considered as an unnecessary expense rather than a necessity. But, let's be realistic, at one time or the other you will fall sick, call for "goat eating' harambeesor still form WhatsApp groups to help sum up money to cater for the same.

These paths not only leave people's pockets dented as hospital bills are exorbitant, but also make people “frenemies” especially when the response is negative like people 'lefting' the group).                             

Most of us can also relate to situations where we dread calls from our parents especially because the requests we get will range from asking for monies to treat pre-existing conditions to infections arising from those related illnesses.

Why a medical cover?

With the rising cost of medicine and treatment, insurance as a partner come in to help you cushion such uncertainties while ensuring optimal health coverage for you and your dependents.

However, we need to shut down insurance superstitious myths held by most Kenyans that this plan is only for the rich and we cannot predict our future health thus leaving healing powers pegged to a spiritual being.

The good news is that awareness about the need for health insurance is on the right path with our government chipping in with affordable universal health care fit for Wanjiku.

Owing also to the increased lifestyle diseases, the millennials have become more aware of the benefits of good health to incorporate better eating habits but come on, the reality is, sickness is inevitable and good health is mandatory.

Therefore, the best way to get something done is to begin, design and execute your own health plan because failure to do so will make you fall into someone's plan which in most cases is not much or not there at all!

Lastly, it's not just hospitalisation that your health insurance policy covers but a lot more benefits which insurers have started offering keeping in pace with evolving needs.

These ranges from dental, optical, maternity and many more medical conditions that insurance companies seek to explore.

What to know

Consider the following before buying health insurance:

1. You should identify your risks /needs and prioritise them as not all are insurable.

2. Identify an insurance company or agency and discuss your risks and needs. It is important not to settle on one insurance company but rather compare policy benefits against premiums and choose one that fits your needs best.

Whether as an individual, SME's or Corporate, insurance companies have tailor-made products that will fit each demand.

3. Once educated on the product you need, purchase the cover that you need based on your priority and risk assessment. Just purchase what you can afford to avoid future policy cancellation.

It is important therefore to invest in your health, remember that your health is your wealth. Ailments are unpredictable and they knock on our doors un-invited, therefore take charge of your health and invest in a medical insurance cover.

 ***

Naomi Gakenia Mwangi is a Business Development Officer at The Kenyan Alliance Insurance Company Limited