The fairness of the health insurance structures (or lack thereof) around certain economic models such as capitalism is perhaps a discussion better suited to an entire post of its own, or probably even an entirely different blog dealing with a different general topic, but the reality is that there are indeed different approaches to health insurance and health insurance is essential to the quality of life and sometimes even the survival of the modern day, economically active adult.
So in order to help you make the right decision, it’s of great importance to know what the available options actually are.
Prevention is always better than cure
This is the riskiest approach to healthcare insurance, in that it makes reference to health insurance in the literal sense as opposed to taking into account its existence as a service which forms part of the financial services industry. Nevertheless, I personally know a lot of people who are completely off the system governing the manufacture and administering of pharmaceuticals, rather taking the holistic living approach and preaching prevention over cure. They use natural remedies for any health ailments suffered, but above that they prioritise prevention through eating healthy, living healthy and exercising as a means through which to completely avoid having to interact with the mainstream medical industry and everything around it, such as insurance companies providing health insurance.
It’s an option, but we can make no mistake about the fact that it’s quite a risky option in the modern world.
Conventional healthcare insurance
Depending on where in the world you’re based, conventional healthcare insurance can range in cost from being completely free to taking out a large chunk of money from your earnings. So-called welfare states, or countries which are either fully socialist or have socialist elements to their economic and political model, basically have the taxpayer pool paying for every citizen’s healthcare, while capitalist societies basically have a healthcare insurance market which offers varying degrees of coverage based on how much people are willing to pay. The more you pay, the greater the healthcare insurance coverage.
Cover that comes from passive income assets
This is perhaps a much safer way of following the “prevention is better than cure” approach to healthcare insurance, in that it basically just has you investing a principal capital amount into an asset or into some assets which yield a passive income and then that passive income yield covers the costs of any healthcare needs which may arise. It can be saved as a lump-sum that will be dipped into when required, or the yield can be used to pay the premiums on conventional healthcare insurance packages.
Often this approach to healthcare insurance is one which is exercised out of necessity as opposed to choice, but you do indeed get the likes of EEOICPA claims organisations such as United Energy Workers Healthcare, which fight for compensation and even provide healthcare for people who might have been affected in a manner which warrants their compensation. Relying on such bodies is a matter of finding those which have enough influence to actually help you get your due compensation, if of course you actually qualify.