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Health Insurance: What it is, and Why You Need it

  • Over the past two years, the whole world has come to realize that medical emergencies are unpredictable and can cause serious financial stress. Whether you fall ill, are in an accident, or require emergency surgery, there is no way that you can save up the necessary amount in such a short period of time, nor plan for such incidents. This is why it is compulsory for all Swiss residents to have basic health care (KVG). While there are some exceptions in this regard, they are few. Anyone new to the country is required to find suitable cover within three months of registration.

    In terms of this compulsory health insurance, there are three different standardised plans available, namely the Basic/Standard, the GP/HMO, and the TELMED. It is important to note, however, that compulsory insurance is not fully comprehensive. For example, when it comes to hospitalization, the cover provided is for the general ward only. As such, it is of utmost importance that you take out additional insurance, such as private health insurance cover that is in line with your personal requirements. This is to ensure that should you fall ill, certain financial risks will be offset.

    What is health insurance?

    If you have not already pieced it together from the above discussion, health insurance is your way of paying for your medical bills and health care costs. Most people cannot afford to pay for their health care out-of-pocket, which is why they opt for health insurance, as it makes paying your health care bills far easier, and you are assured the care you need.

    Why is it necessary to take out private health insurance cover?

    While certain cover may be compulsory in Switzerland, government-run health insurance cover does not cover you should you require dental care, fall ill when outside the country, or require a private room in a hospital. When you take out private health insurance cover, however, you can rest assured that you will be covered for just about any aspect of health care.

    It is important to note that the health care aspects you are covered for will depend on which plan you opt for, which is another benefit as to why you should consider getting private health insurance. Supplementary cover gives you a choice. Since there are several different health insurance companies in Switzerland, you can either go from insurance provider to insurance provider to source different quotes, or you can opt for the assistance of a financial consultancy company that can do all that admin for you. Not only will these companies find the best solution for you, but they also have far more experience in the industry, meaning they can listen to your health care needs, and sift through the several plans to find the one best suited to your needs.

    At the end of the day, should you fall ill, require an emergency surgery, or have any other medical emergency come up, you do not want to have to stress about the financial aspect of it all. As such, it would be wise to start investing in private health insurance.