Major medical insurance as an alternative financial support

Abstract

The deficiency in financial literacy in Mexico, especially regarding protection against risks like illnesses, is an alarming issue. According to a report from the National Survey of Financial Inclusion in 2018, only 21% of insurable individuals in Mexico possessed any form of insurance. Major medical insurance stands out as a pivotal financial tool for addressing severe health situations, particularly for those engaged in the informal or freelance economy. When acquiring major medical insurance, it is essential to consider various factors such as the insured sum, deductible, co-payment, hospital level, usual and customary expenses, and payment method. The recommendation is to tailor the choice of these elements to the specific needs and budget of each individual. Given the significance of financial protection in the health domain, individuals are strongly encouraged to delve deeper into these products, empowering themselves to make informed decisions that safeguard their financial well-being.