‘Health is Wealth’ is not just a common but a very formulaic saying nowadays. Even if you have remained healthy throughout your life, that too without getting sick very often, it does not in any way mean that you do not need Health Insurance. Till now, life has been like a genetic lottery that you have managed to win. But we cannot forget that life is also rather an unpredictable premise.
Reiterating what we’ve already said before, it’s better if you buy health insurance when you don’t want it, than being left in the throes when you need it. It is nearly impossible to foresee the future and know what might happen, but it is not a bad idea to be prepared for anything that might happen.
We may not have a crystal ball to peak into our futures, but we can certainly take heed of these healthcare facts:
IBEF states that the Indian healthcare sector is growing at 15% CAGR.
This growth signifies increasing healthcare costs
4% of India’s GDP is already being spent on health
95% of the Indian middle class does not have health insurance
Just because you are young and healthy, doesn’t mean it will always be the case. Advancements in technology have given us so many newer avenues, but they have also contributed in our lifestyle becoming more and more sedentary. Add to it the problem of the ever increasing pollution in the country, and you have the unfortunate recipe for upcoming health issues.
If you do choose to buy Health Insurance, there are so many advantages that you can avail. Some of these advantages include:
With a proper Health Insurance policy in place, everyone can avail proper healthcare at affordable rates.
There is no unavailability of funds, which may have caused a delay in required medical treatments.
With the right medical insurance, the insured can also avail cashless facilities for treatment at a wide network of hospitals.
The best part is probably the peace of mind that comes with the knowledge that you are well prepared for when worse comes to worst.
Buying the Insurance
If you haven’t ever bought health insurance for yourself, you might have a certain degree of apprehension in way of finding the best plan for you. Here are a few tips that can help you in choosing the right Health Insurance plan:
Compare: There are so many options available in the market today for health insurance. Before you buy, compare the premiums, benefits, exclusions, etc. for the different plans that are on offer.
Research: Know what you are getting into. Read through all the terms properly and make sure that you understand thoroughly what is being offered.
Premiums: If you find a low premium policy, make sure you check all the additional charges, related payments, deductibles etc. to ensure absolute transparency.
Coverage: A policy might list a lot of conditions related to the heart and another policy might list heart problems. Just because the first policy has a longer list, does not mean all the conditions are covered. Do your research.
Renewals: At the time of policy renewal, check for better options.
Pre-existing diseases: Find out about the coverage offered for existing conditions.
Day procedures: Some procedures do not require a 24 hour admission, so find out about the day procedures that are covered.
Terms: The terms of your policy may change mid-term, so make sure you stay updated.
Healthcare in India is an expensive undertaking, and if you are ever in the hospital, you wouldn’t want to worry about the costs. Make sure that you have proper Health Insurance in place not just for ensuring your well-being, but also your peace of mind.