Health Insurance Is Not Just About Illnesses
When it comes to diseases such as heart ailments
, diabetes and hypertension, India is expected to have the highest incidence in the world by 2020. Similarly the incidence of cancer in India is also expected to grow by about 20% by the year 2020.Life is very unpredictable and there is undoubtedly a lot of truth in that saying. There are people who are very healthy, fall sick suddenly and discover theyve got a critical or life threatening illness. There are people who are cautious about everything they do, including driving on the road but get knocked over by other careless drivers and end up lying in the hospital for months. What follow can be fairly high medical and hospitalisation expenses that can pose a substantial financial burden on your financial savings.
Such diseases or unfortunate events that require hospitalisation may at times not only deplete ones financial savings but can also impact ones earning potential resulting in a reduced or no earnings adding to the financial burden and anxiety for the whole family.
The Why and What of Health Insurance plans?
The rising costs of healthcare and the uncertainty of an illness or accident occurring make the case for health insurance a fairly straight forward one.
The purpose of health insurance is to protect and cover you financially when it comes to medical expenses due to an illness or accident. The expenses covered by the insurance company will be limited to the Sum Assured (or the amount of cover) that you have purchased as part of your health insurance policy.
At times, the expenses related to illnesses or ailments are not just restricted to hospitalisation expenses. There could be additional financial requirements associated with changes to lifestyle that one needs to make, continued treatment post hospitalisation and also the loss of income due to inability to pursue ones occupation. One should, therefore, definitely also explore a Critical Illness cover that provides you a higher flexibility by paying out a lump sum amount upon contracting a critical illness.
Are there any benefits or buying health insurance at an early age?
Health insurance, just like any other insurance can be bought whenever you want. But one thing to be kept in mind is, the older you get, the more expensive insurance becomes. This is because with age the risk to your health increases which in turn raises the premium rates. It is also important to note that most companies now offer guaranteed renewals once you purchase a health insurance policy and one is most likely to be issued a policy at an early age when he /she is in the prime of his/her health.
How much Health Insurance is enough?
While deciding what an adequate amount of cover is, one should keep in mind the rising healthcare costs. Most people settle fairly small amount of cover notwithstanding the fact that most critical illnesses or ailments that lead to a prolonged hospitalisation can cost more than Rs. 10,00,000 depending on the type of hospital and its location. While choosing this amount do take into account the costs associated with the treatments on conditions that you want to insure for as well as your premium paying capacity.
Which health insurance product should I buy?
While premium comparisons for available products is a logical first step, it is always important to carefully review the benefits, features, terms and conditions associated with the product to ensure you get value for money. It is important to be aware of and informed about what features and benefits one should evaluate before making a final decision. Get complete information on available choices and compare before you buy.
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