Finance

5 Reasons Why It is Important to Buy Health Insurance

India is a land of contrasts. It is one of the fastest-growing economies in the world, but on the other side, it is also home to several diseases. With the development of technology, India is one of the leading nations in the world that has the best medical facilities. But, the cost of treatment in India is highly expensive, which makes it hard for common people to afford the treatment cost.

Most people in India rely on the insurance cover offered by their employees to cover the treatment cost. But, the group health insurance coverage provided by the companies offer only basic coverage and often the coverage amount is insufficient. Also, you will be covered under the employer’s health insurance plan only till the time you are working in the company. If you quit the job, you not only lose your accumulated insurance benefits but also you risk having no health insurance cover at all.

So, whether you are a salaried employee, a self-employed professional or a retired person, it is paramount that you have sufficient health insurance coverage. A health insurance policy provides financial protection against all your medical needs. If you are still wondering, why is health insurance important? Here are five reasons:

Keeps your savings protected

Buying a health insurance policy can help protect your years of hard-earned savings from getting depleted due to medical treatment. Medical emergencies can occur anytime, and in the purview of medical inflation, getting high-quality treatment can be expensive. This can lead to loss of your savings. But, with an ample health insurance cover, you get coverage against the treatment cost.

Complete coverage

A health insurance policy not only provides coverage against the treatment expenses but also covers other aspects like pre-and post-hospitalisation expenses. This includes doctor’s consultation fees, ambulance charges, day care treatment, post-hospitalisation consultation, medical tests, vaccinations, etc.

Access to high-quality treatment

Today, most insurance companies in India offer cashless treatment facility to all health insurance buyers. Under this facility, the insurer settles the bill directly with the hospital, provided you seek treatment in any of the hospitals that are part of the insurer’s network. Thus, the cashless facility allows you to avail quality treatment facility without worrying about paying expensive bills.

Also, if you don’t seek treatment from the network hospital, you can pay the bill initially and submit the original invoices and proofs to the insurer for reimbursement.

Assures protection to the family

Buying a different individual insurance policy for every member of the family can get expensive. But, today, the insurance companies allow you to buy a floater health insurance plan that covers all the family members under a single policy. The most common type of floater plan is the one that covers self, spouse and the dependent children. You can also buy a floater plan to cover both your parents. Floater plans reduce the premium cost and provide additional benefits.

Required for protection against the sedentary lifestyle risks

Over the past few decades, there has been a massive shift in the lifestyle habits of people in India. With the exponential increase in the number of sedentary workers, people are at a high risk of getting affected by lifestyle-related diseases like diabetes, hypertension, cardiac arrest and even harmful diseases like cancer. This implies that you are at a higher risk of spending more on the treatment of such conditions. To protect your finances and give your family a financial cushion, it is paramount that you buy a health insurance policy.

 Today, there are plenty of health insurance plans and each plan has its unique features. Make sure that you first assess your medical needs, and choose a health insurance plan accordingly that offers the best cover.

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