Many years ago, it was widely believed that family health insurance was a luxury – a policy that only the rich, elite class bought. But this perception is slowly but surely changing because of numerous reasons such as rise in lifestyle related health conditions, the growth of the middle class, the increase in hospitalization expense, inflation, etc.
Indeed, individual health insurance isn’t a mere afterthought anymore. Working professionals and homemakers are scrambling to purchase policies that will cover their expenses for several diseases, health conditions, lifestyle disorders and critical illnesses.
Still, you ask: Why is health insurance a must for everyone? We’ve listed down five main reasons to buy affordable health insurance now:
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Importance of Health Insurance
Financial Protection
Health insurance ensures that your whole or a part of your medical expenses are paid by the insurance company whenever you get sick or injured. This is an extremely helpful tool to use during a medical crisis when you don’t have ample cash in hand. Moreover, simple surgeries and procedures easily cost rupees 50,000 now in any reputed hospital.
For example, a simple bypass surgery in a world-class hospital rakes up a bill of over rupees 2 lakhs without medical insurance.
Rise of Lifestyle Related Health Conditions
PCOD, diabetes, obesity, chronic back pain, hormonal imbalance and hypertension are just some of the health conditions that afflict working professionals and homemakers because we lead increasingly hectic, stressful and urban lifestyles. Even young boys and girls are visiting physicians and specialists frequently. Not just physical disorders, but even mental illness is on the rise. Which is why it’s necessary to insure your family.
Cashless Hospitalization
Imagine this: A family member has suddenly fallen terribly ill at midnight. You need to take him to the hospital immediately. Once you arrive at your nearby medical facility, the nurse informs you that he needs a surgery immediately that costs rupees 2 lakhs. Now you are stressed to come up with this money or risk your family member’s life.
Such a situation can be easily avoided since most family health insurance policies provide cashless hospitalization. Instead of paying upfront and then getting a reimbursement for the expense, you can now seek medical treatment without worrying about shelving cash during and after admission.
Critical Illness Insurance
Policyholders now have the option of not only purchasing a standard health insurance policy, but also buying a critical illness insurance cover. If you or a family member frequently suffers from a stroke, heart attack, cancer, kidney failure, paralysis, multiple sclerosis, cardiac complications, Alzheimer’s disease or any other terminal illness, a part or the whole cost of medical treatment can be covered with this type of insurance.
