Importance and benefits of Health Insurance

In the last few months, the COVID-19  pandemic has drastically changed lives across the globe. Most countries have
implemented various forms of lockdowns and restrictions to curb the spread of the coronavirus. With national and global health agencies continually stressing on the need to keep the immune system strong during the COVID-19 outbreak, the world has slowly started prioritizing health. It has made everyone to sit up straight and realise that medical expenses are unpredictable and can cause a financial imbalance in any family. These situations are very tough to handle. With a high positivity rate and a slow vaccination process, people have started to understand the having a good health insurance plan and the importance of availing the best medical services. Besides, with the rising cost of medical expenses, access to good medical facility and hospitalisation costs can be financially draining. Therefore getting a health insurance cover for yourself and your family can provide the added protection you need in tough times like these. Apart from the obvious benefit of having the financial confidence to take care of your loved ones, a health insurance plan is extremely useful when it comes to beating the expensive medical treatment. It is rightly said that health is wealth. Changing lifestyle habits, your work life balance, your mental health, increase in pollution levels, and many other factors have a severe impact on an individual’s health. This may cause various health conditions and medical diseases. Medical costs associated with the treatment of such diseases are increasing rapidly. In order to safeguard your finances against high medical bills, it is necessary to invest in health insurance plans. Such plans cover all hospitalization expenses, as well as pre-hospitalization and post-hospitalization charges.

Here are nine crucial reasons why you need to consider getting a health insurance plan today:
1. To safeguard your family
When looking for for an ideal health insurance plan, you have an option of choosing to secure your entire family under the same policy or buying separate policies for each member. You must ensure to get the best treatment may it
be your ageing parents or young children who are likely to be exposed to illnesses these days. Due to any uncertainty
that may arise you must not stress about medical costs but look after their treatment; but that is only possible when
you have a suitable health cover. Research thoroughly, talk to experts and make sure you get a plan that provides all-round coverage.

2. To protect your savings
While an unforeseen illness can lead to mental stress, there is another side to dealing with health conditions that can leave you drained – the expenses. By buying a suitable health insurance policy, you can manage your medical expenditure without draining off your savings. The main purpose of medical insurance is to receive the best medical
care without any strain on your finances.

3. To fight lifestyle diseases
Lifestyle diseases are on the rise, especially among people under the age of 45. Illnesses like diabetes, obesity, respiratory problems, heart disease, cancer all of which were prevalent among the older generation are now seen in the younger people too. Some contributing factors that lead to these diseases include the work from home lifestyle,
stress, unhealthy eating and drinking habits, gadget addiction, no exercise and undisciplined lives. Investing in a health plan that covers all the expenses leaves you with one less thing to worry about.

4. To counter inadequate insurance cover
If you already have health insurance (provided by your employer) check exactly what it protects you against and how much coverage it offers. Such policies are not tailor-made according to the needs of every individual, Chances it will provide basic coverage. If your current policy does not provide cover against possible threats – such as diseases or illnesses that run in the family – it could prove insufficient in times of need. And with medical treatments advancing considerably, having a higher sum assured can ensure your every medical need is taken care of financially. You don’t have to worry if you can’t afford a higher health coverage right away, you can start off slow and gradually increase.

5. To deal with medical inflation
As illnesses increase the medical technology improves and the cost for treatment rises as well. It is important to understand that medical expenses are not limited to only hospitals. The costs for doctor’s consultation, diagnosis tests, ambulance charges, operation theatre costs, medicines, room rent, etc. are also continually increasing too. All of these could put a considerable strain on your finances if you are not adequately prepared. By paying a relatively affordable health insurance premium each year, you can beat the burden of medical inflation while opting for quality treatment, without worrying about how much it will cost you.

6. Insure early to stay secured
Many people don’t understand that Opting for a health insurance early in life has numerous benefits. Since you are
young and healthy you can avail plans at lower rates and the advantage will continue even as you grow older, you will be offered more extensive coverage options. Most policies have a waiting period which excludes coverage of preexisting illnesses. This period will end while you are still young and healthy, thus giving you the advantage that will prove useful if you fall ill later in life.

7. Coverage against critical illnesses
Insurance providers nowadays offer critical illness insurance, either as a individual plan or as a rider. Such an
insurance policy provides coverage against life-threatening diseases such as kidney failure, bone marrow transplant,
stroke, and loss of limbs, cancer etc. Upon diagnosis of any of the critical illness from the predetermined list of your
policy, you are entitled to receive a lump sum amount. This amount can be used to meet your illness-related treatment costs, daily expenses, and any other financial obligations.

8. Cashless claim benefit
Many insurance providers offer cashless claim facility and you could buy policies which offer this service. with this
facility you do not have to make any payments from your own pocket. The hospitalization expenses are settled
between your insurer and the hospital.