A Health Insurance Policy To Protect You From Health And Financial Risks

2024-08-02

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The recent outburst of COVID-19 pandemic has made the entire world sit up and realize the uncertainness of life and health. There can be several other instances of medical exigencies that can cause a financial upheaval that is tough to handle. With a high infection rate of this virus, people have started to understand the importance of having a good health insurance plan. Besides, with the rising cost of medical expenses can affect the access to good medical facility, making it financially strenuous. Therefore, getting a health insurance cover for yourself and your family can provide the added protection you need in unprecedented 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 medical treatment inflation.

Health insurance helps pay for future illnesses or medical treatments without depleting your savings or impacting your family’s financial future. Most health insurance plans offer coverage for more than one type of ailments and surgeries. In many cases, you can get additional benefits for hospitalization costs, ambulance costs, consultations, medicines, tests and post-hospitalization expenditure. As medical costs are increasing rapidly, affording medical care becomes a problem during emergencies. Health insurance keeps you and your family worry free as you only have a small premium to pay on a monthly basis. Some health insurance policies also offer cashless treatment option with network hospitals while reimbursements are given by some insurance companies in other cases.

Reasons To Have A Health Insurance

1. To fight lifestyle diseases

Lifestyle diseases are on the rise and illnesses like diabetes, respiratory problems, obesity, heart disease, are all prevalent among not just older generations but young individuals too. Some contributing factors that lead to these diseases include a sedentary lifestyle, pollution, unhealthy habits, stress, gadget addiction and undisciplined lives.

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While following precautionary measures can help combat and manage these diseases in everyday life, god forbids an unfortunate incident, can be challenging to cope with. Opting for a health plan that covers regular medical tests can help examine these illnesses early and make it easier to take care of the medical expenses.

2. To deal with medical inflation

As diseases increase and medical technology improves, the cost for treatment has risen as well. It is important to understand that medical expenses are not limited to only hospitals; there are several other costs like cost for doctor's consultation, ambulance charges, diagnosis tests, operation theatre costs, medicines, room rent, and more. These are also continually increasing. As a whole, these could put a considerable strain on your finances if you are not prepared in advance. You can ensure that you are prepared by paying a relatively affordable health insurance premium each year. A health plan will help you beat the burden of medical inflation while ensuring you can have your treatment covered without worrying about how much it will cost you.

3. To safeguard your family

Just like life insurance covers your family against life’s uncertainties, when buying a health insurance plan, you can choose to secure your entire family under the same policy with riders and additional benefit options. You must definitely consider your ageing parents, who are most likely to be vulnerable to illnesses, also your dependents including your spouse and children. Ensuring they get the best medical treatment in case something unfortunate happens to them is something you would not have to stress about if you have a suitable health cover. It is advisable that you research thoroughly about the kind of health and life insurance plans available in the market, talk to experts for opinion, and make sure you get a plan that provides comprehensive coverage for all your health needs.

4. To protect your savings

While an unforeseen illness can be stressful and strenuous enough, the high expenses involved can leave you drained and helpless. By having a suitable health insurance policy, you can manage your medical expenditure in a better manner, without letting it leave a negative effect on your savings. In fact, these days some insurance providers also offer cashless treatment, so you don't have to worry about reimbursements post payment. Additionally, the premiums paid towards a health insurance lets you avail tax benefits, which further increase your savings.

5. To counter inadequate insurance cover

If you already have health insurance or a policy provided by your employer, you must check exactly what is covered and the things it protects you against. Chances are it will provide a basic coverage and you need extended cover to ensure complete security from health and financial risks. If your current policy does not cover possible threats such as diseases or illnesses that run in the family, it could prove insufficient. In times of need, having a higher sum assured can ensure your every medical need is taken care of financially.

Insure Early To Stay Secured:

Opting for a health insurance early in life has numerous benefits. Since you are young and less vulnerable to major health issues, you can avail plans at much lower rates and the advantage will continue even as you grow older. Additionally, there are chances you will be offered more extensive coverage options and top-up benefits. Also, most policies have a pre-existing waiting period and if you buy a policy early, this period will end while you are still young and healthy, thus giving you the advantage of utilizing your exhaustive coverage that will prove useful in case you fall ill later in life.

Fixed Benefit Health Insurance Plans:

Fixed benefit health insurance plans, like the Health First Plan by Canara HSBC Life Insurance, provides you with a lump-sum amount on the occurrence of Heart and Cancer related conditions and on pre-defined 26 Major Critical Illnesses. These insurance plans also offer tax benefits under Section 80D of the Income Tax Act on the premiums you pay on these policies.