With the rising cost of living, healthcare expenses are no exception. Securing a health insurance plan for yourself and your family has now become essential. It acts as a safety net by protecting from unexpected medical emergencies.
Although some people may still feel hesitant about buying health insurance, the advantages of this plan might just change your perspective. Keep reading to explore the different reasons to buy health insurance.
Here are the 7 important reasons to get health insurance for yourself and your family:
1. Preparedness for Medical Emergencies
While health insurance is useful for planned treatments, its importance during medical emergencies cannot be overstated. For instance, if a loved one suffers a sudden heart attack and requires urgent bypass surgery, the costs involved can be immense.
Many hospitals may not even begin treatment until you make a significant deposit, which can be difficult to arrange during such stressful times. With health insurance, you can admit the patient to a network hospital where the treatment starts immediately, without worrying about upfront payments, thanks to cashless facilities.
2. Extensive Coverage of Medical Services
Health insurance offers broad coverage, protecting you from a variety of medical costs. This includes hospitalisation, doctor consultations, medications, diagnostic tests, surgeries, and post-treatment care. The sum insured is usually sufficient to cover these expenses, based on factors such as your age, health condition, and individual requirements.
With this extensive coverage and a high sum insured, you can access the healthcare services you need without bearing the financial burden alone. Health insurance helps you focus on your recovery while ensuring that the cost of care is taken care of.
3. Protection Against Lifestyle-Related Diseases
With today’s fast-paced lifestyle, poor eating habits, and increasing stress levels, the likelihood of developing lifestyle-related diseases has significantly increased. Conditions like diabetes, obesity, and heart diseases, which were once mostly linked to old age, are now affecting younger people more frequently.
Health insurance plays a crucial role in giving you the financial backing and access to the right healthcare services, ensuring you can afford treatments, medications, and preventive care to manage such conditions effectively.
4. Access to Quality Medical Care
When faced with a medical condition, you naturally want the best possible care from top doctors and hospitals. Without health insurance, you may choose between quality care and affordability. In some cases, the out-of-pocket expenses may become overwhelming, forcing you to compromise on the level of care you receive.
Health insurance, especially with a high sum insured, enables you to access top-tier medical treatment without worrying about the costs. This ensures you can get the best care available when you need it most.
5. Peace of Mind for Your Family
Health insurance is not just for your well-being but also for protecting your family. Whether it is your ageing parents, spouse, or dependent children, health insurance can provide financial security for everyone.
A family health insurance plan allows you to cover the medical expenses of all family members under one policy, protecting everyone from unforeseen health issues. This comprehensive coverage ensures that your family is prepared for any medical emergency without the added stress of financial strain.
6. Safeguard Against Rising Healthcare Costs
One of the major reasons health insurance is essential is its ability to protect you from the constantly rising costs of medical care. As medical technology evolves, so do the expenses associated with it, and often, these costs are passed on to patients.
A surgery that may have cost ₹2,00,000 a few years ago can now easily cost ₹5,00,000. Additionally, hospital stays, diagnostic tests, doctor consultations, and surgical fees are all becoming increasingly expensive. Covering these rising costs can be extremely challenging without health insurance, making it difficult to access necessary care.
7. Coverage for Pre- and Post-Hospitalisation Expenses
Health insurance covers hospital stays and pre-hospitalisation expenses, such as diagnostic tests, consultations, and medicines.
Additionally, it covers post-hospitalisation expenses such as medical expenses, doctor visits, rehabilitation, ambulance fees, and additional services required for a full recovery. This all-encompassing coverage ensures you are supported at every stage of your treatment.
What Are the Things to Look for While Buying Health Insurance?
Selecting the right health insurance plan can be tricky with many available options. Here are the checklist you can keep in mind to make an informed decision:
Make sure the sum insured is enough to cover you and your family. If you add dependent parents, you must ensure the sum insured is set appropriately to cover their needs.
- Waiting Period
Most health plans come with a waiting period, especially for pre-existing conditions. Opt for a policy with the shortest waiting period to ensure quicker access to coverage.
- Medical History of Family Members
Consider your family's medical history when choosing a plan. If beneficiaries have specific health conditions, you may need to opt for higher coverage or add-ons. Keep in mind that medical history may affect the premium.
- Age Renewal Limit
Age is a critical factor in health insurance. Check the maximum age limit for policy renewals to ensure long-term coverage for yourself and your family.
- Claim Settlement
Look for insurance providers with a high claim settlement ratio and a quick claim process. This will save you from unnecessary stress and reflect the company's reliability in settling claims.
- Network Hospitals
Ensure the insurance provider has a wide network of hospitals where you can avail of cashless treatments. A broad network allows you to access quality healthcare without worrying about expenses.
Thus, securing health insurance is essential for safeguarding yourself and your family against various healthcare costs. It ensures access to quality care, financial protection, and peace of mind.
By choosing a plan with extended coverage, minimal waiting periods, and a broad network of hospitals, you can ensure that your medical needs are met without the burden of unexpected expenses.
