Health Insurance: Why is health insurance necessary? 4 Major Reasons Of Health Insurance

This unprecedented situation of the Kovid-19 pandemic has not only affected human life in terms of health and life but has also adversely affected businesses, businesses and economies globally. Health insurance for the health crisis due to the coronavirus and the subsequent economic crisis But awareness has increased.

Considering the current healthcare scenario and the huge out-of-pocket expenses associated with COVID-19 treatment, most people have now started considering health insurance as a necessity. But, still, the penetration of health insurance in India is not even 1 per cent, which is very low compared to the global average of 7.23 per cent.

In today’s time, when the treatment is very expensive, especially in the Corona era, it becomes necessary to have health insurance. The answer to why one should choose a health insurance plan can be found in a few reasons.

1. Combat Lifestyle Disease

  • Due to inactive lifestyle, unhealthy eating habits, undisciplined life, stress, pollution, gadget addiction etc., chronic diseases have found their way into almost every Indian household.
  • According to a recent report released by fitness technology company Goki, overall cholesterol has increased by 40 percent in people in India, while it has increased by 135 percent in people below 45 years of age.
  • The report shows that there has been a nearly 40 percent increase in diabetes among individuals under the age of 45 and a 90 percent increase in blood pressure disease among people in the same age group. Diseases such as respiratory problems, diabetes, obesity and heart disease, which were earlier prevalent in the older generation, are now on the rise among young people as well.
  • Precautionary measures can help in combating these diseases but a single unfortunate incident can derail you financially. In such a situation, opting for a health policy with regular medical tests can not only help in early detection of these diseases but also make it easier to take care of the increased medical expenses. At least you don’t have to worry about the cost.

2. protect your family

  • While searching for the ideal health insurance plan, you can choose to cover your entire family under a single policy instead of buying individual policies.
  • For the aged parents as well as the children to get the best medical treatment, a suitable health cover covering the entire family can be taken.
  • After thorough investigation, taking an unbiased opinion from experts, make sure you buy a plan that offers comprehensive coverage.

3. Help manage costly treatment

Along with increasing diseases, there has been innovation and development in medical technology. In addition, the cost of medical treatment has also increased. Medical expenses are not limited to hospitals only.

Expenses for doctor’s consultation, testing, ambulance fee, operation theater fee, medicines, room rent etc. are also increasing continuously. All these together can put a big strain on your budget if you are not prepared enough.

By paying an affordable health insurance premium every year, you can avoid the cost of medical treatment while opting for quality treatment.

4. security of savings

Sudden health conditions can drain your savings. By purchasing a suitable health insurance policy, you can better manage your medical expenses without tampering with your savings.

You can use these savings for your desired plans, such as buying a house, child’s education and retirement. Apart from this, health insurance helps you to avail tax benefits, which further helps in increasing your savings.

Inadequate insurance cover needs to be taken care of

Reevaluate the policy benefits if you are an employee and if you already have a health insurance policy provided by your employer. See how much coverage it provides.

If your current policy doesn’t offer cover against existing diseases and potential perils running in the family, you may be in trouble at the time of need.

With the cost of medical treatment increasing significantly, being assured of a larger amount can help in getting better financial aid.

If you cannot afford a higher coverage plan at this point in time, you can start with a low premium and gradually increase the cover.

Benefits of taking health insurance at a young age

  • If you are young and healthy, you can opt for a policy at lower rates and your benefits increase as you get older. Plus, you’ll be offered more comprehensive coverage options.
  • Many policies have a waiting period that excludes coverage for pre-existing diseases. When you take the policy when you are young and healthy, this period will end in your youth, giving you the benefit of comprehensive coverage.

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