Why Health Insurance is the need of the hour for you and for your family

February 24, 2020 2:04 PM

With little information, treatment aids available for new diseases it becomes difficult to bear the medical expenses given the uncertainty involved.

 Coronavirus, Health Insurance, Critical Illness Cover, Health Insurance Benefits, In-patient Hospitalization, Cashless claim, lifestyle diseases, IRDAHealth insurance policy comes with various benefits and is a crucial risk cover.

By Rakesh Goyal

Health Insurance is designed for people so that they can make use of the risk cover to pay for medical expenses. Health insurance has become very crucial in today’s time because of the new lifestyle diseases and rising medical inflation. The fast-paced life nowadays has escalated the possibilities of sickness, prolonged diseases, and high-stress levels causing many heart-related ailments. This has also exposed the individuals and made them further vulnerable to poor quality of life.

Insurers are coming up with new products to meet today’s health needs. IRDA is also making a lot many changes to encourage policy seekers. This decade has seen many new diseases and illnesses that have been known to be lethal to mankind. With very little information and treatment aids available for it becomes difficult to bear the medical expenses given the uncertainty involved. Diseases like Zika, Ebola, Mers (Middle East Respiratory Syndrome), more lately Nipah, and now, Corona.

Coronavirus is known to have infected more than 8000 people and has been a major death taking breakout disease in recent days. To fight against the same, insurance policies have now introduced covers against medical check-ups and treatment required for Coronavirus. China has been the most affected by this new-age disease but cases in India have also been reported too.

Some facts that make health insurance an imminent mandate are as follows:

  • Urbanization leading to aggravated pollution and environmental problems
  • Lifestyle changes have led to an increase in heart diseases, various types of cancer, other chronic illnesses
  • Increase in the cost of medication and hospitalization

Why health insurance is a must?

Health insurance policy comes with various benefits and can be easily deployed in case of an emergency or if the illness is identified which would demand immediate attention and treatment. Health insurance plans offer to safeguard against high remedial costs. It covers hospitalization expenses, daycare procedures, ambulance charges, etc. One can focus on the speedy recovery of their loved ones instead of worrying about the medical bills that would show up whilst or post the treatment. Health insurance is undoubtedly deemed crucial.

Health Insurance Benefits

In-patient Hospitalization Cost: Health Insurance policy covers in-patient medical treatment expenses.

Critical Illness Cover: Health plan providers offer a critical illness insurance policy that provides coverage against life-threatening diseases. Upon examination of any of the critical illnesses, one can receive a sum amount that would help initiate and cover the treatment expenses.

Cashless claim: Most of the insurance providers already have this attractive benefit wherein there are predefined hospitals that comply with this feature. If a medical entity supporting this feature is chosen one can obtain treatment without having to pay any amount upfront and the medical bill is settled between the hospital and the insurance company.

Pre and post hospitalization cost coverage: Insurance policy can also cover pre- and post-hospitalization charges up to a period of 60 days including transportation charges i.e. ambulance expenses.

Tax benefits: To encourage the purchase of health insurance it is bestowed with tax benefits, a great feature for most of the individuals who worry about taxes. All the premiums paid towards health insurance are eligible for eligible tax deductions.

Thus, it makes health insurance all the more critical and one must immediately opt for it as a preventive measure. Because having a shield is a better way to meet medical emergencies.

(The author is Director, Probus Insurance Broker)

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