It has been said that nothing is more important than your health, and there is a lot of truth to that saying.
A loss of health would mean a loss of earnings if you are not able to work, and it also mean payment of medical bills that are extremely expensive.
Modern day lifestyle is considered to be fast paced life which brings stress and anxiety with it which is taking a toll on physical health.
Whether you blame the rising level of pollution or the mushrooming of junk food corners, the truth is that modern lifestyle has put the general population at certain health risks.
Even if you are in good health today, you never know when you might have an accident or get sick.
A trip to the hospital results in a big hole in your savings. To save you from anxiety and stress of paying high, health insurance comes into the picture.
All these sound scary, but the good news is that, with the right plan, you can protect yourself from expensive medical bills.
Health insurance protects you and your family from financial losses in the same way that home or car insurance does.
In general, a health insurance covers Hospitalization expenses incurred owing to sickness or accidents and also covers the following:
- Pre-hospitalization expenses such as medical tests, consultation fees, etc prior to getting hospitalized.
- Ambulance Cost
- Costs pertaining to hospitalization such as room, diagnosis, operation and other charges.
- Post-hospitalization charges such as doctor visit, medicines, etc.
Health insurers enter into agreements with major hospitals to facilitate direct billing. They settle all the admissible claims with the hospital themselves.
All you need to do is present the cashless card of the insurance company at hospital and the subsequent treatment proceeds in cashless manner.
Those who get a health insurance in the early stage of life can enjoy insurance coverage for most of the diseases that they may develop in future.
Uninsured people receive less medical care and less timely care and at times when they have worst health outcomes; then a lack of insurance is a fiscal burden for them and their families.
In addition, the benefits of expanding coverage outweigh the costs for added services by bringing the costs down per person.
In case you happen to be admitted in a Hospital which is out of the network of your insurance company; all you have to do is present all the original papers along with the claim form to the Insurance Company and you will be reimbursed.
Taking up insurance is also a way of letting your savings to multiply and grow.
For example, if you save Rs 5000 per month at the age of 20 and it pays 12.5% per annum compound interest then by the end of your 60th year, you would have saved Rs 5.94 crore.
But if you begin at the age of 30, you would have only saved Rs 1.76 crore. As a result, if you give 10 years less to your savings, you shall miss out the benefits of compounding by more than 4 crores.
With medical benefits, one can avail tax benefits with health insurance. As per the laws and regulation, you can avail tax benefits up to Rs 25000 per annum when you buy health insurance in India.
Thus, we see how important it is for one to take care of healthcare planning before retirement.
It is your duty to be responsible for your heath and to start saving and investing early in a suitable health insurance. Budgeting for a health plan is well worth the time and effort in the long run.