Know Why Health Insurance Is Important For US
Chief – Claims, Underwriting & Reinsurance
ICICI Lombard General Insurance Company Limited
Health insurance is vital in today’s times especially in case of medical emergency. A health security policy can cover hospitalization expenses, doctor’s fees and medicine expenses. Humans are very optimistic. We always believe that our tomorrow will be happier, more prosperous and better – but who has really seen tomorrow? Indians need to buy health insurance as we are highly vulnerable to risk diseases like obesity, high blood pressure, diabetes and heart disease due to our diet, unhealthy lifestyle, increasing stress and increasing urbanisation. India’s healthcare spending has skyrocketed over the years. Medical inflation is around 7-8% year-on-year in various reports. The World Health Organization (WHO) report says that Indians pay around 70% of their health expenses out of their own pocket. Unexpected medical exigencies can strain a family’s budget, which is why it is important to buy health insurance early.
Following are some of the advantages of buying a health care plan:
• Coverage for critical illnesses
• Coverage for medical expenses
• Cashless claim benefit
• tax benefits
• Additional protection in addition to your employer cover
Young people are generally led to believe that they are very healthy; They like to exercise, eat well and do not have any bad habits and they indulge in limited activities like smoking and drinking and do not need health insurance. The truth is, unless you have a medical problem, it is better to get health insurance at the earliest.
Hence, it is advisable to buy health insurance at an early age when a person has few medical complications. This helps the individual to get a comprehensive cover at a lower premium as compared to buying the policy later in life.
The cost of buying health insurance tends to increase with age, as with increasing age the possibility of various diseases complicates the policy and can increase the premium.
Another reason to buy health insurance early in life is to avail the cumulative bonus. A young person is less likely to file a claim than an older person. Such cumulative bonus can exceed 50% of the Sum Assured, which means that your Sum Assured will be 150% of the Basic Sum Assured, while you pay premium for only 100% of the Sum Assured. These are just some of the reasons why health insurance should be bought earlier rather than later in life.
There are countless reasons to take a health insurance policy, and if you have a family to support, you can buy a floater policy to take care of your family’s medical needs.
People need to start looking at health insurance as a solid long-term investment that gives good returns for your mental and financial health.
An adequate health insurance policy provides peace of mind, provides strength during emergencies, and ensures financial security. However, many people buy health insurance cover when they start experiencing health problems – by then it is too late.
With the ever-increasing cost of healthcare services in our country, and rising cases of diseases, health insurance is a necessity today.
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