Health insurance not an option anymore but a necessity!

health insurance

Have you crossed your 20s and haven’t bought a health insurance yet while planning your saving all these years? If yes, be ALARMED! An expense worth lakhs might swipe your entire savings in a jiffy without even giving you a chance to prepare for such an unforeseen situation.

While in their 20s and 30s, majority of the people think, “I’m healthy! I don’t need to worry about any medical emergency or large hospital expense. I don’t need a health insurance”. If you fall under this majority then read to know why, it is not only important but a necessity to invest in a good health insurance plan before planning any further investments.

Double-digit medical inflation

Researchers across the globe would agree on one thing – healthcare costs will continue to rise, unfortunately at a faster pace when it comes to developing countries like India.  As per the 2017 Global Medical Trends Survey Report, there is a 12.5% inflation in the Indian healthcare sector which only re-affirms this statement further. The report says, more than half of health insurers across the world expect this rising trend to continue more steadily over the next three years. What this means is that even a single bypass surgery, which would cost you anywhere between 2-6 lakhs, would cost you more than 10 lakhs within next 6-8 years. Are you prepared to bear such large expenses if need arises?

Your choice of delaying today may subject you to an insurer’s denial tomorrow

There’s a saying, “Better late than never!” By the time you realise the need for buying health insurance, be aware it might be too late to get one even at a higher cost. This is because, insurance companies just like any other business, have to maintain their balance sheets and hence they look after providing cover to healthy individuals with little or no health risk at the time of availing the health insurance. As you age, you start to fall under high risk category and thus, an insurance company would usually ask you to go for a health check-up before deciding to cover you. They may even choose to refuse you a cover at all in case you are found to be suffering from a critical ailment. While your medical condition already left you distressed, you wouldn’t want to face a cover denial when you most need it.

Your employer cover may not always help you

One reason not to buy a personal health insurance may be because you think you are already covered under your employer provided group health insurance. However, what you may not know is that your company cover would remain valid only until you are employed in that company. Once you move from your existing company, you will remain uninsured until you are covered by your new employer, if at all. Besides, the company provided cover is limited and not based on your needs. It may not be sufficient-enough for you and your family’s needs. In which case, you would need a separate health cover anyway. Do you know how much cover your company has provided and whether it’s sufficient for your needs?Read about 5 reasons why your company Health Insurance is not enough

You think you are physically fit and don’t need health insurance now

Even I feel so but doesn’t mean I am not prone to diseases especially when it comes as a result of factors like sedentary and unhealthy lifestyle. Adding to it the stressful lives we live in today’s digital era, we are more prone to illnesses than our forefathers when they were of our age. Although medical improvements have increased the life expectancy and chances of survival, to avail the advanced facilities, one needs to be financially viable as well. Besides, health insurance not only covers hospitalisation due to illness or planned surgeries but also medical expenses for treatments and injuries caused due to accidents. With road accidents in India again on an upward trend, you surely aren’t 100% immune to accidents, are you?

Bottomline

Nobody is immune to accidents or illnesses. Unfortunately, these medical contingencies can come along to anyone at anytime without prior warning. What can we best do but be proactive and prepare for the worst? So don’t wait or waste your time in thinking. Act now and buy Health Insurance today. If you are confused which one to buy, you can compare health plans on Turtlemint or call our experts 1800 266 0101 in case of any doubts.

Read more about How to save money on health insurance

Read more about India spends 90% of its healthcare cost from its own pocket. What about you?

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