Ever since the world has been caught unawares with the COVID challenge, the last 5-6 months has forced humans to change their lifestyles. Never in all these years have we faced such a huge challenge. I’m sure we will come out of this as we have the spirit of resilience.
That said it is better to be prepared for consequences. I’am referring to the importance of Health insurance in these trying times. I have noticed that in a lot of informal chats with colleagues, friends & relatives, the subject of health insurance has come up frequently.
Which means Health insurance is being considered as a valuable asset in these challenging times.
So why is health insurance required? Let’s take a look at some of the points which will help us to understand the importance of health insurance cover.
1. Save Money – Think of health insurance as a tool to save your hard earned money. Imagine you are in your early thirties & suddenly hospitalised due to some terrible sickness. Depending on the severity of your condition, the hospital expenses will wipe out a good portion of your savings. With insurance you can be secure in the fact that a major amount of your expenses will be taken care of by the insurance company.
2. Get the best price – At the age of 25, a 5 lakh cover will cost between Rs.5000/-, the same cover at age 35 may cost Rs.8000/-. The higher your age , higher will be the premium. So start early and reap the benefits.
3. Employer cover may not be sufficient – You may think the employer is covering me and my family why should I take additional cover. Pls understand here that when you age you may require different medical facilities and the company cover may not be sufficient. Also think of a scenario where you have got a better job and have left the current company which means the company insurance cover is no longer protecting you. You have some time say 15 days to join the new company. In these 15 days who will cover your medical needs in case of any unfortunate incident?
4. Family – You may be a bachelor today. Tomorrow you will get married and start a family. Naturally expenses will increase and those without insurance may have to depend on their hard earned savings or on family members for any emergencies. Having a satisfactory health cover will keep you protected from any eventualities.
5. Treatment – If you don’t have insurance , you may be forced to compromise on the quality of treatment which can be very detrimental. Insurance cover helps you to take the best possible treatment without too much strain on your financial resources.
6. Age – It is a fact that as you age, you may be susceptible to certain diseases (lifestyle or genetic). Certain diseases, surgeries, treatments get covered by the insurance company after 3-4 years of you buying the policy. If you are in your 20s, taking the policy at a young age will ensure that you are able to claim the benefits much early.
7. Financial Planning – Buying early puts you at ease since you are spending a small amount for paying the premium. The remainder of your savings can be put to good use by investing in other long term investments. Also you can avail tax benefits for paying premium under Section 80D.
8. Other benefits – Now a days health insurance is not just about getting covered for hospitalisation. You get a suite of benefits like Free Annual health checkups, AYUSH treatment cover (For the uninitiated AYUSH stands for Ayurveda, Unani, Sidha & Homeopathy treatment), Maternity benefits etc.
9. COVID cover – Lastly all insurance companies have started covering COVID19 be it a new or existing policies. If you already have a cover, talk to your insurance company & understand what are they covering under COVID. Also a few innovative companies have launched a separate COVID policy.
So take some time out, research the insurance companies websites , initiate comparison on aggregator portals & talk to some insurance agents. Everyone will have some thing new and interesting to contribute and help in better decision making.