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Health Insurance


Why you need to invest in a sound health insurance policy

While most people would think that health insurance caters to the aged or those prone to illness, the ongoing trend shows that more and more young adults are opting for health insurance cover. Today’s world is fraught with risks, dangers and occupational diseases. While life insurance policies are very popular, many individuals have realis​ed that owning a healthcare insurance policy is a practical decision. Visits to the doctor even for general checkups are expensive and if you were to come down with an ailment that requires getting admitted overnight at a hospital, the bills can sky rocket. For those that survive on a delicate financial balance dependent on their monthly salary, an exorbitant bill can make your plans go awry.

Accidents and diseases can come knocking at any time and it always pays to be prepared. Health insurance policies have been quite popular in the west but the trend has been picking up in India in the last few years. As more of the youth join the work force, they are looking for newer methods of investment and saving money. A good health insurance policy will cover most common ailments, have a reasonable premium amount, will have the option of co-payment and a relatively lower deductible. Medical insurance in India generally covers hospital expenses like boarding charges, nursing fees, doctor’s/specialist’s fees and cost of tests and procedures. However, there are exclusions to policies. Most policies do not cover HIV/AIDS, cosmetic surgery, dental surgery, lasik eye operations as well as cancer caused due to smoking or usage of tobacco. Another stipulation that most policies follow is the non-coverage of pre-existing diseases until a certain time period from the date of policy purchase has elapsed.

Remember that an individual can purchase more than one health insurance policy. However in case of a claim, each company will pay a proportion of the loss and not pay for the entire amount. This is precisely why an insurance company will ask you for details of health insurance policies that you may have purchased from other companies. A majority of policies offer the option of cashless hospitalization wherein all the included the charges are taken care of by the health insurer without you having to pay for them first. Most employers in India provide group health insurance policies to employees which are both economical in terms of lower premiums and save time with faster processing. At the end of the day, you choose a policy that suits you and your health needs with minimal fuss.

A recent report published by The World Bank stated that healthcare expenditure was one of the leading causes of poverty in India. It recommended an efficient health insurance system to tackle the problem. Health insurance benefits are there for all to see. Unlike our old age Hindi movies that showed the hapless family putting together money at the last minute for an important surgical operation, today’s families can be relieved with a health insurance policy that pays for such emergencies. So before you grumble about paying for yet another insurance policy, remember that a good health insurance plan will make any trip to the hospital comfortable and worry-free. That is provided you choose the right policy that offers more at less premium.