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Gone
are those days where you visit the hospital for seeking cure and treatment. The
updated system of healthcare is all about enforcing health more than just
curing illnesses.
Health
has been the most spoken term-amidst the global pandemic and the past couple of
decades for healthcare has been phenomenal in terms of growth from all the angles.
The shift of disease types and patterns, changes in the overall human lifestyle
are all part of this growth.
India
is no exception in terms of healthcare being given more attention than before
and one of the areas where India still lacks is its hold in the medical
insurance sector.
Though
there has been a significant increase in the number of people opting for health
insurance, the overall ratio with comparison to the population count is still
very low. It is even lesser when we compare them with other nations.
Penetration
of private health insurance has been a significant impact on the insurance
sector but constraints like lack of awareness among public and biased
transparencies of claims make the penetration limited to a certain segment of
the population.
Health
insurance was a "want" to the population or rather perceived so in
the past decades but not anymore. In this era of people giving high importance
to preventive care and high health-conscious behavior, medical insurance is
certainly a "need".
Here
are five reasons why you should purchase health insurance now:
1.
Increasing Health Costs
Medical
expenditure for an individual or a family has risen drastically because of
various reasons like the rise in demand for healthcare, etc. This can force you
to spend more of your savings or earnings for healthcare services.
Having
medical coverage can reduce your out-of-pocket expenditure and help to share
your health risk with the insurance company. This can also act as a life
savior in many situations and help you utilize the medical facilities without
the price concern.
2.
Lifestyle Changes
Human
lifestyle has taken a radical change from the past and is changing in much
pace.Knowing the fact that a major chunk of the young working population lacks
the factor of exercise and unhealthy food habits are simpler microscopic
examples.
Looking
in scientific terms too, it is understood that there is an epidemiological
transition to lifestyle diseases. Prevention of lifestyle diseases is supported
by medical science and having regular periodic assistance can help one to
prevent, control or maintain such illnesses.
Health
insurance makes you more confident to approach healthcare facilities for your
routine medical services that can prevent potential health issues.
3.
A Matter of Financial Planning
Financial
planning is not only about investing at the stock market or budgeting your
month but also about choosing a healthier lifestyle. Health insurance is a part
of planning your finances which can save you from higher risks in the future.
It is recommended by the experts that, as early as you purchase insurance, it is more beneficial while you grow older. Purchasing the right insurance plan before turning the age of 30 years could be a good choice and can bring various health benefits when you need them later.
4.
Wide range of choices
One
of the limitations that the medical insurance industry has is its inability to
cater to all the segment of consumers. Though it persists, there have been
significant improvements in the private insurance coverage's by the introduction
of several types of plans at different price ranges.
Purchasing
health insurance now can be more of purchasing your customized plan up to a
certain extent and therefore you have the lavishness to choose the right kind
of coverage for you and/or your family. Disease specific/critical illness
coverage's are also popular.
5.
Additional Benefits
The
common man's perception of health insurance is just coverage for our hospital
costs and is still a perception of many. Health insurance policies have evolved
and are now capable of covering your related expenses such as ambulance
charges, pre and post hospitalization charges, etc.
Another
benefit of health insurance is that the premiums you pay for health insurance
are evaluated to gain tax benefits. Purchasing the right health insurance policies
is, therefore, a dual benefit both in terms of health and financial
perspective.
Written by – Arun S
Edited by – Adrija Saha
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