We often refers ourselves as invincible and don’t think we need Health Insurance paying more attention to our health insurance coverage options. The fact is that out of more than two million individuals nationwide who enrolled in health insurance coverage for 2015, only about 34 percent were between the ages of 18 and 40.
However, there are many good reasons why we should consider health insurance coverage:
Peace of mind
We all will need health care services at some point, and without having a health insurance, we could end up with paying the bill ourselves.
A two-day hospital stay could cost as much as Rs. 10,000. To help cover these costs, hospitalisation is now one of the Health Benefits provided by Health insurance plans. Even something as common as a leg or arm fracture from cycling or sports could cost you Rs. 10,000 on average if you don’t have health insurance. In such situations some other goals for which you were saving and investing would need to be adjusted, postponed or even cancelled.
A proper health plan for self and each member of your family taken independent of the cover provided by the company is a good precaution on top of the company provided health plan. It ensures that your assets are protected from the risk of any ill-health or accident in the family.
Preventive services such as routine physicals, immunisation and screenings are also included in coverage sold by the Health Insurance Companies. More than that, these preventive services are covered without additional out-of-pocket cost, such as a deductible or co-pay.
Regular health examinations and tests as a part of these Health Insurance Plans can help identify problems before they start, and can also help find problems early, when the chances for treatment and cure are better.
One reason most of us often think for not buying a health insurance is that we can’t afford it because of other financial burdens, such as housing loans, school fees, car loans etc.
Insurance can seem expensive, but not having it can cost much more.
How many people do we know with a heart condition or who have had a heart attack? Have you ever thought about what the cost would be to have open heart surgery? The answer is it runs in to lac. Compared with the actual cost of care for any serious condition can make monthly premiums seem much more attractive.
In fact, when we actually compare at the cost we probably might incur without a Health Insurance in the case of a medical situation vs the price we pay to get that Health Insurance, backed up by Tax Benefits options, the premium cost will look more affordable.
Being uninsured impacts everyone.
We insure your cars, home and other material items, so why would we decide to put ourselves last? Car or home repairs can be very costly, similarly have we thought how much it would cost to fix us if something go wrong and the financial impact it can have on the entire family, to meet those costs without a proper health insurance plan.
And therefore we encourage all to consider the many good reasons for having health insurance, because life is unpredictable, and that Rs.10,000 broken leg just may happen to any of us.