National Insurance Awareness Day 2021: Why is health insurance essential at every stage of life?
If there is anything COVID has taught us, it is that “health” is our greatest asset and investing in our health saves us and our families many future financial problems and worries. As we continue to move forward with these uncertain times related to COVID, we have found that there has been a tectonic shift in people’s mindsets and has led to a sudden realization that health insurance is a necessity for every individual.
Previously, health insurance was an option that people bought by choice. It was not felt to be a constraint by everyone. But due to rising uncertainties, different fungi and viruses, and mainly with the COVID pandemic, the importance of health insurance has been taken on by people and it has become more of a fate than a choice. .
In addition, after the second devastating wave of infections in our country, customer opinions about health insurance subsequently changed. Today the question does not really revolve around “Why do I need health insurance” but rather “How much insured sum and health coverage do I need”. Bearing in mind the rapidly escalating health care costs, we should all be looking for a comprehensive, no-compromise health insurance policy adequate to secure the health and wellness needs that may arise at different stages of life. In today’s fast-paced world, there are many issues that affect an individual’s health and having adequate health coverage is one of the best ways to financially prepare for uncertain health risks.
Hospitalization is a trying time for everyone, and increased medical expenses and medical emergencies can cost underinsured or uninsured people a fortune and can jeopardize the family’s long-term financial goals. So, having a good health insurance policy without medical coverage ensures that you get quality medical treatment when you need it, without facing a financial crisis.
Being financially prepared to face any type of situation is necessary. Medical procedures can be extremely expensive and can affect the financial comfort of your family. Health insurance policies have always come to people’s aid, and they are a convenient financial tool that lets you breathe a sigh of relief in times of dire need.
Medicare is a health insurance product and provides people with much needed financial assistance in the event of a medical emergency. So you don’t have to empty your bank account, borrow money from loved ones or think about taking out a loan. A health insurance policy will cover you at all times and ensure that quality health care remains accessible and affordable over the long term. When purchasing a health insurance plan, it is imperative to assess the size of the coverage.
For example, the cost of treatment is higher in metropolitan cities than in non-metros; part of cover for, for example, what is covered, not covered – exclusions, specific waiting period, PED condition; Insured sum adjusted for inflation; Sub-limits from the point of view of the disease; Room rental and intensive care sub-limits; Benefits of restoration; Ease of both cashless and refund claim process. It is also important to look for additional perks like cumulative bonuses, healthy lifestyle rewards, among others.
As we all know, unfortunate events can happen in our life without any warning; a mild fever can lead to serious illness. It is imperative to avail a health insurance plan that offers you extensive protection against all kinds of illnesses. There are many health insurance plans available in the market, but you should choose the one that can guarantee you and your family your national and global health care needs at every stage of life.
# Single and Young: This is the step of less responsibility. Therefore, young people should invest in a suitable health insurance plan, as this can serve as coverage against pre-existing conditions later on. One of the main reasons for purchasing health insurance at an early age is that you pay a very low premium and can reap higher benefits from it. In addition, there is something known as a “No Claim Bonus” (NCB). The NCB in health insurance is like a bonus that is added to the sum insured for each loss-free year.
# Married with children: You need comprehensive risk coverage at this point in your life. You have a family, your dependent children. Any type of medical bill can cost you dearly and can even impact your children’s future expenses and education. One can choose between a multi-individual – which offers individual coverage for all insured under a single policy or family floating policies, instead of several individual policies, depending on needs, medical history and number of members of the family. family. In case of floating cover, people should make sure that the sum insured is at least Rs 1 crore and above to access quality healthcare in India or abroad and meet the problems of every medical inflation growing.
# Senior couples / Retired couples / Retired: Your source of income is mainly reduced to simple pensions or a pension corpus. The income stream decreases as you get older, but as people get older, many older people may need to deal with some or other health issues and would need protection from spending on unwelcome hospitalization due to a large number of illnesses, including serious illnesses. It is here that comprehensive health insurance becomes a necessity for the elderly, to ensure that they do not have to face a financial crisis in the event of a medical emergency during their golden years.
It’s no secret that health is essential to an individual’s education, income, and overall development. Thus, comprehensive health insurance coverage with a higher sum insured is a must today to deal with any medical eventuality. It is important to buy a health insurance plan at a young age. Nonetheless, when purchasing a senior health insurance plan, make sure that it covers the widest range of illnesses with limited exclusions. Old age may be at a higher risk of contracting serious illnesses that are costly to treat due to ever increasing medical inflation.
We believe that COVID has been the biggest announcer to reinforce the fact that Zaroori Hai health insurance, but even today, on the occasion of National Insurance Awareness Day, I would like to reiterate the need and l importance of health insurance for enjoying a healthier life with peace of mind. Because, “Jaan hai to jahaan hai” and “Health hai toh life hai!”
(By Prasun Sikdar, MD and CEO, ManipalCigna Health Insurance Company Limited)