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Why You Need Medical Insurance

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Why You Need Medical Insurance

We live in a high-stress world with an incessantly deteriorating environment. The digital era has confined us to a life of negligible physical activity. The combined onslaught of these has taken a huge toll on our health.  It is imperative to go for health insurance so that your financial security is not impaired.

Lifestyle diseases are on the rise at alarming levels and the risk of being struck by a debilitating condition that may need emergency care or continuing medical expenses is real.

health-insurance-conceptHere’s why you need a health insurance:

  • Escalating lifestyle issues impact everyone irrespective of age, financial status and ethnicity.
  • The cost of medical treatment has skyrocketed and is no longer affordable for most people, especially in the case of serious health conditions. The costs are continuing to escalate at a rate of 10% annually.
  • Today, the total cost of a simple surgical procedure in small hospitals for conditions like appendicitis or piles comes to around Rs.50,000 or more!
  • Heart conditions, if surgery is involved, may run into lakhs, depending upon the severity of the condition, type of surgery and medical facility, the surgeon and risk factors.
  • If you have not saved huge amounts, you may have to dip into your corpus of savings that you had set aside for expenses like education, travel, your kid’s marriage expenses, etc.
  • Today, the progression of insurance needs and a galloping population have resulted in the explosion of several insurance companies. The intense competition has resulted in a bouquet of competitive plans with wide-ranging options.

medical-insuranceHealth Insurance is different from Mediclaim

  • Mediclaim is not adequate to cover many illnesses and health conditions.
  • Mediclaim covers hospitalization and treatment in the case of accidents or pre-specified illnesses for a specific sum assured.
  • A health plan is more broad-based and offers comprehensive critical illness cover for about 30 critical illnesses and about 80 surgical procedures.
  • In health insurance, lump-sum payments are disbursed when the policyholder is diagnosed with a critical health condition irrespective of actual medical expenses and the policy continues even after you have received the payment in the case of selected illnesses.
  • You get a discount on premium if the sum assured exceeds a limit.
  • Health insurance offers flexibility to reduce premium, sum assured or reduce the policy term after a specified period.

 medical-and-health-insurance-claim-formSelect a Health Plan that’s right for your family

 No one plan fits all. Choose a health plan that addresses the needs specific to you and your family.

  • Decide on the kind of cover you need and can afford.
  • The insurance landscape is wide, offering diverse options. You need to scan this before you arrive at a plan suited to your needs.
  • Offers to look for:
  1. Maximum time period over which the premium remains constant, even if you have made a claim.
  2. Do you get enhanced cover on claim-free years at the same premium?
  3. Does the plan cover a wide range of illnesses and pre-existing conditions?
  4. Can you get a custom-made plan for health cover, premium payment and benefit options?
  5. Does the plan offer you hassle-free claim and cashless benefits for hospitalization or surgeries in a wide network of hospitals?
  6. Tax benefits under relevant sections of the law.

The sure shot way to safeguarding your health and that of your family is two-pronged:

Ensure a healthy lifestyle for your family.

Go for a health plan that suits your family needs the best!

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Swati Amar calls herself ‘the write person’ precisely because she claims her brain starts functioning only when her fingers dance over the computer keyboard. Gripped by an obsessive compulsion to write, her day is incomplete until she has ‘keyed’ in a few lines. Moving from counting money as an erstwhile banker in State Bank of India, Swati has been counting words for more than fifteen years. She has contributed copiously to various print and online publications in English and Tamil, numbering over 15K articles on varied subjects. Swati Amar swears allegiance to the Chennai Press Club and prides on her experience as a media entrepreneur and consultant, never losing a ‘write’ opportunity. Swati’s favorite pastime is to watch News on television, read, revel in melody, doodle and dawdle and follow the footsteps of global chefs when time permits. She believes that a good laugh peps up one’s life! And the write words too…