Having a medical insurance policy is not a luxury anymore. It has moved towards being a basic necessity in today's world. With inflation surging past 9% in India, an average middle-class household in India finds it difficult to make both ends meet. And the spiraling medical expenses further add to their woes.
Today, an average individual spends 40% of his/her income on things which are over and above the basic amenities such as dining out, movies, entertainment, outings, loan EMIs, etc. But seldom do they budget for important things such as a medical insurance. One odd medical expense such as a visit to the general physician or dentist may seem a small amount when compared to the annual premium of a health insurance policy but when you are faced with a surgery or treatment for an injury then the medical expenses are exorbitantly high. And many of us realise the importance of a Health Insurance Policy when we are faced with such situations.
For an average middle class family, a major hospital treatment expense can become a huge burden and wash out as high as 30% of the total household income. And many times, the quality of health care is sacrificed and proper treatment and care is not taken due to lack of funds.
Therefore, to ensure proper treatment and a healthy lifestyle, it is crucial to be covered under a comprehensive health policy at all times.
A friend of mine was totally taken aback when he had to undergo a bypass surgery which drained over 4 lakhs from his savings. He was of the opinion that if in the last 35 years he didn't find the need for a health insurance policy then he wouldn't need it later on too. But all his notions changed after this unexpected treatment. He now understands and values the need for a comprehensive health insurance not only for himself but for his entire family.
Nowadays, there are many good health insurance policies available in the market. There are many choices across the industry and policy premiums for an individual range from Rs.2,000 to Rs.60,000 annually. Moreover, with specialized health insurance companies joining the industry the focus on quality medical insurance at affordable price have gained enough focus.
The modern Health Insurance Policies have a lot of attractive features like
- High Range of Entry Age from birth to death
- Pre and Post Hospitalization Benefit
- Lifetime Renewability
- Special Rider Benefits
- Specific Policies for the Diabetic people, Critical Illness Coverage, Maternity Benefit schemes, etc
- High number of Day Care procedures coverage
- Dental Expenses, Ayurvedic and Homepathic Treatment Coverage
- Expenses for organ donor of transplant
- Free Health Check up on Renewals, etc.
Thus, like it is never too late to plan for your house, car or umpteenth honeymoon, it is never too late to plan for your health insurance policy as well.
Written By: Deepak Yohannan
The author is the CEO of MyInsuranceClub.com, an online insurance price & features comparison portal
For more articles by Deepak Yohannan, please visit MyInsuranceClub.com
You may write to the author at Deepak@myinsuranceclub.com