Health Insurance - The Ultimate Finance Savior
Published On Nov 12, 2020 5:30 AM By Sakshi Aggarwal
In India, not everyone has health insurance. However, those who possess a health insurance policy know that it is a smart choice to make. Also present are people who think that buying health insurance is a waste of money. What they do not know is that health insurance is the ultimate way one can safeguard their expenses.
So, if you too have been questioning the worth of buying a health insurance policy for you and your family for months or years now, know that health insurance is a boon that will help you stay away from many financial risks in your life. How? Let’s find out.
How Health Insurance Protects You From Financial Risks?
In the last few years, the cost of medical treatment and procedures has increased at a rapid pace. Talking about today’s time, when healthcare costs are way too high, managing medical bills without health insurance can result in one spending their hard-earned savings and even assets like house, land, and others. In addition to the same, facing a financial crunch during an unfortunate medical emergency can make the whole situation even more trying, both mentally and physically for every member of the family.
When it comes to a medical emergency, you simply cannot predict:
- The time the medical emergency situation occurs
- Who would it be with- you, your parents or your children?
- What would the medical condition be?
- The amount of money you may have to spend to avail the best possible treatment
- Whether or not you will remain financially stable after bearing all the expenses?
Many people think that if and when a medical emergency arises, they will be able to handle every expense. However, when the time comes, they find themselves unable to settle the medical bills or even avail the best possible medical treatment due to lack of money.
It is advised to purchase one of the best health insurance policies as it helps you stay financially stable by offering:
1. Cashless Treatment - One of the biggest advantages of health insurance is that it helps you avail of quality treatment without paying even a single penny. Policyholders with cashless insurance simply inform their health insurance company and avail the desired treatment without any worries because all of their expenses are taken care of by their health insurance company.
Health insurance, through cashless treatment, eliminates the hassle of arranging a huge sum of money all at once or selling off one’s assets. When you have cashless insurance, all you do is focus on the medical treatment at the time of emergency rather than looking for ways to gather funds.
2. Critical Illness Cover - Treatment for critical illnesses such as Cancer, Heart Attack, Kidney Transplant, Stroke, and various others lays heavy on the pocket. Many people have no option but to compromise on the quality of treatment as they lack the significant amount that is usually required in cases of critical illnesses. However, with critical illness policy by their side, they get a lump sum amount on the diagnosis that helps them prevent a shortage of money. In fact, the policyholder can use the lump sum amount received for various expenses such as payment of dues, school fees, etc.
All in all, it can be said that when one is backed by a health insurance policy, they are protected from making numerous payments involved in medical treatment. Be it pre & post-hospitalization, doctor’s fees, emergency ambulance expenses, organ donor costs, maternity costs, newborn baby expenses, and various others. In addition, policyholders get to save a significant amount as they do not have to pay for health check-ups, dental treatment, OPD expenses, and more. In fact, the policyholder gains benefit in the form of tax benefit, No Claim Bonus, and other features like such. Please keep in mind that health insurance benefits vary according to the health insurance policy type.
Medical treatment may cost a fortune in today’s time. But, you can always make sure you are not the one suffering because of a shortage of money. All you need to do is buy an ideal health insurance cover according to your precise medical needs and pay the policy premium on time. Rest, your health insurance policy will take care of.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.