Think about what will happen during an emergency medical situation for your family member if you're not financially strong to meet your medical needs. Either you will spend from your savings, or you need to borrow it. Otherwise, you need to choose a substandard hospital. I have seen the struggles of my friends and colleagues so many times.
Suppose you have a health insurance policy for your family. In that case, you can choose the best hospital for treatment during emergencies. Even though you have enough savings, it is wise to spend a small amount on health insurance premium rather than paying huge hospital bills.
I interacted with some of my colleagues and friends about health insurance. In this blog, I listed some general misconceptions of people, and I wish to clarify them from my understanding of health policies.
People feel they are young and nothing will happen to them and to their family. Insurance is meant for facing unexpected situations in our life, whether it is health or accident. Buying an insurance policy is the wise decision taken to meet the unexpected confidently. With insurance in hand, your family will face them without worrying about hospital expenses.
In some cases, people understand the importance but keep on postponing it. All insurance service providers fix health insurance premium based on age. The insurance premium will be high for older people. Moreover, some companies avoid selling medical insurances to elders. So earlier is always better. Moreover, certain medical conditions, preexisting diseases might not be covered during the first few years of the policy. They include those diseases in the subsequent years. The best suggestion is to enter early into insurance to get full benefits when you are in need.
Most middle-classes give very low priority to medical insurances. They think about health insurance only after allotting a budget for all other expenses. The hospitalisation expenses are skyrocketing; you must give top priority to this. For a middle-class family, a week's hospitalisation will wipe out all your savings. Or the borrowed money for hospital expenses will take years to pay back.
After the policy term, if not claimed, people feel it is a waste of money. Most insurance companies give additional cover during policy renewal as no claim bonus for the following year. Therefore, it is not a waste of investment. You will get extra cover.
Most of the health policies cover if you are admitted to hospitals at least for one day. People feel outpatient consultation expenses should also be covered in health insurance. Some company policies cover this, and some of them allow free whole-body medical checkups.
People often feel the policy amounts are high and not affordable for them to buy. The insurance companies need to better optimise it so that it can be reasonable for policyholders. Despite that, you can spend at least 15 day's salary as a premium for one-year protection. Additionally, you may get tax benefits as well.
Highly valuable information. You have described the 100% real situations. Hope the readers will act immediately in this.
ReplyDeleteVery useful information sir.. This write-up will make the people to think..
ReplyDeleteAbsolutely all are true sir, most of the middle class people gives low priority about their health.
ReplyDeleteExactly sir, We people give low priority and postpone the years. Very Informative article sir.
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