This life is precious, but in today’s era when you go to a private hospital and the bill that comes in hand after treatment shows how important money is in life. Actually, the disease can be called without calling, and brings the burden of medical expenses. But health insurance can lighten your burden. Therefore, everyone must take health insurance for themselves and their family.
Health insurance is necessary, as it provides financial security to you and your family in medical emergency. At the time of illness, you do not need to spend your deposits or emergency funds. Insurance protects your savings. Most health insurance policy provides cashless facility, where the bill pays the insurance company directly in network hospitals, this makes it possible to treat immediately.
Health insurance is increasing every day
Actually, medical expenses in India are increasing at the rate of 14-15% every year. Therefore, health insurance provides protection for future rising expenses. The government spends only 2.1% of GDP on healthcare, which is the lowest in the world. Government hospitals are struggling, and most middle people do not like to go there.
In such a situation, private hospital has to be resorted to and we all know how expensive they are. Wherever you live, look at the top hospitals there, there is always a crowd, beds are not available.
The expenses of the hospital are increasing day by day. Such as surgery, ICU, or diagnostic tests can be up to millions of rupees. Heart surgery can cost 2-10 lakhs or cancer treatment up to 10-20 lakhs. Health insurance covers these expenses. Due to insurance, you can choose better treatment and hospital without financial concern.
Suppose someone suddenly needs stones surgery. Its expenditure in small town can be 50,000-1 lakh and in metro city to 1.5-2 lakhs. Without insurance, this expense goes from your pocket. But a policy of 5 lakhs (which can be found in a premium of Rs 6,000-10,000 annually) can easily cover it.
Health insurance is an investment that protects you and your family from unexpected medical expenses. It is better to take it early, because the premium is low at an early age and coverage is more widespread. The amount of health insurance (coverage) depends on your needs, age, health status, family members and budget.
How much coverage should be taken?
In view of today’s medical expenses, coverage of at least 5 lakh rupees is necessary. This can be enough in small cities, but in large cities it may be less. If you live in the metro city (like Delhi, Mumbai, Bengaluru), then coverage of 10 lakh rupees or more is better. If you are single, then do health insurance of at least 5 lakh rupees.
If you are taking a policy for the family, which is called a floater policy, then take coverage of Rs 10-15 lakh, because many members may need treatment in a single year. With a floater policy, the whole family (husband and wife, children, parents) can be covered in a single policy. On the other hand, if your income month is more than one lakh rupees and there are elderly parents in the family, then you can take coverage of up to 20 lakh rupees. Because their medical needs can be more.
Critical Illness and Top-Up
Apart from this, if you want additional protection for serious diseases like cancer, heart disease, then take critical illness cover. You can also take super top-up policy, which gives more coverage in low premium. For example, a base policy of 5 lakhs + 20 lakhs can be taken. Similarly, you can get top-up up to Rs 50 lakh on a base policy of 10 lakhs, which is available at very low premium.
What will be the premium?
If someone is 30 years old, then the premium of 5 lakh policy can be Rs 6,000-10,000 annually. It can be up to Rs 20,000-50,000 at 60+ age. Premiums can be more in advance due to disease (such as diabetes). Serious diseases cover the policy after two to three years. But in case of accident and sudden hospitalization, insurance helps immediately.
How to choose?
Keep in mind the needs of the family while taking health insurance. Choose a policy that increases coverage if not claimed, ie select a policy with no-frame bonus. Choose a large network insurance that gives cashless treatment. There is no bracket of co-payment and room rent.
Companies like Star Health, HDFC Ergo, ICICI Lombard, Bajaj Allianz, Niva Bupa offer health insurance in India. The premium is cheaper at an early age and the waiting period is low. There is a tax exemption of up to Rs 25,000-75,000 under Section 80D on Health Insurance Premium.