Health insurance is a safety net that offers you and your family financial coverage during medical emergencies. It works like a buffer between you and the escalating cost of healthcare. Most people realise the importance of investing in it only when an unexpected illness or injury strikes. By then, they are left scrambling to find the funds to cover medical expenses. Health insurance can cover hospitalisation expenses, critical illnesses, and more. It offers you peace of mind, knowing that you’ll be able to get medical care without worrying about the expenses. Today, general health problems can have enormous expenses in terms of hospitalisation, consultations, and numerous tests, making health insurance an essential investment.
Coverage benefits
Covering healthcare emergencies can quickly drain your savings, and that’s where health insurance comes into play. With the right coverage, you can protect yourself from exorbitant medical bills. Hospital expenses are covered by most insurance policies, providing a financial cushion. Additionally, policies often include critical illness coverage that protects you if you are diagnosed with a major illness. Pre and post-hospitalisation expenses are also covered by health insurance, ensuring you don’t have to worry about the cost of follow-up care. It’s important to note that every policy has its own list of exclusions, so make sure to read the fine print. But overall, health insurance is a great way to protect yourself from financial instability.
Financial planning
Health insurance protects you from the burden of unexpected medical expenses and shields you from financial instability. You never know when a medical emergency might strike, and it’s always better to be prepared than caught off-guard.
Moreover, health insurance offers tax benefits and lets you avail discounts on premiums if you’re young and healthy. That’s right; you can pay less if you’re fit and young. Plus, many insurance companies offer premium discounts for family packages, so it’s a win-win for everyone.
With the right health insurance policy, you can protect your finances and indulge in healthcare facilities without stress. So, if you’re looking to secure your financial future, investing in health insurance is your best bet.
Choosing the right policy
Start by considering any pre-existing conditions you have, as well as any potential future health risks. Once you have a good understanding of your needs, it’s time to compare different policies. Don’t just focus on the premiums, but also look at the benefits and coverage options provided. Another important factor to consider is the claim settlement ratio of the insurance company. This will give you an idea of how prompt an insurer is in settling claims.
Ensure that you choose a policy that has a network of hospitals that you are comfortable with. This will make it easy for you to seek treatment without worrying about potential out-of-pocket expenses. Keep in mind that cheaper isn’t always better, especially if it means sacrificing the quality of care you receive. So, take your time, do your research and choose a policy that best suits your needs.
(Viral Bhatt is the Founder of Money Mantra, a personal finance solutions firm)
