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How Does Buying Health Insurance Reduce Your Financial Risks?

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Is your budget set for your next holiday? Is your budget set for the next month’s grocery needs? Have you planned the budget for your next car? Have you decided how much to spend for the next party that you are throwing?

Yes, we all plan earnestly for these trivial things in life. But have you planned for your next sickness or critical medical condition? Health problems do not ring a bell before taking over your life, and before you know it, all your financial planning may come to nothing.

According to the rating agency ICRA’s analysis of five big hospital chains – Apollo, Fortis, Narayana Hrudayalaya, Max India Limited and Healthcare Global Enterprises Limited, the revenues of these entities alone touched Rs 12,990 crore in the year ended March 2017. This is an increase of about 80% over the course of a five-year period starting March 2012.

On a contrasting note, read this statistic.

According to the National Sample Survey (NSS), a whopping 82% of urban population and 86% of rural population in India is not covered under any health insurance scheme.

For once, it is lethal to be in this majority. The above statistics clearly underscore the fact that India, as a country, needs to rise up and open its eyes to the paramount and urgent importance of health insurance to avoid irreparable financial debacles. Health insurance reduces your financial risks by providing these advantages:

• Stable Financial Condition: For a marginal cost of the premiums, health insurance is a promise that no matter what, your financial condition will never deteriorate. Health insurance is the best way to safeguard your and your family’s future.

• Better Health: We all are guilty of missing a test or a medicine here and there because we feel it is a waste of money. When your health insurance will cover all these expenses, these healthcare needs will never be ignored.

• Financial cover in case of disability: No matter how wisely you manage your expenses, in the unfortunate case of physical disability, it is almost impossible to cope with the loss of income. Health insurance shields you and your family against the perils of such unfortunate incidents.

• Makes the future secure: At the time of spending money for your kids and family, you may ignore the chances of having to spend on your own health in the future. This is where insurance safeguards your future for a small amount of periodic premium.

• Even basic healthcare is heavy on the pocket without insurance: Even if there is no unfortunate case of health condition, for general health such as regular checkups, vaccination for children, pregnancy tests and delivery, general cold and fever medication etc., you end up spending more if you are not covered by health insurance.

HDFC ERGO strives to be a compassionate health insurance partner promising to fulfill all the healthcare needs for you and your family. With affordable premium plans, we offer 24X7 support with easy claims and seamless processes.

Reference links:

http://mospi.nic.in/sites/default/files/publication_reports/nss_rep574.pdf

http://mospi.nic.in/sites/default/files/publication_reports/nss_rep574.pdf

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before going ahead with the purchase.