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Health is wealth, and health insurance saves that wealth: Here's why

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Published on March 15, 2021 | Est Read Time: 3 min

Last year, the whole world faced a collective threat – the coronavirus outbreak. In 2021, vaccines rolled out, but the pandemic is still far from over, and we need to remain cautious even now. Undoubtedly, it was a rude wake-up call, and people understood the importance of hygiene. One more thing that the world began to pay more attention to, and that is Health Insurance. It was always significant, but many did not take it seriously. But now, it has become a non-negotiable entity. Many industry experts and financial planners say that buying a health cover for self and family members is crucial, even before one starts to save. Here is why you need to get  health insurance for your family. 

The increasing popularity of health insurance

As per the Health Insurance Consumer Pulse Survey conducted by  PwC in association with FICCI  in 2020, more young and digital savvy Indians are increasingly focusing on personal health and well-being. The report mentions that the health insurance sector in India has grown by 20 per cent since 2016. Just like other countries in the world saw huge growth in personal health insurance after outbreaks of SARS and MERS in the last few years, experts believe that there will be a rise in demand for health policies after the Covid-19 pandemic. And India will be no exception to that. An encouraging sign is that the survey states that health insurance growth is the fastest among all general insurances in India in the last five years.

One-third of the total Indian population comprises of Gen Y or millennials millennial and the young population, especially women, are focusing on health, fitness and well-being. Buying a health plan is part of self-care. They also understand that even if the employer provides health insurance, it sometimes is not enough. 

"Your parents are getting older. Think of buying an insurance cover for them as well. Most of our parents have old-time insurance covers of around INR 1-3 lakh, which in today's times is not enough," says  Varun Girilal, Co-founder and Executive Director, Mitraz Investment Advisors, talking about priority setting for youngsters. He also recommends opting for an additional insurance cover if your employer offers, even if it requires shelling out some money from your pocket. "Some firms offer insurance covers that cover your parents, which is helpful," he adds.

The many advantages of health insurance

The benefits of buying health insurance for the family are many. The cost of quality healthcare is steadily increasing, and in the absence of a health plan, the patient may spend all his savings on treatment. In worse cases, they might go into debt as well. 

Also, Covid-19 apart, there is no dearth of ailments. Even young and fitness-conscious people are diagnosed with life-threatening diseases. Even if you trust your immunity and metabolism to protect you against diseases, an accident can happen at any time.  

And buying a health plan once you are diagnosed with an ailment or suffer a fatal injury is like digging a well after you feel thirsty. In simple words, too little, too late. With health insurance, you can get the best healthcare services. Since the insurers have collaborated with a vast network of hospitals, you can avail of the cashless facility in most hospitals close to your home as a policyholder. Some plans provide a free health check-up on an annual basis. The cherry on the top is that you can avail tax benefits if you buy an insurance policy.  

The right time to buy a health plan

Sooner the better! Yes, procrastination and complacency will cost you more. When you are young, you may think that a health plan is a waste of money. Don't wait till a catastrophe changes your opinion. Many times, when you are young professionals with limited income, health insurance does not seamlessly become a part of your financial planning. That's understandable, but now imagine if, with the same income, you have to undergo a costly surgery. 

A health insurance policy is a must and beneficial in your early life stage of financial planning. 

1. First of all, as a young person, you have a lesser chance of developing medical conditions, and therefore, the risk factor for the insurer is lower. The insurer rewards the policyholder with lower premiums. 

2. Secondly, you can easily wade through the waiting period. There are many other benefits you enjoy when you buy a policy when age is still on your side.

Manasi Mishra , CEO of a health insurance company, advises that every individual needs health insurance these days. "Health Insurance is necessary for every individual, keeping in mind the rising medical costs and a spurt of lifestyle diseases amongst Indians. A medical emergency can attack anyone, anytime and impact an individual emotionally and financially."  

Conclusion

Many health insurance providers offer various plans with pocket-friendly premiums. The plans, be they individual or family floater, can be customised according to the buyer's requirements and budget constraints. Then there are many add-on covers and discounts that can help you bring down the premium and make the coverage more extensive. Not treating an injury or ailment due to fear of surgery or extended treatment that may cost you a fortune is not a wise thing to do. The minor thing can blow up and cause unimaginable damage later. The easy way out is having  health insurance for the family  and enjoy the sense of security and peace of mind that it brings.

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

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