All of us like to believe that we are in good health. We continue living with this notion until we fall ill. Tests soon reveal a hitherto undiagnosed disease. The prognosis is not very grim, but treatment can take months.

On the other hand, a serious illness may take years of treatment and a complete lifestyle reversal to effect a total cure.

Most of us take our health completely for granted. When a disease or illness finally strikes, we are either too stunned at the news or too afraid to know more. Either way, prompt treatment and long periods of rest can soon cure the ailment. On the other hand, a serious illness may take years of treatment and a complete lifestyle reversal to effect a total cure.

Family health insurance

Around the world, more and more people are falling prey to lifestyle diseases. Instead of dealing with the problem after it occurs, it is better to be prepared for it with health insurance. | Photo courtesy: bhatkallys.com

At the same time, an undeniable truth is that medical treatment is quite expensive in India. Just one night of hospitalization can wipe out our savings fund. Serious illnesses may also necessitate that one takes a break from work and rest at home. This further impacts the income potential of the family, thus putting the treatment and household expenses in jeopardy. It is a vicious cycle that is tough to break from – unless you have health insurance.

A family health plan is the best tool you can take to safeguard yourself and your family against the risk of future medical expenditure.

Here’s why it’s important:

  • Everybody ages and becomes susceptible to illness and disease. You may have aged parents with health problems, or you and your spouse may face the same in the future.
  • Your company-sponsored health insurance does not provide adequate coverage. It is often a very basic policy that may pay about a fraction of the total medical expenditure you incur. At best, it can be a supplementary policy to your main family health plan.
  • Around the world, more and more people are falling prey to lifestyle diseases. Instead of dealing with the problem after it occurs, it is better to be prepared for it with health insurance.
  • Buying it early gets you cheaper premiums and builds a large corpus as well. Accidents and illnesses do not announce themselves, and so, a health policy bought early can provide sufficient protection.

The best family health plan

  • covers children as young as 3 months old and has 70 years’ entry age for adults.
  • pays for both pre- and post-hospitalization.
  • day care procedure and ambulance costs.
  • Rs 10 lakh sum assured for those below 55 years of age, Rs 5 lakh for those above 55 years of age.
  • offers portability from other health plans.
  • renewal bonus every year.
  • quick claim settlement and cashless claims.

Featured image: Biotechin.Asia
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Posted by The Indian Economist

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