6 Critical Times in Life When You Need Health Insurance the Most

Health Insurance

There have been significant technological advancements in the healthcare sector in the last few years, which has resulted in a steadfast increase in the cost of healthcare in our country. While the rising emergence of lifestyle diseases may threaten your savings, that is why having a health insurance policy has become a necessity. 

 A health insurance policy acts as a cover that provides you with a much-needed financial backup at the time of medical emergencies. Health risks and unforeseen medical emergencies are unpredictable and hence a part of our lives. Some medical events do not alert you beforehand for you to prepare financially at the moment. That is where a health insurance policy comes in handy. 

A health insurance policy offers protective coverage that pays for medical expenses incurred by the insured. When you make a claim, the health insurance provider reimburses you for expenses incurred from illness, injury etc., or pays the care provider directly. There are several types of health insurance plans, such as individual health insurance, family floater health insurance, critical illness insurance, etc. Buying health insurance can be an essential part of your financial planning. 

Although the health insurance policy provides you with a much-required financial cushion in times of medical emergencies, it is considered an expensive undertaking. Even though there are many affordable options in health insurance policies, many people seem to be unaware of them. While the government is trying to focus on various health schemes and initiatives such as Ayushman Bharat Yojana, and capital expenditure towards healthcare, the awareness about the importance of health insurance may increase exponentially in the future. 

There are many reasons to have a health insurance policy in place. Getting a health insurance cover for yourself and your family not only covers the medical care but also provides the added financial protection you need in times of emergencies. 

Let us take a look at some of the critical times in life when you need health insurance the most:

  1. In critical illnesses:

Critical Illnesses are diseases like Cancer, Kidney failure, Coronary Artery (Bypass) Surgery, Heart surgeries etc., which are life-threatening and may persist lifelong. Treating such critical illnesses may require multiple visits to the hospital and medical care over a long period. In addition to the hospitalisation expenses, there will be other costs like doctor fees, medical bills etc. In times like this paying for the expenses may take a toll on your finances, that is why a critical illness health insurance policy can be a lifesaver. A critical illness plan pays a lump sum amount that can be used to cover these high expenses.

  1. During hospitalization:

Health insurance is beneficial in covering not only the medical expenses but also the pre- and post-hospitalization expenses. Sometimes before hospitalization, the individual may undergo various tests in addition to taking medication. 

These tests may help the doctors in their diagnosis and are considered as pre-hospitalization expense. While post-hospitalization expenses may include all expenses or costs incurred by the individual after they are hospitalized. As both pre- and post-hospitalization expenses are covered in most of the health insurance policies, it makes your investment in health insurance worthwhile. 

  1. During surgeries:

Certain health concerns may require surgery in future, if you are aware of such issues, then it is advisable to buy a health insurance policy in advance to avoid the financial burden caused by the surgery and treatment expenses. Health insurance policies have a waiting period ranging from 1 year to 3 years for diseases like arthritis, spinal cord disorders, ligament repairs, cataract, hernia, hip, or joint replacements etc. 

The policyholder can only file a claim for expenses incurred during the surgery related to the diseases mentioned above or listed in the policy document only after the completion of the waiting period. Hence, buying a health insurance policy may save you from future financial burdens in case of surgery.

  1. In times of medical inflation:

With improvements in medical technology and the emergence of new diseases, the costs of healthcare and treatment increase as well. The rise in ambulance charges, operation theatre costs, medicines, room rent, doctor’s fees, costs of diagnostic tests etc., can put a significant financial burden on your savings if you are getting medical treatment. But just by investing a comfortable sum of money in health insurance premiums each year, you can get quality healthcare without worrying about the expenses and the rising inflation. 

  1. While tackling lifestyle diseases: 

In today’s world, our modern-day lifestyle has become strenuous and filled with physical and psychological stress. And we often fall into a sedentary lifestyle, which gives rise to various lifestyle diseases such as diabetes, obesity, respiratory problems, heart disease etc.

 Though these diseases are more common in the older generation, they are now becoming prevalent in younger people also. You may take precautions to prevent these diseases, but you can never predict an uncertain event, and the sudden occurrence may put your finances at risk. Purchasing a health insurance policy may cover the financial risks and costs of the tests that may diagnose these illnesses early on.  

  1. When you have inadequate savings:

There are certain times when you have just as much money in savings as to take care of the daily expenses for few extra months.

But unforeseen illness does not give you any warning before, and you may end up spending all your savings on medical expenses. If you invest only a reasonable amount in a suitable health insurance plan, you can decrease your financial burden significantly; and protect your savings from being spent on the cost of treatment. 

With a proper planning, you can use your savings to buy health insurance and other things that you have planned for. Additionally, health insurance may give you tax benefits, which can further increase your savings. 

A health insurance policy is a crucial necessity in today’s world with a fast-moving lifestyle. Hence, it becomes important to protect yourself and your loved ones from any uncertain event that could leave you financially drained. To safeguard your future, it is advisable to invest in a health insurance policy that would offer you comprehensive coverage and various benefits to ensure your financial security. 

For more information, visit the Kotak General Insurance website.