It is quite easy to get sick and therefore anyone can become ill anytime. But there is hardly anyone who saves for the ailment. Often people save for their dream homes, dream holidays or for their future generation. But rarely people save for their future ailments. And therefore when they find any medical emergency, they choose to sacrifice any of the dreams or compromise any funds that they might have saved for any other thing. This is the place where the importance of health insurance is felt. Health insurance allows one to have access to the top healthcare service without feeling any financial strain.
Let us discuss on this digital health platform about the advantages of Health insurance.
What is Health Insurance and how does it help?
Health insurance is a kind of insurance coverage, which covers the cost of the medical and surgical expenses of the insured person. On the basis of the coverage type, either the insured person pays the cost out-of-pocket and therefore reimbursed or the insurer makes direct payment to the insurance provider.
Health insurance policies can be of both long and short terms. The short terms plans come with tenures starting from 1-2 years and on the other hand, the tenures of the long-term health insurance policies range from 5-15 years. Apart from that, there are some policies, which offer life-long renewal program. The insurer can renew the policies at the culmination of the tenures.
There are actually numerous advantages that health insurance offers. Some of these benefits offered by this coverage are:
Ease of mind
Illness while takes place with or without expectation definitely disrupts the peace of mind of the insurer. But in case the illness is not treated properly because of the lack of time, then this surely disturbs the peace of mind of the insurer in case there is an added burden of finances. Health insurance coverage ensures that certain parts of the medical expenses are paid up for lessening the stress on the mind.
Health issues cost a large amount of money but sometimes lack of this money costs even life at times mainly when the medical issues that pop up unexpectedly. Besides, there are a number of people who can’t afford medical issues that can become expensive in case there is a requirement of hospitalization because of this. It is really tough to confirm the exact amount of healthcare every year but the health insurance coverage works as the answer to a number of issues, which can also resolve the medical costs. Apart from it, there are some other health coverage types that even include regular check-up and that offer the insurer some unnecessary care.
Whether you purchase the health insurance plan individually or whether it is offered by the employer would increase the scopes for that they can get the health check-up done. The card issued by the health insurance coverage would act as the path to see that every health insurance coverage plan would be paid by any insurance company. Therefore, this will ensure that any health issue would resolve in time without things getting worse and seeking a recommendation from the specialists in this field.
In case there is any scope that the employer offers health insurance coverage it is ensured that the insurers won’t have to spend much of their savings. Therefore, they can use their saved money for any other types of emergencies. Besides, the coverage offered by the employer will also see that it would be included in the income. But in case this type of coverage plan is bought individually, then this would decrease the taxes by enhancing the savings from taxes.
Scheduled check-ups on a regular basis
Health check-ups on a regular basis without the right health insurance coverage would eat most of the budget of the individuals in case it also includes hospitalization or any special services. On the other hand, health insurance coverage makes it really simple with the insurance provider offering all the charges instead of emptying the pockets of individuals for general health issues.
Health Insurance in India:
As per the WHO’s (World Health Organization) World Health Report in the year 2016, the healthcare system of India is one of the worst after America. In fact, in terms of the gross national income per capita, India is still in the bottom slots. In addition, in the 2017 report, the rank is 154 among all the 195 countries, which is pretty behind. The main issue here is that only 5% of the annual expenditure of the Indian Government goes towards the field of healthcare.
Moreover, another report published by WHO has revealed that most of the healthcare expenses in India come from the personal spending of the households. For rural India, the cost of private healthcare is almost 5 times more than the public healthcare of this country. In addition, around 80% of the residents of the urban areas and the 72% residents of the rural places cannot afford the private healthcare services. Moreover, in the past few years, it has been seen that Indians are visiting private hospitals in higher numbers than past and visiting the hospitals more often. Therefore, what is considered as good for their health is not that good for their wallets.
One recent incident to throw some light on this matter
On September 2017, Adya, a seven-year-old girl from Gurgaon died of dengue after going through several days of treatment program at Fortis Hospital. She was mainly admitted to the hospital with severe dengue that progressed to dengue shock syndrome. Nevertheless, the tragedy was that the parents of the girl were only allowed to take her dead body after paying an exorbitant bill of the amount of 18 lakhs. However, they could save the cost by having health insurance coverage of a good amount.
So, we can learn from this instance that medical emergencies can be expensive and without an insurance coverage, the medical emergency can lead you to a heavy debt without any way to come out of this mess.