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Healthy, Wealthy and Wise: Benefits of Health Insurance

Insurance developed, historically speaking, as an ingenious and practical way to deal with the vagrancies of nature and the uncertainties of fate. So while no one could (or still can) predict when a storm might sink a ship, or a fire take a warehouse, such tragedies came to be financially manageable for intelligent investors, and this in turn gave rise to the modern world of industry and innovation we see around us today.

One such area of innovation in the modern world has been that of health and medicine. Unfortunately, with the increasing complexity of medical treatments and procedures, medical costs have, inevitably, risen considerably. The average hospitalisation cost in urban India has jumped by a staggering 10.7% CAGR from Rs. 8,851 in 2004 to Rs. 24,436 in 2014. Resulting in a growing and logical appeal for health insurance.

The modern world is rife with urgency – that of supplying oneself (and loved ones) with food, shelter and clothes on one’s back. In a perpetual struggle to maintain a comfortable life, we’re dealing with an environment that is fast-paced, stressful and sometimes, uni-dimensional.

The majority of India’s population that serves as the breadwinner of the family falls between the ages of 25 to 40 years. This group works arduously to make ends meet, while allowing themselves the cushiony comfort of vacations, indulgent foods, and stress-relieving vices. This spontaneous and curious age-group with their brisk way of life, are prone to greater risk, in life, in general… and that’s where health insurance figures in. According to WHO, 70% of Indians continue to pay for medical expenses out of their pockets in comparison to just 30%-40 in other Asian countries.

Youth is not synonymous with immunity from injury or illness. While people between this age group may be less likely to develop certain diseases, they are in fact at a higher risk of some kinds of accidental injuries – sports injuries, travel-related injuries or illnesses endemic to an area, and road accidents to name a few. During this time, when your career is just starting out, you’re establishing your own home, and building a life on your own terms, it’s best not to leave things to chance, even though skipping medical insurance may be easy to justify for some.

Banking on health insurance is one sure-shot way to side-step sky-rocketing medical expenses when faced with unfortunate, unforeseen circumstances. Not only will you free yourself and your family from fulfilling medical expenses, but you can also enjoy tax exemptions while doing so.

Health Insurance Policies cater to the many, as well as the far and few in between. Depending on your budget and requirements, you can choose your medical plan, premium and policy, while being assured comprehensive coverage. All you need is a health insurance plan that fits you and your family like a glove.

Health insurance policies at ICICI Lombard are comprehensive and easy to customise. Some of the policies include hospitalisation cover, daycare surgeries/treatments cover, pre and post hospitalisation expenses and domestic road emergency. You can simply choose a plan, premium and coverage of your convenience. Get lifetime renewability & insure your family members at any age. It may be the single, wisest decision you will make at the onset of the new financial year of 2016-2017.

 


Disclaimer: The statements, opinions and data contained in these publications are solely those of the individual authors and contributors and not of Credihealth and the editor(s).

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