Health is very fragile these days!
To maintain health requires a lot of efforts and to restore health involves not only efforts, but also a lot of money! Most individuals are either covered by their employers or they buy individual insurance plans for amounts that can at best be considered peanuts when compared to the actual cost of medical treatment. The end result is after utilising the complete insurance coverage, one has to still beg, borrow or steal to pay for medical bills! To avoid such a scenario happening in your life, it is important to buy a high cover value health insurance policy.
Let’s explain to you why it is of utmost importance to take such a decision as soon as possible:
1) High Medical Costs
With technological advancements and improvement in medical science, the cost of treatment has increased manifolds over the past few years. On the other hand, the changing lifestyles, increasing stress and poor maintenance of health has resulted in people suffering from more and more complex diseases requiring complicated medical treatment. The cost of treatment however doesn’t only require expenses incurred in hospitalisation, but also involve running a household while the bread-winner of the family battles sickness or other expenses related to travel, food and lodging in another city for treatment. The figures run in several lakhs and only a few people are able to afford them.
2) Current Cover Is Not Enough
Given such high cost of treatment, the current health insurance coverage of Rs. 5-10 lakhs isn’t enough to deal with complex diseases. Also, as more and more Indians become affluent, the urge to get treatment in top of the class hospitals also gets strong. However, to be able to afford treatment in metros like Delhi and Mumbai with their super-speciality hospitals looking like five-star hotels, one needs either deep pockets or a very high cover health insurance policy. To address this issue, many companies have started offering high coverage policies for amounts of up to Rs. 50 lakhs and even Rs. 1 crore as well. Obviously the premiums for such policies are also high, but they are definitely worth it if you have a family history of complicated diseases.
3) Organ Donation
Organ transplants save lives and prolongs a life as well, but the process of getting an organ transplant is humungous! A typical lung or liver transplant costs anywhere between Rs. 20 lakhs to Rs. 40 lakhs! Even the treatment for cancer with chemotherapy and medicines will set you back by a few lakhs. In case of critical illnesses like AIDS, dialysis, etc., the expenses are huge and it is not possible to meet such costs with a basic health insurance policy of Rs. 5-10 lakhs.
4) Foreign Treatment
There are some complicated medical processes that are still not available in the country. For which, one needs to go abroad and that is only possible if you have an adequate bank balance or a suitable insurance cover. Thankfully, the new policies being launched in the market today do cover treatments in foreign countries, even if it is restricted to select diseases like cancer, benign brain tumour, major organ/bone marrow transplant, heart valve replacement and coronary artery bypass graft! Even though these diseases will be covered if the treatment for them isn’t available in India, but the main point is that you don’t have to dash your hopes of a treatment whether in India or abroad just for the lack of money.
5) Family Coverage
It is not only about an individual, but an entire family. With age the responsibility of your parents also lie on you and they are more susceptible to diseases compared to you. Their hospitalisation will not only affect your work-life, but also prove to be a burden on you financially, unless they have already built a corpus for such unforeseen expenses. To help tide through such a crisis, it is important to not only do regular savings, but also cover yourself as well as your family members with a high cover health insurance policy.
Whether you’re living in a small city or a metro, the cost of treatment is rising day by day. The best treatment is obviously possible only in the major cities of the country and to avail them, you need funds. It is better to either buy a high coverage policy or buy a top-up to your existing health insurance policy for similar benefits at a little bit of extra cost.
Don’t let critical illnesses and heavy medical costs stop you from taking care of your own health as well as of your near and dear ones! Invest in a high cover health insurance policy today!
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