pays for your hospital bills for diagnostics, surgery etc.
Health insurance is an essential aspect of your financial planning that could take care of medical emergencies, protect your investments and provide a host of benefits. You may want to reconsider your existing investment plans, separate investments from Health Insurance and manage your health insurance Policy better to get the most out of mediclaim.
There can be no better investments than the ones that involve health insurance. It may be tempting to go all out on investments with slight regard for health insurance policy, especially in the early days when energy levels are high and when returns on investments get the priority over mundane aspects such as mediclaim. However, as the saying goes, when wealth is lost, nothing is lost, but when health is lost, there definitely is something lost.
In practical terms, however, there may be more than just ‘something’ lost when health is neglected and when the focus stays on investments alone. Health insurance is that important safety net that protects you from adverse turn of events that could catch you on the wrong foot. There are instances when entire families have been pushed to the brink of bankruptcy when sudden and unexpected hospitalisation brought on expenses that were beyond manageable limits. The saviour, in such cases, would undoubtedly be the health insurance policy.
The very nature of emergencies is to strike when least expected – but expenses are not going to pause on their tracks because you had no clue they were coming. When you encounter with any kind of medical emergency, mediclaim stand by your side and ensure that you would not have much to worry about in financial terms, while your focus is fully on complete recovery. All aspects of health insurance such as cashless hospitalization, post-hospitalization expenses, logistics and emergency access would be taken care of if you opted for health insurance policy at the right time.
It may be tempting to look at health insurance as one of the options in investments rather than taking the health insurance policy for what it is – one that is designed to pitch in when you are in need. And there are products available in the market that focus both on health insurance as well as on investments, where a portion of your premiums would be earmarked for Mediclaim while the other would be geared towards insurance. However, there are other drawbacks associated trying to have two products in place of one, as in the case of lack of cashless facilities, limited list of surgeries and conditions covered, clauses attached to Hospitalization expenses and the relatively higher fees that you would have to pay on investments associated with your health insurance policy.
So much so, that you yourself may decide to focus on mediclaim alone and leave investments to an entity of its own. How about paying premiums in health insurance just for the sake of mediclaim and investing the rest in better instruments? That’s something that you would want to think while deciding on investing in health.
Have you ever looked upon health insurance as a way to protect your investments? The idea takes shape from the distinct possibility of your having invested what you thought as sufficient funds, only to realize that the cost of recovery from an unexpected Accident cost much more than all the pennies that you had stored in your piggy-bank. If you thought investments were important, health insurance is essential. The absence of mediclaim could render the value of your investments close to nothing.
Not all investments give equal returns. It may be worth considering if your investments have been locked in instruments that do not give you sufficient returns, or are not geared to your retirement plans, to work out if you should be dissolving them to invest in health. It takes a fine balancing act to get the most out of your investment needs and your health insurance requirements. Work out what is best for you in terms of your unique circumstances.