Just hoping you will stay healthy, and hence not buying sufficient health insurance is counter-productive. Most of us assume that since we are healthy today, it will always be the case.
And this, despite the fact that we have heard of an increasing number of people affected by seemingly ‘old age’ diseases like heart trouble, diabetes, blood pressure and cholesterol problems. Not to mention that accidents don’t really distinguish between age groups!
Here are three things my family and I learnt the hard way:
Costs of healthcare treatments have gone up way more, than you can imagine. In 2013, a hip replacement procedure for my mother, that got a little complicated, cost us Rs 10 lakhs in one of Mumbai’s better hospitals! At the time, she was insured for only Rs 4 lakhs. Guess where the rest came from? Our savings.
For people who are salaried, health insurance ends up becoming a bit of a double whammy because you seem to have enough when you need it least – typically through your working life. Then you retire and realize that you have nowhere near enough when you need it the most. This realization can hit you earlier, if you quit your job to start something on your own. In either case, medical treatment costs are the last thing you want to have to deal with (but will probably have to).
Healthcare costs are what you might call ‘inelastic’ because demand doesn’t go down as prices go up. So, if you need hospitalization and your health coverage is not enough, you are unlikely to go to a lower grade hospital or doctor. Instead, you are most likely to have to dig into your savings to fund these expenses.
The more you delay and the older you get, a lot of riders may not be even offered to you. Or they will be added-on at a hefty premium, and almost as if the insurer is doing you a favour. If you suffer from any pre-existing diseases, then this is definitely the case. Getting yourself insured well before, will help you avoid this issue.
Some insurers even offer routine medical expense reimbursements. What’s not to like about this..right?
Ironically, the best time to get enough health insurance is when you need it the least! Use our health insurance tool to see how much you need for yourself and your family.
[Source: https://www.tomorrowmakers.com/articles/health-insurance/theres-more-to-health-than-hoping-to-stay-healthy]
And this, despite the fact that we have heard of an increasing number of people affected by seemingly ‘old age’ diseases like heart trouble, diabetes, blood pressure and cholesterol problems. Not to mention that accidents don’t really distinguish between age groups!
Here are three things my family and I learnt the hard way:
Costs of healthcare treatments have gone up way more, than you can imagine. In 2013, a hip replacement procedure for my mother, that got a little complicated, cost us Rs 10 lakhs in one of Mumbai’s better hospitals! At the time, she was insured for only Rs 4 lakhs. Guess where the rest came from? Our savings.
For people who are salaried, health insurance ends up becoming a bit of a double whammy because you seem to have enough when you need it least – typically through your working life. Then you retire and realize that you have nowhere near enough when you need it the most. This realization can hit you earlier, if you quit your job to start something on your own. In either case, medical treatment costs are the last thing you want to have to deal with (but will probably have to).
Healthcare costs are what you might call ‘inelastic’ because demand doesn’t go down as prices go up. So, if you need hospitalization and your health coverage is not enough, you are unlikely to go to a lower grade hospital or doctor. Instead, you are most likely to have to dig into your savings to fund these expenses.
The more you delay and the older you get, a lot of riders may not be even offered to you. Or they will be added-on at a hefty premium, and almost as if the insurer is doing you a favour. If you suffer from any pre-existing diseases, then this is definitely the case. Getting yourself insured well before, will help you avoid this issue.
Some insurers even offer routine medical expense reimbursements. What’s not to like about this..right?
Ironically, the best time to get enough health insurance is when you need it the least! Use our health insurance tool to see how much you need for yourself and your family.
[Source: https://www.tomorrowmakers.com/articles/health-insurance/theres-more-to-health-than-hoping-to-stay-healthy]