Health Insurance for Low Income

Manish Batra, a Delhi-based sales executive, is apprehensive of whether he should go in for a health insurance policy, given his current means. Having to fend for a family of four and being the only earning member, Manish feels he is justified in not spending a portion of his earnings on insurance.

Like Manish, you might be of the opinion that health insurance should be qualified as a privilege rather than a non-negotiable necessity. But if that is so, then access to immediate medical care is a luxury, even if it is a medical emergency. But does it have to be this way?

How things can change

Low income health insurance can be a boon for people like Manish. With the best relevant policy to meet his budget, he will be able to protect himself and his family from serious health conditions. Given the situation of being the only earning member in a family of four and with rising expenses, the stressful living conditions is further proof that Manish needs low income health insurance for himself and his family to prevent financial difficulty. Low-income families such as Manish's are more likely to have members in fair or poor health than those in higher-income families. Unfortunately, with low income, there are fewer assets to draw from when unexpected health problems strike.

Need for health insurance

Most people like Manish do not avail of health insurance primarily because of their lack of awareness. According to a report by the World Health Organisation (WHO), heart diseases and diabetes are the leading causes of deaths in India. In addition, respiratory disorders, chronic illness and infectious diseases are also widespread. Given that low-income families and individuals are more likely to experience acute health conditions, it is time that Manish considers protecting his family and himself against them. Perhaps knowing the key benefits of affordable health insurance policies could help Manish make an informed decision quicker.

Benefits of health insurance

Irrespective of the type of a low-income health insurance policy, it’s benefits outweigh the negligible cost of its premiums. It will help compensate for Manish's unforeseen financial costs that could emerge from a cluster of medical disorders. Let's look at the three top reasons that can benefit Manish to go in for an affordable health insurance policy.

• In an age of rising medical expenses and life's uncertainties, the most crucial of all benefits of an affordable health insurance is that it provides financial security at times when it's most needed.
• With a host of insurance providers in the insurance sector, Manish has the option to choose a policy that will not only fit his budget, but also his particular needs. Manish will be best able to decide on a health policy based on his pre-existing medical conditions (if any) and family history.
• He can extend health cover to his family members as well, including parents, spouse, and children.

To sum up

Low-income working families without an affordable health insurance policy are vulnerable to financial adversity, misfortune and debt-distress if a medical emergency strikes. This is why an affordable health insurance policy can be a godsend for people like Manish. These can financially safeguard their finances during medical emergencies.

I am Dipti Goel, Working in Digital Marketing Field from last 5 years. Expert in Finance field.