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How Health Insurance Can Save Your Wealth

Author: Aaina Khan
by Aaina Khan
Posted: May 04, 2021
  • Health is wealth’ is an adage that most of us have grown up hearing – but how many of us have understood its true meaning? If your health is in the doldrums, is your actual wealth sufficient to support you?

How health insurance protects your income

You may be in good health today, with great metabolism, an active lifestyle and not even the slightest illness. But advancing age brings a whole lot of illnesses and disorders, not to mention the possibility of injuries by accidents or blunt trauma. It is not unheard of for even young people to fall prey to lifestyle illnesses that rob them of a chance to have a normal life.

The recent COVID-19 scare has also demonstrated that nobody – whatever their age, social and economic background or financial status – is safe from the dreaded virus. Recovering from the virus is also not easy, with many reporting loss of energy and normalcy in everyday functioning.

Suffering from ill health is one thing, and dealing with its financial fallout is another. The costs of treatment and hospitalisation have risen exponentially in India over the years. Even one night’s stay in a hospital for testing and treatment can cost a lot of money. Multiply that cost manifold when you consider the treatment, surgery and doctors’ costs to pay for critical illnesses like cancer and end stage renal failure, for example. There are umpteen cases of families losing all their savings and income in treating serious illnesses.

Don’t let this be your story – buy a good health insurance plan to safeguard your wealth against future health catastrophes.

Who needs health insurance? Everybody!

Can anyone be certain of enjoying the good health of today even 10 or 20 years into the future? There is no way to ascertain whether you will develop a genetic disorder, or heart or blood disease, or even suffer from mental health issues. There may already be a history of diabetes or critical illnesses like cancer in the family – which means you are at risk of developing them. Are you financially prepared to meet the high costs of treatment, medication and even surgery if required? Do you think you have enough money saved up in the bank for treating yourself and your loved ones?

If you answered ‘No’ to both questions, you should check out the best health insurance plans in India and buy the best one today. It will be the most important step you take in safeguarding your collective future.

It also does not do to not buy a separate health policy just because your place of employment has offered you one. Group health policies offered by offices have only the most basic features and low coverage. It is always better to have your own health plan from a reputed insurer in India.

When should you buy it?

The short answer: Today. Do not waste any more time debating with yourself over whether you need health insurance or not. In fact, we would go out on a limb and say that you must buy a health plan with a critical illness component in it – this protects against a series of serious illnesses that are potentially fatal and which may take months or years to treat at great personal cost.

How should you buy it?

  • Look up the websites of leading insurance providers in India. The website has a section on health insurance plans – browse these to know which kinds of plans are available, their features, coverage provided to how many family members, and so on.
  • Use the online calculator provided on the site to know how much premium you must pay vis-à-vis the sum assured that you seek.
  • Leading insurers have a range of health insurance policies that offer a range of benefits. From the most basic coverage to coverage for critical illnesses and even COVID-19 protection, you can pick a plan that suits your needs to the T.
  • Initiate the plan purchase online. Based on the plan you buy, the insurer might insist on a medical test to check pre-existing conditions before the purchase.
Once the first premium is paid, the plan is considered ‘active’ and you can pay all premiums online.
About the Author

Mumbaikar, MBA Student, Traveler, Foodie, & all I need is Coffee and Mascara.

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Author: Aaina Khan

Aaina Khan

Member since: Mar 17, 2015
Published articles: 20

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