Don’t Need a Health Insurance – Do You ???

Health Insurance

No one plans to get sick or hurt but most of us need medical care at some point. Health care costs are rising astronomically and they can hit you hard if you don’t have an insurance to fight them. When you or loved ones need medical attention, there is nothing you see beyond. Be it your retirement or kid’s future or other dreams. Everything takes a back seat.  And if you have a family and parents dependent on you, then frequency of these setbacks may be more as you don’t know who would need medical attention and when. 

We know it all. But when it comes to buying Health Insurance different people have different apprehensions. Let’s see why you need a cover even if you have any of these!!!

I am young, hail and hearty 

You are young and maintain a healthy lifestyle today. And you think buying an insurance at this age is just a waste of money which could be otherwise invested to yield returns. But what if you’re caught by chronic diseases such as diabetes or hypertension or otherwise? You can’t be 100% sure that you would not fall prey to any of these or others!!! There is a very popular saying which goes like “Buy a health insurance when you don’t want it as you may not get it when you need it.” The biggest mistake that people make is that they don’t act at the right time and when they realize it; it’s already too late. Remember, being hail and hearty does not mean that you would not need a cover ever.

I’ll take Health Insurance when I’ll be 40

Due to changing lifestyles, health issues have not just escalated but they have increasingly become more complex in nature and the average age of patients is rapidly decreasing. Hence, it would be wrong to think that health insurance is a thing for later stages of life. God forbid if you’re caught by diseases at younger age or you have a history of some chronic diseases then you might not get the desired coverage or benefits even if you manage to buy a Health Insurance. Hence, the early you buy, the better it is.

I only need X amount of cover, it would be enough  

You buy insurance to make sure that your financial independence is not being compromised in what-if-situations of life. But one of the biggest mistakes that people make is that they cover themselves but not adequately. Having an inadequate cover is equivalent to not having a cover. One of the reasons that people resort to buying inadequate insurance is high cost of premiums. But what you forget is that this recurring cost is way less than the one-time cost which can derail your finances in entirety. So don’t get lured to save some thousands, else you might have to shell out some Lacs even if you can’t afford it.

For instance, a 34-yr old garment retailer (client) had bought a cover of Rs.2 Lac for his mother thinking it would be enough. Recently, his mother (63 yr old) was diagnosed with cancer. Inspite of an insurance cover he lost a huge chunk of his savings and their life came to a standstill. The cost of surgery and post-surgery treatment was almost 10-15 Lacs. Regular check-ups and medicines have become a part of their daily expenses.

It’s not just the story of his family, it could be the story of anyone’s family. He mentioned that this incident taught him a lesson for life – What you think is enough may not be enough. Remember, Insurance is not a one-time ritual, it needs to be evaluated with changing circumstances.

You cannot predict what your medical bills would be. But Health Insurance helps you to pay for the care that you or your family may need. Don’t wait until you or a family member falls seriously ill to buy a Health Insurance.