Importance of Health Insurance for your Family
Health Insurance is a necessity in these times. After all, you can never know when a medical issue can arise unexpectedly, leaving you to spend immense funds. This is where an insurance plan for your health will be the ideal investment choice.
But what is meant by Health Insurance?
Health Insurance is a type of insurance that covers the medical expenses that a person may incur with regards to hospitalisation for any medical treatment or procedure. This may include hospitalisation expenses such as room rent, doctor’s consultation charges, and other expenses incurred pre-hospitalisation and post hospitalisation. This insurance also covers day-care procedures or surgeries that take one day and do not require hospitalisation.
Depending on your past illness and the number of people covered, the appropriate health coverage can be opted for. This has to be large enough to cover standard costs of treatment and also keep the premium affordable.
An insurance is something that every family must have. But you may be wondering why it is required.
Here is a list of reasons why:
- To protect savings from depletion:
The most important reason for buying Health Insurance is that it shields savings from getting depleted for medical treatment. Not many people set aside a portion of their savings for a medical emergency fund. In this scenario, whenever funds are needed for treatment, they are almost always withdrawn from long-term savings. This is a bad strategy that can have a poor impact on long-term savings. By investing in Health Insurance, a majority of the health treatment costs will be offset, thus protecting savings.
- Changes in lifestyle:
The sharp increase in the sedentary lifestyle has led to lifestyle-related diseases such as diabetes, high blood pressure, cardiac problems etc. Another lifestyle change is the lack of exercise and poor eating habits. These compound and increase the chances of a major critical illness occurring. Having Health Insurance can protect you from any medical treatment arising as a result of such a lifestyle change.
- To offset the high medical costs:
The cost of quality medical treatment in the country is increasing. The cost of diseases like cancer, or for critical illnesses such as cardiac surgery, kidney treatments, neurological diseases is rapidly rising every year. Getting good quality treatment from any institution requires a lot of funds. Having Health Insurance will ensure this treatment can be availed cashless through one of the network hospitals.
- Help with critical illness treatment:
Several critical illnesses require a higher outlay of funds to treat them. A significant outlay is spent in the diagnosis and doctor’s consultations. Having Health Insurance specifically meant for critical illnesses will provide some form of reimbursement for these spends.
- To get treatment for family members:
Health Insurance companies offer a family floater option where several members of the family are covered under one Health Insurance plan. Having a family floater will ensure treatment for multiple family members within the same plan.
So, make sure you pick yourself a Health Insurance plan with adequate Health Insurance coverage. It is an essential requirement in today’s times.
Looking to apply for a Health Insurance? Log into your HDFC Bank Account now to know more!
Read more on the reasons why Health Insurance is important here.
*Terms and Conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action.