Skip to main content

Why Health Insurance Cover is a necessity today ?????

Health Insurance provides risk coverage against expenditure caused by any unforeseen medical emergencies. In today’s high medical inflation rates, failing to hold adequate amount of health insurance cover can often prove to be a major personal financial slip-up.

It can either result in poor health care because of non-affordability or spiral an individual into financial distress due to high medical bills. Currently, majority of the salaried professionals are provided a health insurance cover by their respective organizations.
However, they often fail to assess their health insurance requirements and realize the benefits of holding adequate health insurance. They also assume that the health insurance cover provided by their organization will be available even during the post retirement phase.
There are two common mistake areas when it comes to buying life insurance and health insurance. One, people don’t act at the right time. Two, when they realize that they have done a mistake they try to over compensate it by buying too much Insurance.
Always remember this popular saying about insurance:
"Buy health insurance when you don’t want it, you may not get it when you want it."
So why one should buy Health Insurance, even if it is provided by their organization:
• Buying a medical cover in early life would ensure that the cover is comprehensive while one is employed and continues when they choose to retire.
• Buying a personal Health Insurance policy when one is young and free from medical complications would be a cost efficient option. The premium would be lower and would offer comprehensive coverage in comparison to a policy purchased at later stage once they face any medical/health issues.
• As an individual grows older, the cost of the cover increases and if one develops health issues, the health insurance company tends to exclude pre existing conditions which defeat the whole purpose of buying a health insurance.
• Most health insurance companies have an upper age limit for the policies, which means one would have limited options after retirement.
• One can enjoy the benefits of cumulative bonus in the form of ‘No Claim Benefit’ if they renew the policy without any claims.
• The icing on the cake is the health insurance tax benefit. On the other hand, it should not be the driving force behind making the decision of taking a health insurance policy.
One should scientifically calculate the amount of health insurance required with the help of a proficient financial advisor.

source : moneycontrol

Labels:

Comments

Post a Comment

Popular posts from this blog

New Revised Health Guard Plan From M/s. Bajaj Allianz General Insurance Co Ltd.

BAJAJ ALLIANZ GENERAL INSURANCE REVISES THEIR HEALTH POLICY A s stated earlier in my earlier post there are changes happening in the health insurance sector…. Keeping in tune with the same Bajaj Allianz has revised their Health insurance plan known as Health Guard. Kya Naya Hai you may ask ???? Major details given below are of the Gold Plan. Sum insured Options upto Rs. 50,00,000 Lakhs. Two Plans Silver & Gold Zone wise premiums A zone & B zone. Mumbai falls in A Zone. Silver Plan with sum insured below Rs. 150000  & Rs.200000 with sub limits,restrictions refer policy document. Gold Plan with Sum Insured from Rs.300000 to Rs. 50,00,000 Sum Insured  Sum insured Reinstatement Benefit for the same Illness. One of exclusive type in health insurance.(payable once for cancer* & kidney failure*) for details refer policy document. Pre Existing Diseases waiting period Reduced to 36 months instead of 48 months earlier Cataract Cover incr...
Post a Comment
Read more
A New Start in The New Year !!!!!!!!!!! Starting this year you will be able to find reviews on various Health insurance policies available. As such will help you decide on the one you will wish to have. It may be noted and informed that THE REVIEWS GIVEN BELOW ARE BASED ON PURELY PERSONAL OBSERVATIONS & DOESNOT INTEND ANY PROMOTION OR SALE OF ANY POLICY OR PRODUCT OF ANY INSURANCE CO. REVIEW ON APOLLO MUNICH HEALTH INSURANCE EXCLUSIVE POLICY ON DENGUE This policy is an exclusive product Covering Only DENGUE  introduced by Apollo Munich Health Insurance Company Limited. More on this policy..... The policy is available in two sum insured’s one is Rs.50000 and other is Rs.100000/- This policy covers in patient hospitalization due to dengue only for admissions more than 24 hours. This plan can be bought by age between 18 to 65 years. It is available only on individual basis not floater basis. if parents are getting covered they can get their ch...
Post a Comment
Read more

Insurance For Diabetics

People with diabetes, who are considered a 'high-risk category' by health insurance providers and therefore often find it difficult to get a proper medical insurance cover, would now have options to choose from . Until recently, Diabetes Safe from Star Health Insurance was the only specialized comprehensive health plan available for people suffering from this ailment. Now, another stand alone health insurer, Apollo Munich Health Insurance (AMHI) is all set to the offer 65 million diabetic patients in India with another option called Energy--a specialized plan for individuals living with diabetes mellitus 2 and/or hypertension . The product  will initially be available in eight cities from December 16, before being rolled out nationally next year. "Energy is a comprehensive wellness plan that not only covers you in case of hospitalization but also provides a health eco-system to help manage your health better and also rewards them with special offers from health p...
Post a Comment
Read more