Are you completely uninsured? Well, you’ve got company. Some news outlets estimate that 80% of Indians are without health insurance. So how do we pay for the incredibly high cost of care? Overwhelmingly, we spend our savings, borrow the money, or divert funds we may otherwise use for daily living expenses.
Insurance may not be cheap, but it isn’t as if paying out of pocket is somehow cheaper, or more convenient. Let’s take a quick look at why health insurance should be prioritized now more than ever.
To be fair, we don’t die as early as our predecessors did, and we often don’t suffer from the same diseases. Even so, our modern lifestyles have presented an entirely new set of health challenges.
As you consider health insurance plans, look at your daily life. Maybe you don’t labor as hard as your great grandfather from a physical standpoint, but there’s a greater chance that you’re under much more mental and emotional stress. We now know that stress is a contributor to many unwelcome conditions, especially heart disease.
Couple this with the lack of cardiovascular activity we get as our careers continue to keep us tethered to our desks. Heart conditions now account for roughly one quarter of deaths in the 25-69 age group. With bypasses costing around ₹ 2 Lakh, it is strange that the most of us have not built a safety net to help with this.
An increased life span also means that we’re more likely to visit a doctor, undergo medical procedures, and spend more years taking medication. As a result, we have an increased need for health insurance.
Another modern problem which should be inspiring action on the insurance front is medical inflation. Various sources estimate that India’s rate of medical inflation is between 15 and 20 percent. This is double the inflation rate for the economy as a whole.
As the cost of providing care becomes more expensive, premiums will rise. But if you begin researching health insurance companies in India now, and find the plan that works for you, you’re a step ahead. Within a few years, many forms of treatment are set to double in price. If you’re insured and have saved a bit of money to cover any gaps, you won’t be financially ruined by inflation.
That’s right – if you think the cost of paying out of pocket is high now, you must be aware that the potential for it to get much worse is real.
There’s also the threat of being denied insurance coverage due to preexisting conditions. While some might say that it makes little sense to spend on insurance while you’re healthy, in fact that’s the very best time for such an investment. If you wait around for your health to fail, you risk being turned away from the very helpful, cost-effective solution that insurance can provide.
Hopefully, you’re feeling well today. Even so, you must always be thinking ahead; in the future, medical costs are likely to go up. If you do get sick tomorrow or next week, it will be too late to reap the benefits of a great insurance cover. Speak to an agent today about health insurance plans that can help you preserve your health and livelihood. If you are a paramedic or a firefighter, there are First Responder Health Insurance plans for you.