“He who has health has hope, and he who has hope has everything.” ~ Thomas Carlyle
Health has no price tag, but it comes at a cost – a cost that is enough to break your bank and cause a financial catastrophe to your financial well-being. When you have a family, we are sure it is the last thing you need.
So, what can you do here? Have a savings fund to pay your medical bills? Or pay them through your paycheques? You can, but it is not the right approach to pick if you want to maintain your financial stance in the long run.
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The right approach is buying health insurance. Let us understand why.
Why is Health Insurance a Necessity and Not a Choice?
Health insurance is not mandatory to buy in India; instead, it is a choice. Consequently, most people refrain from buying it for multiple reasons:
- They consider it an expense rather than an investment into the medical future of themselves and their family.
- They undermine the possibility of a medical emergency.
- Health insurance is considered unnecessary by many individuals if they are young and in the best of their health.
- Some people depend on their savings fund to meet the financial repercussions of medical emergencies.
If you have not bought a health insurance policy yet, it might be because of the above-listed reason. Nevertheless, a health insurance policy should be a necessity, even if it is not yet as per the government.
Here is why you must have a health insurance policy:
Medical Emergencies are Uncalled for
Medical emergencies do not come with a warning. They can strike at any random moment when you are least expecting them – even when you are young and in sound health.
This is why you do not have to wait for them to strike and then buy health insurance. There is no point in doing so, as pre-existing diseases are not covered under health insurance plans either.
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In a nutshell, you might not be able to prevent medical emergencies, but you can be prepared for them financially if you or your loved one is diagnosed with it.
Healthcare is Expensive in India
Healthcare has always been expensive in India, and the picture is not going to get better soon – all thanks to inflation. Medical infrastructure is developing; you can now see new cures and technologies coming up that increase the quality of life of an individual. But they are expensive.
In fact, a few days of hospitalisation can cost you more than a lakh. So, the question is for you. Are you ready to bear this financial burden? Even if you do, would your financial stance remain unchanged?
If your answer is no, then you definitely need to buy health insurance to combat the expensive medical bills.
You Can Put Your Savings to a Better Use
From your child’s education to expensive lifestyle costs, the expenses for the future are many. You cannot live on a paycheque to manage these expenses; a savings fund is essential to manage these costs efficiently.
As your savings are meant to serve this purpose, it is better if you let health insurance take care of your medical emergencies. Doing so would prevent your savings from getting exhausted. Ergo, it would not be a sagacious approach to depend on your savings for medical expenses that health insurance can bear.
It Can Promise the Best Medical Treatment
The best medical treatment can be pricey and cause you financial and emotional stress. However, with life insurance by your side, you can rest assured that your family will get the best possible treatment, no matter how pricey it is.
It is Essential for your Peace of Mind
Health emergencies can cause emotional turmoil for the patient as well as the family. In such instances, the medical costs are the last thing you should be worrying about. It is understandable that the financial repercussions of a medical emergency can be stressful for the breadwinner. This is where a Mediclaim policy comes in. Knowing that you have health insurance to take care of your and your family’s need, you can have peace of mind and focus on the health needs of the patient.
Bottom Line
A health insurance policy is not a necessary purchase; however, it should be given the medical inflation and the uncertainty of illnesses and accidents. As a financially responsible individual, you must make it a rule to buy health insurance when you can. If you have not bought health insurance yet, today can be a good day to make the purchase.
