Our constantly changing lifestyle makes us vulnerable to complex health issues. This in turn leads to increasing medical expenditure for you and your family, which isn’t helped by the growing inflation. And since health cannot be pushed to the back burner, most people tend to borrow money or sell assets to cover these expenses when disaster strikes them. But why live in debt when you can be free of it? By signing up for a health insurance plan, you can make sure your hospitalization, diseases, and accidental injury bills are covered, without any financial pinch on your end.
What are these unexpected expenses?
Reports reveal that each year in India, 39 million people are pushed into poverty by out-of-pocket payments for healthcare, with households on average devoting 5.8% of their expenditures to medical care. According to a media report, Manali Shah (name changed on request), a 33-year-old software engineer working in the private sector, lost her savings of eight years in a day when her father, 65, underwent a liver transplant in a private hospital. Not only did her savings go, she also had to borrow money from the family to foot the bill. The procedure and hospitalization cost almost Rs. 30 lakh, and she had to continue spending Rs. 10,000 each month for medicines, follow-up consultations and diagnostics.
Unexpected expenses can be anything from emergency hospitalization to an accident. It can also mean multiple hospitalizations in a single year for more than a single family member. In hospitalization, expenses will not only mean the actual surgery but also the innumerable tests that will precede it and follow it. One medical emergency and your entire savings could vanish without a trace. A suitable health insurance plan will make sure you are covered for all these surprises and that you get the best treatment for you and your family.
What should a health plan include?
In the end, we can plan all we want, but illnesses always take us by surprise. We can be at the peak of our health, but sometimes we just cannot predict when a critical situation will arise that will leave us with enormous bills. What we can do is expect the unpredictable expenses and cover for it. Though health insurance has been designed for just this purpose – unforeseen health care and hospitalization requirements – we tend to give it a miss. This could be due to lack of awareness or general misconceptions. Either way, in this day and age, not having an appropriate health insurance plan can lead to a financial calamity.
Mr. Tripathy joined HDFC Life in 2004 and has been responsible for Marketing Strategy, Brand Planning, Advertising, Communication & Media, Customer Insights, New Product Development, Product Life Cycle Management, Online and Digital Strategy, E-Commerce, Customer Analytics, & Corporate communication. He started his career with GCMMF Ltd. in 1992. Since then he has worked with various reputed organizations like Frito-Lay (PepsiCo), Mattel and Reliance Infocomm before moving on to his current role at HDFC Life.View Complete Profile
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