Thursday, 13 November 2014

Why it is Important to have Health Cover

“Buy health insurance when you don't want it, because you may not get it when you want it.”
Even if you enjoy good health, securing your health by way of a sound medical insurance plan is a necessity today. You might never know what will happen tomorrow, an accident or a family member getting sick isn’t unheard of.
While basic care of a cold or common fever is quite manageable, the cost of treatment for a serious illness or injury can be beyond your purchasing power. Healthcare insurance enables you to afford the best medical care and expensive procedures when you or your family needs it the most, covering the risk of expenditure caused by unanticipated medical emergencies.
Especially owing to the current inflation rates of surgical procedures and therapeutic treatments, experts say that lack of sound cover can amount to a monetary disaster in times of a health crisis. Also, there is the risk of settling for sub-standard care due the non-affordability.

Common Mistakes Involved in Procurement of Cover

1.      Most often people ignore the importance of health insurance. People don’t act on their need at the right time and fail to procure a policy; and even if they do secure a policy, they might not get a comprehensive plan that would cover the entire family and a wide range of illnesses. For example, some plans might not cover fractures while others might not cover cancer treatment.

2.      Most employer companies provide basic cover for their employees. While this might be sufficient to cover basic ailments, it might prove to be insufficient for major health issues. Adequate cover in required for major medical contingencies.

3.      Also a policy provided by the employer organization is linked to your connection as an employee. In the event of a job change, the policy will lapse and so will the benefits accumulated along the years. A personal medical insurance does not succumb to such perils.

  1. When a medical emergency arises, people come to realize that they have made a grave planning mistake and try to over-compensate by blindly buying too much insurance, which might not always be useful.

Advantages of having Cover

Healthcare insurance forms a major part of your financial planning. Think of it like this – it will reduce the amount that you might have to shell out from your savings.
1.      It shields you from unforeseen and sky-scraping medical costs.
2.      You get to pay less for treatments in network health care hospitals and medical centres, even before you make a claim.
3.      Free preventive care is available, including vaccines, medical screenings and routine check-ups.