Yes, you may wonder as to how the Health Insurance (HI) for which you may have to pay a hefty sum, could be termed as an Investment. No doubt, by taking HI you are spending a part of your savings but the the benefit could be immense. Imagine if you don’t have one then only you will realise although later that you have committed a blunder. To view this differently, HI is an investment on you- your health and well-being, to get appropriate medical treatment at the right time. As uncertainty is the only certainty you need to be proactive to face the unexpected Health issues and challenges. Given below are some of the Points that will reinforce the need to take HI for you and your family members.
- Now a days diseases of any kind attack human beings at any age. Suggest you visit the hospitals once in a way to see that even kids and teenagers are flocking the hospitals for diabetes, heart problems etc., leave alone for the usual cough and fever. It is prudent to take HI at an early age when the premium is low.. There is a waiting period of 30 days initially and then two to four years for certain pre-existing diseases. So exhaust the waiting period early and safeguard the youngsters too.
- Hospitalisation expenses being gargantuan in nature of late, however rich one could be, it is wise to take the policy soon and cross the waiting period. The various Companies offering HI need to be studied and one with maximum coverage from an early date of taking insurance to be preferred even if it is slightly expensive.
- Earlier hospitalisation of at least 24 hours was insisted for reimbursement or coverage. But now due to advancement of medical science, more than 100 types of diseases like cataract surgery, lithography, dialysis, chemotherapy, Tonsillitis surgery and more could be done and the patients can return home within 24 hours. So while taking policies, ensure that this is available in the policy under the category of ‘day –care’ or out-patient treatment.
- Certain treatments like plastic surgery, dental, ophthalmic -lenses are not normally covered. So before going in for treatment check with the insurance company. Pre-existing diseases need a minimum waiting period of 2-4 years. It is always better to disclose these diseases while taking HI as otherwise the claims might be rejected.
- Insurance company is expected to pay the actual amount incurred on treatment of ailment. But in practice, it is not so. They put some limits for each like room rent, surgery costs and consumables etc.,
So understand well in advance about these exclusions before going in for the treatment and be prepared with your financial commitment. Read the policy thoroughly and keep the policy in force without allowing it to lapse. Taking HI for the whole Family is a wise decision.
For all your Insurance needs and Investments, feel free to call “Goodwill”- your trusted Investment Consultant!
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