The COVID-19 pandemic brought many changes to the world; one of them has shown the importance of having a health insurance policy at hand. However, once the pandemic is over, do you still need to invest in a health insurance policy? The short answer is yes. Health insurance is crucial for saving your finances in times of medical emergencies.
If you are still on the fence, here are some reasons why you should invest in the best health insurance policy in a post-Covid-19 world:
Rising medical costs
According to a 2019 Global Medical Trends Survey by Willis Towers Watson, India’s medical inflation rose from 7.6% in 2017 to 10.6% in 2019. The pandemic and its implications, such as increased hospitalisations, treatment costs, PPE kits, and more, have driven up healthcare costs in the country. An SBI report predicted that health expenditure costs in India would rise by 11%. Therefore, it is getting harder to afford adequate healthcare. So, remember that the best health insurance policy will ensure that you can avail of top-of-the-line healthcare despite rising healthcare costs.
Rising rates of lifestyle diseases
While healthcare costs are on the rise, so are non-communicable diseases (NCDs); these are ailments like hypertension and diabetes. A report by the World Health Organisation (WHO) in 2016 stated that a staggering 63% of deaths in India were due to NCDs. In fact, at one time, India was called the ‘diabetes capital of the world’. Additionally, the increasing pollution levels, processed junk food, sedentary lifestyles, and stress lead to NCDs. These are slow-progressing diseases with long durations. Their treatments are often costly. However, a timely health check-up can diagnose and treat these ailments and help control their progression. A comprehensive health plan can cover both the check-up and treatment.
Possible genetic ailments
Many Indians carry genetic variations that put them at risk for coronary artery disease (CAD). And while carrying the genetic variant is not a guarantee of CAD, identifying the start of such health issues is crucial. Here, again, the best health insurance policy will ensure ongoing and comprehensive treatment for such ailments.
Financial buffer
Soaring medical costs can cause a significant dent in an individual’s finances. Even if you have enough savings, spending it all on medical treatments and emergencies does not make financial sense. So, it is far better to keep some amount towards health insurance and the rest for other investments. A comprehensive health plan acts as a financial buffer, saving you from financial debt and stress.
Improved insurance policies
The COVID-19 pandemic resulted in an effort by insurers to improve their insurance policies. Insurers have expanded their portfolios, offering various benefits, reduced waiting periods, and more. Therefore, the best health insurance policy will get you more than simple medical coverage. For example, Care Health Insurance offers the benefit of an Automatic Recharge Sum Insured. Here, if you exhaust your sum insured, Care Health Insurance reinstates the entire amount so that you and your family members can use the additional amount for any treatment.
Pay premiums in instalments
If you have put off buying health insurance because you are wary of paying a high insurance premium, there’s some good news for you. The best health insurance policy will allow you to pay your premiums in instalments. The instalments may be monthly, quarterly, or bi-annually.
The bottom line
Covid-19 brought a spotlight on the importance of health insurance. Therefore, you should know that health insurance is an investment for your health and future. So if you plan to invest in the best health insurance policy today, visit the official website of Care Health Insurance to look at their comprehensive plans that can cater to all your needs.
