The cost of healthcare is continually increasing, and the pandemic has fueled this situation across the globe. India is no exception, and the situation is the same with medical inflation in India. As reported by Motilal Oswal Financial Services, India had the highest medical inflation rates among Asian countries at 14% in 2021. With a double-digit growth of healthcare costs, not having adequate insurance coverage can attract financial troubles; in extreme cases, even leads to a debt trap. A health insurance policy is a smart way to cope with such scenarios.
Health insurance was once regarded as a luxury, but not anymore. It is one of the key pillars in planning your finances. Like it is crucial to invest in the right avenues, it is also essential to ensure protection for yourself. Not having a proper health insurance
cover would mean throwing caution to the wind. This article elaborates on how a health insurance plan helps safeguard you despite the rise in healthcare costs.
The Increasing Cost of Medical Treatment
A question that may come to your mind quite often, and rightly so, would be - Why are healthcare costs increasing despite the developments in medical technology? While medical technology has improved, the cost of these treatments continues to creep up. With double-digit medical inflation numbers, here are some of the reasons for this continual rise:
- The cost of specialized tools and medical equipment is passed on to the patients.
- There is a scarcity of medical experts that are qualified to use advanced medical equipment and robotics.
- In some cases, the patients opt for high facility hospital rooms depending on the condition of the patient.
- There is a shortage of doctors and surgeons in specific medical fields.
Owing to these reasons, the ultimate cost for the patient increases. In these situations, health insurance plans for family
come handy to protect not just you, but your entire family under single insurance cover. *
How Does a Health Insurance Policy Help Tackle Healthcare Inflation?
A health insurance plan provides financial assistance in times of medical emergencies. With the backup of a robust health insurance policy, you need not have financial woes when it comes to medical treatment. Instead, seeking timely medical treatment can be your priority. Here are some other ways how a health insurance plan helps:
Providing Financial Coverage
The chance of you exhausting your hard-earned savings is high in the absence of a health insurance plan. Moreover, with the rising cost of treatment, it can get increasingly difficult to even save up for a planned medical procedure. To tackle these problems, a health insurance policy provides financial cover against treatment costs and also the rising cost of healthcare. *
Health insurance plans come with several features like pre-hospitalization cover and post-hospitalization cover, daycare cover, domiciliary cover, ambulance cover, etc. With the right policy, you can be relieved from the seemingly difficult treatment costs that need to be managed in the event of a medical emergency. *
Coverage for Critical Illnesses
A health insurance plan also allows you to choose a critical illness rider that enhances the policy’s scope to include coverage for critical ailments like cardiac arrest, organ transplant, renal failure, and cancer. *
*Standard T&C Apply
To determine what insurance cover would suit you, you can make use of a health insurance premium calculator
. This free tool not only helps to determine the premium of your plan based on the coverage but also aids in the comparison of several plans.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read the sales brochure/policy wording carefully before concluding a sale.