In today’s age and day, health insurance policy is necessary for all. Long gone are the days when it was considered a luxury. The upsurge in healthcare expenses makes it difficult for the common people to afford quality medical care. In times of medical emergencies in the family, a health insurance policy comes handy in getting financial protection against hospitalisation expenses. Also, it allows you to get the best treatment without worrying about the cost.
According to a report presented by NITI Aayog titled ‘health Insurance for India’s Missing Middle,’ in 2021, about 30% of the Indian population had no health insurance coverage. About 95% of these people with no health insurance coverage belonged to the low and middle-income groups. Ironically, these are the people who need health insurance coverage the most.
Let us look at the importance of health insurance for the low and middle-income group
- Protection against rising medical inflation
In India, medical inflation is rising at about 12% to 14% every year, and experts suggest that it will continue to increase further. With such high levels of inflation, it can be very challenging for middle-class families to afford medical treatment with their savings. Treatment for some critical illnesses can run up to several lakhs, and it can deplete your savings faster than you can imagine.
In such a situation, a health insurance policy is vital to afford quality medical care and give your family the best treatment possible without worrying about using up all your savings. Instead, you can pay a small premium periodically and secure your family’s health.
- Keeps your hard-earned savings safe
Certain illnesses require elaborate treatment, and you may spend thousands of rupees. But if you have a health insurance policy, you can keep your savings intact and get compensation from the insurance company. Thus, a health insurance policy helps you keep your savings safe for your long-term goals and mitigate emergency needs.
- Get quality treatment
Getting high-quality treatment is necessary to ensure that your medical condition is addressed with utmost diligence and care. If you belong to the low and middle-income group, you may not have access to quality medical care due to insufficient finances. However, if you have purchased robust medical insurance, it will act as a financial safety net, and you need not compromise on the quality of medical care and services.
- Cashless treatment facility
Another significant benefit of having health insurance for low and middle-income groups is that it allows them to avail of a cashless treatment facility. With this feature, you can easily get treatment at any network hospital without paying anything from your pocket. Instead, you only have to pay for the deductibles as per your policy’s terms and conditions, and the insurer will pay the balance amount to the hospital.
- Coverage for all family members under a single policy
Suppose you are from a low or middle-income group. In that case, you may not have enough financial resources to buy an individual health insurance policy for each family member. However, you can purchase a family floater health insurance policy and get coverage for all your family members under a single plan. The premium for such plans is comparatively lower than the individual policies, and you can buy a policy with a bigger sum assured.
Final Word
Thus, with so many benefits of health insurance, it helps protect you from financial hardships and allows you to get quality medical care. So, go ahead and purchase a robust health insurance policy now!
