Dalal Street Investment Journal|June 22 - July 05, 2020
The current pandemic has made one thing clear – the importance of health insurance. Anecdotal evidence suggests that treatment of coronavirus has cost many people their life-savings. It has been observed that rising inflation has also led to a spike in the cost of quality preventive healthcare and medical treatment. In order to effectively deal with this issue, a large number of average middle-class families are in search of affordable solutions. Today, treatment for even a minor health issue may drain off your financial savings to a great extent.
A one-stop-solution to such problems is to have in place a comprehensive health insurance policy. Even financial planners around the world prefer having life and health insurance first before even thinking of investing in other options. Also, with the emergence of unexpected diseases such as coronavirus leading to rise in uncertainty, it’s high time that people realise the significance of having a proper health insurance cover.
A health insurance plan covers you and your family against substantial medical expenses that may incur due to hospitalisation. Despite the several advantages of having health insurance, people ignore it. Many a times they believe that the health cover that their employer provides is enough for them. However, how many of them actually go and ask their HR head to provide details about the health cover provided? Do they even check if it is adequate to offer protection against some unknown diseases or even take care of major surgeries?
At times there might be a situation when the employer-provided health cover doesn’t cover a lot of things which you would otherwise get from available health plans in the market. Also, once you change the employer you are no longer covered with that particular health policy. Hence, it is always recommended to have a health insurance cover in spite of your employer’s health plan in place. That being said, choosing an appropriate health plan is really important. Hence, before understanding how to choose the right health cover for your own self and family, we need to understand the different types of health policies available in the market.
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June 22 - July 05, 2020