What are the advantages of having a medical insurance policy?
In a highly populated country like India, there is not likely to be a single place that is completely isolated. However, that does not translate into the standard of living in the country. Compared to countries like USA, UK, Canada, etc., Indian citizens are forced to live on much lower standard. This means that there is a high chance of any person to develop a medical condition. Moreover, there is always a chance of accidental injuries. However, India has made a lot of advances in the medical technology sector. This means that there are better ways of treating injuries and medical conditions available today.
However, no one in the country is a stranger to how expensive it can be to get yourself treated for even the most common medical conditions. With the rapid increase in medical costs, even the financially privileged feel it tough at times to afford medical treatment. In this case, a lot of people burn through their savings or borrow money to make sure they can afford treatment for their illnesses. However, both of these options have a small chance of working and leave you will a bad financial situation to rectify. In a situation like this, the only option you can bank on is a medical insurance policy.
Advantages of medical insurance
Medical insurance is inspired by the idea of ‘Prevention is better than the cure’. In this case, it means that it is better to prepare yourself financially for any medical expenses that you may have in the future. As per the policy, in the event that you are diagnosed with a medical condition or suffer accidental injuries, your medical expenses will be covered by the insurance provider. In exchange for this service, you have to pay an annual premium. While there are terms, conditions, inclusion, and exclusions in a policy, you can check what they are before even buying the policy. Hence, it is clear why it is recommended to buy health insurance policy at the earliest. Here are a few advantages that a medical insurance policy has:
- Tackling lifestyle diseases
While there is a long list of diseases that can happen due to external causes, there are diseases that are simply caused due to an unhealthy lifestyle. Hence, these diseases are called lifestyle diseases. The worst part of these diseases is that they do not occur suddenly but build up over a lifetime. Many of these diseases simply occur with increasing age. Hence, there is not a lot you can do to avoid them. However, to deal with the medical expenses of these, you can buy a medical insurance policy. While lifestyle diseases like heart disorders or diabetes often happen with old age, recent trends show the illnesses developing in younger individuals as well. This implies that you should buy a medical insurance policy as soon as possible regardless of your age.
- Combating medical inflation
Medical technology has progressed leaps and bounds in today’s age. However, better technology has also facilitated higher medical costs. Technology always gets better with time. Hence, the technology that would be available a few years from now would also warrant even higher medical costs. Moreover, with newer disorders being diagnosed regularly, the need for medical treatment becomes all the more important. Both these factors combined say that as time progresses, medical costs will rise. Buying medical insurance gives you the opportunity to get coverage that may be adequate for you even years from now.
- Preserving money
While health is extremely important, it is not the only thing that you will have to spend your money on. You may have plan for buying a house or for your children’s education that requires a lot of money. For this reason, you may be saving up all the money you can. However, if you are spending all your savings on medical treatments, you may have nothing left and all your plans are spoiled before they even start.
The main reason you save money is that you can spend it on what you intend to. Buying medical insurance facilitates that buying eliminating the need to pay for your medical expenses. This way, you can save your saving for whatever it is you wish to accomplish with it in life.