Essay on Medical Insurance

Health is the basic right of every human being. Everything must be done to ensure that everyone, irrespective of their social standing or economic status, can avail of it.

Health is the basic right of every human being. Everything must be done to ensure that everyone, irrespective of their social standing or economic status, can avail of it.

With India’s burgeoning population it is becoming increasingly difficult for the government to provide public health care. More than 75% of the population avails medical care from the private sector.

However with the increasing costs of medical care it has become necessary for citizens from all strata of society to avail of medical or health insurance.

All of us abhor insurance agents and insurance is not a word we are willing to discuss. Although we would like to think that nothing is ever going to happen to us, the truth is, we are just as likely as the next person to be involved in a vehicle accident or have some health problem that might need medical intervention. And when this happens each of us is going to need insurance.

Everybody needs insurance to ensure that they don’t end spending their hard earned money on treatment of illness which can take a toll on their savings.

A medical insurance policy is an agreement between an insurance company and an individual which is renewable annually. The premium amount is directly proportional to the insurance amount the client would like to be insured for.

Insurance protects you against an unfortunate incident, such as a car accident, or a major illness which might require you to be hospitalized for several months and in some cases require you to be operated on. Both the cost of surgery and hospitalization are very expensive and more often than not more taxing than the illness itself.

A certain untoward accident or a sudden illness could eat all your savings and force you into losing everything you have. What people find most difficult to digest about insurance is that they have to pay the premium every year in the uneventful years as well, when they are hale and hearty. It seems like a criminal waste of money especially when you can think of a dozen other uses for it. However insurance is not the rip off it appears to be.

Generally for an insurance cover of five lakhs one has to a pay a premium around five to six thousand. Imagine you have paid this premium for ten years and then in the eleventh year, something untoward happens. Despite having paid only fifty to sixty thousand in all you will be eligible to avail of services worth five lakhs. With inflation at an all time high the prices of medical services have also escalated and these will continue to rise.

However by availing of medical insurance one can ensure a carefree life by paying a small premium amount annually.

There are many private and government medical insurance companies in India offering a range of advantages. Some cover even critical illnesses like cancer and offer a separate double sum insured incase of diagnosis of specified critical illnesses.

Most insurance companies offer 24 hours cashless facility at a lot of hospitals. Income Tax benefits under section 80 D can be availed on taking medical insurance. Family floater benefit gives you the benefit of covering a family of four for a certain premium amount against each sum insured, but in case of illness of one then the total of the sum assured of each can be utilized.

Some offer pre and post hospitalisation costs. Others even offer daily nursing allowance. So when one is picking medical insurance one needs to check for the maximum facilities offered by the company and also the record of the company and its credibility. The important thing is that one must invest in health insurance because there can be nothing more important than the heath and financial security of our loved ones.