Statistics received by the World Health Organisation(WHO) indicate that nearly 31% of hospital admissions in the urban parts of India are financed by loans and asset sales. In the rural areas, this number soars higher to 47%. Findings of the same study further state that about 70%
of people in India use their complete earnings on healthcare and medication. Moreover, as per other findings of this study, almost 3.2% of Indians will fall behind the poverty line due to economic strains caused by healthcare concerns. Alongside, the cost of medical care has burgeoned significantly over the years.
It is evident from these statistics that medical emergencies can flush our savings and affect your cash flow. Such unforeseen circumstances have a direct impact on our financial aims and strategies. In such situations, money loaned for medical treatment acts as an additional burden and weakens us financially. This clearly highlights that only having the means is not enough if you’re not well-planned.
All this points directly towards the fact that getting health insurance is mandatory today. It acts as a safety net, especially in cases pertaining to long-term diseases. It provides instant medical treatment as per the need of the insured and unburdens them in the face of trouble. Below are some key reasons that make health insurance a necessity today:
1. Sustaining Medical Expenditures
Health care expenses are on the rise and they are expected to only grow further with time. There can be no compromise in the quality of treatment when it comes to major illnesses like organ-related ailments, critical illnesses, transplants, etc. Surprisingly, these expenses can cost a fortune, burning a thorough hole in your pocket. Hence, a medical emergency can easily eat up the savings that you might have been saving for future objectives like education for your kids, marriage, etc. Additionally, there are plans nowadays that even cover ayurvedic treatments, etc. for a more holistic medicare facility.
2. Combating Lifestyle Diseases
According to a report by the WHO, respiratory and cardiovascular diseases are soaring. These diseases are classified as lifestyle ailments and they pose a significant threat worldwide. These diseases account for about 38 million global deaths every year, of which 28 million deaths are observed in low and middle-income countries like India. In order to deal with such lifestyle diseases that not only take a toll on your health but also your wallet, health insurance is extremely important.
3. Starting Out Early
One of the more surprising medical revelations of this decade is that nowadays most illnesses don’t have much to do with age. There has been a surge in the number of patients below the age of 40 with diseases like diabetes, cholesterol and heart problems. Such serious health issues were conventionally considered to only hit older people until recent times. Besides, getting health insurance early in life can get you attractive discounts on the premium. Insurers are now offering wellness programs encouraging policyholders towards healthy living. This option offers double benefits of medical cover and a chance to live more healthily.
Hence, with the downslide in human life longevity and the impending fear of life-threatening diseases, it’s important to be ready for what may come. The most efficient way to do so is to ensure the medical security of yourself and your loved ones with health insurance. So, if you’re considering getting health insurance, now is the time.
