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How Do Health Insurance Policies Provide The Best Financial Protection At Uncertain Times?

By Ramyasri
Content Writer at Beshak
8 user ratings


Our way of life has been changing significantly, and we see more people working sedentary desk jobs, developing lifestyle habits like smoking, leading lives with less physical exercise and unhealthy food, etc.

Unfortunately, this shift has brought with it an increased risk of health issues like heart problems, diabetes, etc. In India, the numbers are truly concerning - approximately 77 million adults are living with type 2 diabetes and another 25 million are at a high risk of developing it in the near future. What's even more worrying is that the current 80 million diabetes cases are projected to skyrocket to 135 million by 2045. And, as per the study conducted by the Indian Council of Medical Research General of India, India holds 60% of the global heart disease burden. The cost of treating these health conditions can be quite a financial burden.

But a common fact is that while people plan meticulously for various life events like weddings and 5-year plans, this prudence somehow vanishes when it comes to managing medical expenses. You really can't predict when a serious illness might strike, and the cost of treatment can be overwhelming. That's why it's essential to consider safeguarding your health with comprehensive health insurance.

Think of health insurance as your safety net, protecting you from unexpected medical bills. It's the smartest way to ensure your financial security in these uncertain times.

How Does Health Insurance Give You Financial Protection During Uncertain Times?

Here are the top compelling reasons why prioritising the purchase of health insurance is essential:

1️⃣ Expensive Treatments Are Made Accessible

As we see more advanced medical technology and an increase in diseases, the cost of medical treatments continues to go up. The cost of treating an individual with any Cardiovascular Disease (CVD) is very high. This means that getting medical care and paying for hospital stays can really strain your finances. When a medical emergency or a major illness strikes, the bills can quickly escalate to a point when it can become impossible to handle. That's where health insurance comes in to ease the financial burden. These policies help by covering a substantial part of these costs, if not all, making it much more manageable for you.

2️⃣ Takes Care Of Unexpected Expenses

Life is unpredictable, and emergencies can happen when you least expect them. That's where health insurance steps in as a financial cushion. Whether it's a sudden illness, an accident, or an unforeseen medical procedure, having health insurance means you don't have to carry the entire burden of these expenses. Not having health insurance can sometimes lead to difficult choices. Some people might delay getting the medical care they really need, and that can have serious consequences for their health. So, having that insurance is like having a helping hand to ensure you get the care you need when you need it most.

3️⃣ Preserves Your Savings

Health insurance isn't just about today; it's a key part of securing your financial future. When you don't have such a plan in place, sudden medical bills can eat into your hard-earned savings. For instance, this can affect the funds you’ve set aside for your child’s education or even your retirement. With health insurance, you're safeguarding your ability to keep your financial resources intact for retirement and other dreams in life.

 4️⃣ Offers A Cashless Facility

Life can throw curveballs when you least expect them, and the last thing you want is to stress about arranging money for a hospital stay. That's where health insurance with a cashless facility steps in to make your life easier.

With this, you can get the treatment you need at network hospitals (i.e. the ones that have tie-ups with your insurer) without having to pay money upfront. The insurer will directly settle the medical bills with the hospital. You’ll only have to pay the costs that aren’t covered by your plan.

Say you have a planned hospitalisation for surgery at a network hospital. In that case, you can undergo the scheduled surgery without the need for any upfront payment. This means you can put all your energy into getting better without worrying about finances. It's all about making your road to recovery a bit smoother. 

5️⃣ Saves You From Debts

When you don't have health insurance, dealing with medical costs can put you in a tough spot. You may be pushed to get loans to cover those expenses, or even turn to family, friends, and acquaintances for financial help. It's not a situation anyone wants to be in, and it can be quite stressful. Here's where health insurance steps in to help, preventing you from feeling powerless.

6️⃣ Provides Peace Of Mind

Health insurance brings one of the most cherished gifts: peace of mind. It's like a comforting hug, ensuring that your finances are protected in the face of a health emergency. This assurance lets you concentrate on your health and well-being instead of worrying constantly about how a medical crisis might affect your finances.

Planning to buy Health Insurance? Reach out to our experts for a free 1-to-1 consultation to make a well-informed decision. You can also find out the coverage you require and the plan which makes the most sense for your needs using Beshak TruMatch!

Key takeaways
  1. Lifestyle changes and the rise of diseases like diabetes, heart issues, etc. underscore the increasing importance of health insurance
  2. Health insurance serves as your financial companion during uncertain times, giving you peace of mind and a sense of security.
  3. It covers a substantial part of medical expenses and safeguards your savings.
  4. It also helps you avoid taking loans or financial help from friends and family to manage unexpected medical costs.
  5. It offers a cashless facility that makes sure you have immediate access to necessary medical care without upfront payments. Thus, reducing financial stress during tough times.
  6. Having robust health insurance is not just a financial safety net, it's a smart decision that ensures your health and well-being.
How did you find this article?
Ramyasri, Content Writer at Beshak

Ramyasri leverages her technical background and writing prowess to demystify complex concepts and craft insightful content. She aims to make insurance more approachable and understandable for anyone looking to make sound financial decisions for their future.

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