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3 Important Reasons to Buy a Health Insurance Plan

Roger Barnay By Roger Barnay on February 4, 2016
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Clothes, food and shelter – the three basic requirements of life without which we cannot survive. When it comes to planning a financial portfolio, experts say that health insurance, life insurance and investments are the three most important parts of our financial portfolios. Do you agree? Not only insurance experts, but industry experts also believe health insurance to be of prime importance. They urge investors to invest in a good health insurance plan for an all-round protection of finances against medical contingencies.

When experts suggest something we often tend to believe their suggestions but as a customer, you should know why having a health insurance plan is important in your financial planning. If I go about elaborating the importance of a good health insurance plan, the sky would be the limit. But for the purpose of being concise let’s start with a few basic reasons which outline the necessity of buying a health insurance plan. I have stated 3 reasons which state the importance of health insurance all too well.

Health Insurance

  1. Diseases and ailments have become common- Studies show that India is the second largest diabetes affected nation where more than 80% of the population is suffering from diabetes. Following closely is hypertension, heart related ailments, etc. Not only diseases, more and more people are also falling prey to accidents which result in grave injuries and demand hospitalization. Diseases, accidents, infections, injuries, etc. are becoming a common experience and all require hospitalization which incurs huge costs. As such, having a health insurance plan is necessary so that you may not feel the financial burden brought on by the associated medical bills.
  2. Expensive medical procedures – Science has paved the way for the introduction of newer treatments and medical procedures which were unheard of earlier. Laparoscopic surgeries have replaced normal surgeries and modern medicine has developed. With all this development came the costs of such surgeries and today, hospitalization costs lakhs of rupees as compared to thousands it used to cost earlier. With inflation spiraling upwards, the costs are deemed to increase in future. For a common man, bearing such huge costs is impossible and so a having a health insurance plan is necessary.
  3. Protecting your savings – Every man saves for his future, either for his retirement or for his children or maybe to create assets. If any medical emergency occurs and there is no health plan, your only source of finance will be your savings, no matter for what purpose they were made. So, your retirement funding or your children’s future will go down the drain. Medical emergencies are uncertain and that’s why they are called emergencies. Such uncertain contingencies are a source of danger to your planned savings. If you buy a health insurance plan, any uncertain medical contingencies will be financially contained and your savings would be protected.

I can go on and on but the baseline remains the same. You need a health insurance policy and the earlier to buy the more beneficial it would be for you. We all make provisions for our children’s future, retirement, buying a house, taking a vacation, etc. but why not provide for our health which will directly impact the provisions made for other things. Even though such medical contingencies are uncertain yet making the necessary provisions can be made certain if you buy a health plan. So don’t wait up, buy a plan today and ensure your peace of mind.

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