How important is health insurance for a middle-class family
I am not from any insurance company and not here to campaign for anybody. Wish to share the importance of it among all, mainly for the middle-class family.
Think about what will happen during an emergency medical situation for your family member if you're not financially strong to meet your medical needs. Either you will spend from your savings, or you need to borrow it. Otherwise, you need to choose a substandard hospital. I have seen the struggles of my friends and colleagues so many times.
Suppose you have a health insurance policy for your family. In that case, you can choose the best hospital for treatment during emergencies. Even though you have enough savings, it is wise to spend a small amount on health insurance premium rather than paying huge hospital bills.
I interacted with some of my colleagues and friends about health insurance. In this article, I listed some general misconceptions of people, and I wish to clarify them from my understanding of health policies.
People feel they are young and nothing will happen to them and to their family. Insurance is meant for facing unexpected situations in our life, whether it is health or accident. Buying an insurance policy is the wise decision taken to meet the unexpected confidently. With insurance in hand, your family will face them without worrying about hospital expenses.
In some cases, people understand the importance but keep on postponing it. All insurance service providers fix health insurance premium based on age. The insurance premium will be high for older people. Moreover, some companies avoid selling medical insurances to elders. So earlier is always better. Moreover, certain medical conditions, preexisting diseases might not be covered during the first few years of the policy. They include those diseases in the subsequent years. The best suggestion is to enter early into insurance to get full benefits when you are in need.
Most middle-classes give very low priority to medical insurances. They think about health insurance only after allotting a budget for all other expenses. The hospitalisation expenses are skyrocketing; you must give top priority to this. For a middle-class family, a week's hospitalisation will wipe out all your savings. Or the borrowed money for hospital expenses will take years to pay back.
After the policy term, if not claimed, people feel it is a waste of money. Most insurance companies give additional cover during policy renewal as no claim bonus for the following year. Therefore, it is not a waste of investment. You will get extra cover.
There are so many terms and conditions used in policies; most of them are not understandable. People feel the insurance company will cite any non-understandable terms and conditions and reject your claims. The insurance companies improved their claim procedures and tried to be transparent. Also, you have every right to clarify the doubts about the company before buying a policy. Don't worry; there are so many health insurance companies to choose from.
Most of the health policies cover if you are admitted to hospitals at least for one day. People feel outpatient consultation expenses should also be covered in health insurance. Some company policies cover this, and some of them allow free whole-body medical checkups.
People often feel the policy amounts are high and not affordable for them to buy. The insurance companies need to better optimise it so that it can be reasonable for policyholders. Despite that, you can spend at least 15 day's salary as a premium for one-year protection. Additionally, you may get tax benefits as well.
In this article, I gave the importance of having health insurance, especially for middle-class people. It will definitely protect your year-long savings. In addition, it makes you access quality medical facilities without any troubles, ensuring complete peace of mind for you and your family. Moreover, this pandemic lockdown has posed fresh challenges due to corona and uncertain wages from employers. With health insurance in hand, your family can face those situations confidently.
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