Importance & Need For Health Insurance
Health insurance is one of the most fundamental types of insurance after life cover in terms of being an absolute necessity for everyone. It is important as it provides financial security to meet health related contingencies.
We all strive to provide the best we can to our loved ones. We meticulously plan and save for that new mobile, latest car or that dream holiday. We however do not save as meticulously for getting medical treatment in the face of a medical emergency. Even if some of us plan, the savings may prove to be insufficient if there is a long term illness in the family.
According to WHO statistics, about 47% and 31% of hospital admissions in rural and urban India, respectively, were financed by loans and sale of assets. WHO says, 3.2% Indians will fall below the poverty line because of high medical bills. About 70% of Indians spend their entire income on healthcare and purchasing drugs.
Such unforeseen Medical emergencies not only stress our immediate cash flows, they are also likely to adversely impact financial commitments towards regular savings thus impacting achievements of any long term financial goals. Add to it the burden of any loans that one may take to pay for medical expenses.
The cost of medical care is also increasing due to inflation and advancements in medical technology. At the same time the longevity is improving thus forcing us to consume more medical care.
So what do we do?
Pray! Adopt a Healthy Life Style! Purchase adequate health insurance cover!
Products offered by HDFC Health:
- HDFC Life Easy Health Plan - Critical Illness Insurance
- HDFC Life Cancer Care - Cancer Insurance Policy
Mediclaim & Health Insurance Premium Calculator by HDFC Life
Health insurance : How important is it?