It's true that people are more and more worried about health related issues and health care costs and there are reasons behind it. Lifestyle related diseases are on a steady rise in India due to adverse work schedules and stressful conditions. But thanks to the innovations and technology in the field of medicine, we live longer and longer, than in the past, overcoming health challenges. Our average life expectancy is certainly going up on the higher side. Well, longer life does not mean, a hale and healthy lifestyle in the current scenario. Yes, we live longer, but the cost of health care is zooming in the recent years and in all probability, health care costs are set to rise multi-fold in the coming years. For people who are employed with companies, have the advantage through the group insurance cover offered by the employers to the employees. But having said, that may not be sufficient for the people at all times when they have to tackle various health related issues and health care costs.
Let’s look at ten reasons why one must have personal health insurance cover:
- Company group insurance cover may not be adequate: Companies offer health cover and hospitalization cover for its employees and their dependents through group health cover. But that may not be sufficient at all times and more so in case of expensive health care costs. In several instances, we see many companies not extending group cover to the dependent parents of the employees, who are forced to shell out extra bucks to cover them as well. So it's ideal to have a separate health cover for self and the family through which one get adequate health insurance covers at an affordable cost.
- Comes in handy during times of job transition: People are not going to work with the same organization forever. Gone are the days, when people spent their entire career in one company and in the current scenario people seek changes and are always on the move. During the times of transition from one company to the next company, a person may not have health cover till the time he or she joins the new firm. So it's always better to have a personal cover for self and family which will come in handy during the times of job transitions.
- Group cover conditions change from employer to employer: Though most corporates offer health cover to their employees, the terms and conditions vary from each other. The size of cover, extension of cover to dependents are some major differences between companies. So if you have got certain health insurance privileges while working with company A, that may not be the same if chose to work with company B. In fact, many companies do not offer health cover for the dependent parents or offer very little cover, forcing employees to pay extra bucks for including their parents in the cover. Having a personal health cover at all times for the family is the most ideal decision one can make.
- Life styles diseases are on rise: Our life styles are rapidly changing, given our erratic work conditions. People are now more prone to diseases due to life style changes caused by stress and other work condition factors. Lifestyle changes are also due to lack of physical activity on a day to day basis. As a consequence the health care costs are on the rise for tackling such illnesses and diseases. And remember, the cover offered by your employer may not be sufficient at all times.
- Health care costs are not affordable but health insurance is affordable: Health care costs and hospitalization costs are not affordable and they keep going up based on inflation. Thanks to innovation and new technologies, medical world is able to make people live longer, but such health care comes at a huge cost. But the glad news is that the health insurance is very much affordable for all. An average normal male aged 35 years just needs about Rs5/day for a cover of 1 lac per year. Is it not affordable? So go ahead and take a personal health insurance cover.
- Earlier and younger, the better: Every one has to retire some day. It may be at the age of 58 or 50 or even earlier, given the rising trend of early retirements in the corporate world. While during the career, people had the luxury of having corporate group health cover, but when they move out, they have to rely on personal health insurance. If someone has to buy a personal health insurance beyond the age of 50+, it becomes more difficult and complicated due to the health and age related issues. People at a younger age manage to get insurance much faster and much easier with a wide cover. So, don't wait for your retirement. Plan for your health insurance right now.
- Wider coverage: In the current scenario, corporate health covers may not be adequate at all points of time. But health insurance companies offer wider cover on personal health insurance. Coverage in many cases go up to a crore of rupees in some products. But one can always choose the coverage based on the budget and requirement of the individual. And remember, most employers offer moderate group health cover, which may at times be insufficient to fulfill health care costs.
- Health care costs are zooming: Health care costs are zooming. Thanks to innovations and technologies in the field of medicine, people live longer, but that comes at a huge cost. It is better to be prepared to handle such high costs by having a personal health insurance cover at the earliest.
- Cover must for dependent parents: Elders, senior citizens and dependent parents are most prone to health related issues. Many companies do not offer cover or sufficient cover for the dependent parents, which forces the employees to shell out extra bucks for getting them the health cover. But there are many health insurance companies which offer products designed for elder and the aged people. So go in for a separate cover for the elders and parents.
- Save taxes: Last but not the least, personal health insurance helps you save taxes under section 80D of the Income tax act. Premiums up to Rs 25,000 for self and the family and Rs 30,000 for senior citizen dependent parents can be shown for tax exemption under section 80D. In a normal case you cannot claim exemption under section 80D since your employer pays for the group insurance cover.
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- Gopalakrishnan linkedin.com
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