Health Insurance – The Right Time?

“A stitch in time saves nine” is most popular idiom which aptly matches to “Now an insurance for health saves your wealth”. It has been a paradoxical thinking that health insurance must be taken only for old people but the fact is Health Insurance should be taken in teens. It’s been thought that health insurance an expenditure but with continuous changes in the environment and economy, healthy living has become luxury and health insurance has become a major rescue. Here are four major reasons why this is the right time for health insurance:

1. Health Insurance Is Only for Healthy People: Break the block, that health insurance must be taken when there is a health challenge. Health insurance is only for healthy people as most of the pre-existing diseases are not covered under many plans. Even if , any of the plans offers the coverage of pre-existing diseases it comes with a hidden fact that certain waiting period must be completed before covering pre-existing disease in taken plan.

Therefore, if you are expecting health insurance to cover any disease then you must take insurance when you are healthy, i.e now.

2. Increasing Gap Between Affordability and Capacity: The cost of treatment rose at a double-digit pace of growth, outpacing average inflation in both rural and urban India over the past decade, according to published results of a cross-national survey on health conducted by the National Sample Survey Office (NSSO) in 2014 quoted in Live Mint.

In simple terms, with rising cost of treatment health care is becoming unaffordable. Visiting private hospital for basic consultation itself is creating a huge burden on pocket. On the other hand the salaries, allowances are not rising with the same pace. Which means gap between the affordability of treatment and earning capacity is increasing. Hence, it will become more and more difficult to take care of hospital expenses from pocket today and in times to come.

3. Pace of discoveries of new diseases: Scientific techniques are improving, so is discoveries of new diseases. During the past 20 years, at least 30 new diseases have emerged, for many of which there is no treatment, cure or vaccine, or the possibility of effective prevention or control. In addition, the uncontrolled and inappropriate use of antibiotics has resulted in increased antimicrobial resistance and is seriously threatening drug control strategies against such common diseases as tuberculosis, malaria, cholera, dysentery and pneumonia.

Though “prevention is better than cure” is a trend which is bringing in health awareness to recuse lifestyle related diseases but not offering any solution to new diseases. Has anyone heard about chikungunya, dengue, bird flu, swine flu, Ebola etc. in child hood? So when is time for health insurance, if not now?

4. New Diseases New Treatments – Additional cost: Researchers and physicians have made great strides toward finding new, more effective treatment for the diseases, even ones considered non treatable. The techniques of diagnosis also have taken a leap to the genetical factor drilling to its correction. New treatments invented are very effective but are very expensive too.

Say for example Laparoscopic surgeries decreased the time of recovery to less than half but increased the cost of treatment to 10 times. Similarly, the cost of Robotic surgeries or stem cell treatment is out of reach for a common man’s pocket although they offer more effective solution. Risk of requiring such expensive treatments can be transferred by having an appropriate health insurance.

Health insurance is as important as having a mobile wallet in times of demonetisation. Health Insurance is inevitable weapon for the times of need – which one must have now!!!

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