Better Be Safe Than Sorry – Reduce Your Financial Risks With Health Insurance Investments

Until a century ago, the medical field was still in its infant stage. People diagnosed of illnesses like cancers, heart ailments, and kidney diseases almost always lost their lives. But the 20th century brought with it medical advancements unlike the world had ever seen before. Today, there’s are vaccines and cures for almost all diseases. But these developments have also impacted medical costs and getting treatment today can empty prove incredibly expenses. The only way to save yourself from losing your lifelong savings is to invest in health insurance. Let’s find out a how comprehensive health insurance policy  can reduce your financial risks.

The Risks of Not Investing in a Health Insurance Plan  

Not investing in a comprehensive medical insurance plan can prove to be detrimental on your financial health for many reasons.

• You’ll have to pay every last rupee of the medical expenses from your pockets.
• A life-threatening illness can exhaust your savings.
• Hospitals may not admit you for treatment if you can’t pay your bills.
• You may need to mortgage your assets to pay off your high medical bills.
• You may fall into a debt-trap, paying off the loans obtained to fund the expensive treatment.
• You may become ineligible for coverage following a serious illness, even if you’ve recovered.
• The stress of uninsured expenses can pull you into a vicious cycle of health complications and treatment costs.

Investing in Health Insurance To Reduce Your Financial Risks – The Tips You Need to Know

Your comprehensive health insurance plan is that friend you can turn to when you need medical care. It gives you the confidence to seek the necessary treatment without breaking the bank or depleting your savings. By employing the below-mentioned strategies, you can mitigate your financial risks associated with medical costs.

• Buy health Insurance coverage at a young age

Health insurance  is not an investment you must postpone for tomorrow. You must buy it from the moment you can afford it; typically as soon as you begin earning. Buying insurance when you are young, enables you to enjoy affordable insurance coverage since insurers typically charge a lower rate from young buyers. Plus, you can easily ride out the waiting period.

• Ensure your entire immediate family is covered

Diseases and illnesses do not discriminate. They can affect anyone, at any time. Now, if you do not wish to invest in individual health plans, you can always invest in a family floater policy. This way, you can cover all your loved ones under a single plan. The sum insured under such policies can cover all the insured members and pay for the medical costs if something happens to them.

• Invest in senior citizen health insurance to address age-related concerns

Old age is when you are most likely to fall ill. Your chances of filing claims also multiply as you grow older. With senior citizen plans you can enjoy the benefits of financial risk management in health insurance since these plans cover you against various age-related health conditions. You can thus seek the necessary treatment without breaking your savings or dipping into your retirement corpus.

• Combat inflation by investing in a policy with a high sum insured

In medical insurance, the sum insured is the maximum amount the insurer pays when you file a claim. The higher the sum insured, the better the coverage benefits. Considering the ever-rising inflation and associated medical costs, you must look to the future and choose a policy with a high sum insured. A policy with a sum insured of ₹50 lakhs and above can help combat the inflating medical costs.   

• Choose a top-up plan for added coverage

If you can only afford a base health insurance policy with a low sum insured, don’t lose hope. You can always choose a top-up plan. This allows you to get added coverage for a fraction of the cost. The only condition is that you can encash the top-up up plan after exhausting the sum insured on your basic health plan. You can purchase the top-up plan with most types of health insurance plans.

• Get a comprehensive health insurance plan offering all-around coverage

If financial risk management in health insurance is your primary concern, you must choose a comprehensive health insurance policy that covers most of the costs. A good policy covers all kinds of expenses from hospitalisation costs and surgeon’s fees to outpatient treatments, costs of diagnostic tests, follow-up consultations after surgery, alternative treatments, and so on.

• Enhance coverage by adding the necessary riders

Your medical coverage needs keep changing with age. There may come a time when you may want to get married and expand you family. You may also become the primary breadwinner of your family, while your spouse focuses on child rearing. To keep up with these changes you can add riders like maternity coverage and personal accident insurance with your existing health insurance policy.

• Plan for expenses related to critical illnesses

The worst kind of illness is one that engulfs your body and takes over it, also known as a critical illness. Such illnesses can be harsh on your body and your pockets and getting treatment can be both physically and financially draining. One way to prepare yourself against the costs associated with a critical illness is to invest in standalone critical illness plans  or comprehensive health plans with a critical illness cover.

• Choose insurers offering cashless claim benefits

While you can arrange funds for a planned treatment, the same may not always be possible during medical emergencies. It is thus vital to ensure you buy a policy with cashless claim benefits. With this facility, you can start seeking treatment immediately without making any cash payment upfront and leave the rest to your insurer. Just remember to seek treatment at a hospital in your insurer’s network.

• Don’t just depend on group health insurance

Your employer may provide health insurance coverage to you and your family as one of the many perks of employment. But such policies generally come with a lower sum insured. Moreover, you can only enjoy this benefit as long as you are employed with a company. The moment your employment ceases, so does your insurance cover. So, you must have a back-up, individual or family health insurance plan.

Don’t Lose Your Savings Or Your Sleep – Buy Your Manipal Cigna Health Insurance Policy Today

There is no telling when a medical emergency can strike. When it does, it is always best to be prepared with a comprehensive medical insurance policy. If you are looking for affordable health coverage with excellent health and wellness benefits, you need not look further than Manipal Cigna Health Insurance. We offer comprehensive health plans designed to cover all kinds of medical expenses from the moment of diagnosis to post hospitalisation costs. Plus, our simple claim settlement process makes it easy for your to file your claims and submit your documents online.

Don’t cut corners while seeking medical treatment. Invest in Manipal Cigna Health Insurance today.