Previous generations of people believed in consistent savings to take care of their future. They believed that keeping a large corpus aside could help during the times that there was a financial emergency. It was considered bad taste to be ostentatious with one's wealth - any extra income was set aside for a rainy day.
However, it is almost impossible to be ostentatious these days. Rising inflation and high costs of living result in our expenses far overtaking our income. It is quite difficult for most people to stick to a dedicated savings plan per month. Add to this the possibility of a sudden illness or accident taking place and wiping out the entire savings collected with a lot of effort. To prevent against this eventuality, it is important to buy a medical insurance plan for the entire family.
The advantages of getting medical coverage for your loved ones include...
1. It protects the entire family. Instead of waiting on tenterhooks to see if your child's illness or your parents' constant age-related ailments develop into something serious, it is better to take medical cover and ease your mind. It shows tremendous financial responsibility to be prepared for the future with a medical insurance policy that covers all your needs.
2. It pays for hospitalisation. The trauma of facing an illness or watching a loved one in a hospital bed is further compounded by high hospital bills. You might be ill-equipped to deal with hospitalisation, surgery and post-surgery treatment costs if you depend only on your income and savings to see you through. Instead, medical insurance plans pay for hospitalisation and treatment, so that you can devote your time and energy to taking care of your loved one or yourself.
3. It provides cashless hospitalisation. Many hospitals turn away emergent medical cases because family members do not have immediate cash to pay for admitting their loved one. People may end up wasting precious time trying to cobble together the money needed to book a hospital bed. Instead, a cashless medical insurance policy ensures immediate admittance in a network hospital, and it also guarantees that surgery and post-operative care is provided free of cost. The hospital then settles the bills with the insurance provider directly.
4. It provides coverage without denting your budget. You can get the best medical insurance plans at an affordable price if you are careful to choose the benefits you need for yourself and your family. Calculating the premium amount before signing up for the policy is important. Also, be sure to factor in future expenses and inflation before settling on the sum assured for the plan.