Staying healthy is vital, but several factors, including unhealthy personal habits, poor diet, physical inactivity, and excessive workload, can harm most people’s health. Multiple health issues and high medical treatment costs could result in unwanted stress. Supporting health represents a foundational investment in human capital and economic growth. Children cannot attend school, and adults cannot work if they are not in good health.
Universal health coverage allows countries to make the most of their most vital asset: human capital.
Universal health coverage aims to give people access to inclusive health care without challenges. Universal health coverage is critical to achieving the World Bank Group’s twin objectives of ending increasing equity, extreme poverty, and shared prosperity.
The cornerstone of UHC is affordable, high-quality primary healthcare, but many people worldwide still struggle to meet their primary healthcare needs. The often-overlooked Mental health is a crucial component of UHC because it is critical to people’s ability to live productive lives. Providing affordable, high-quality health services to the community, particularly to women, children, adolescents, and people suffering from mental illnesses, is a long-term investment in human capital.
How are Universal health coverage and health insurance linked?
Universal health coverage enables Insurance companies to cover more ailments and disperse the claims. Furthermore, Universal Coverage ensures that capital is invested in research and development, improving healthcare quality, and ushering in new ground-breaking advances. Let us look at why health insurance is necessary and how it can help bring inclusive healthcare to all segments of society.
Why Is Health Insurance Necessary?
While you may be working hard to meet your financial goals for yourself and your family, an unexpected health issue may derail your progress. The stress of an illness can prove challenging if someone is the sole provider for the family and gets ill. Over the years, the cost of private medical care has increased dramatically, which can be deterring; health insurance covers exorbitant expenses and thereby brings more people under the quality healthcare umbrella.
Health insurance is essential because
- These days, lifestyle-related illnesses are common.
- Healthcare is becoming more expensive.
- A family’s ability to quickly arrange for the large sums of money required for treatment is difficult.
- Most of a family’s savings are fixed assets that cannot be liquidated quickly.
Health care provides inclusive offerings; for example, most insurers now offer individual policies and family floater plans. With a personal plan, you can protect yourself, but with a family floater plan, you can insure the health of your entire family.
Let’s examine some more advantages of having an insurance policy.
Benefits of Health Insurance Policy
Rising healthcare costs and the need for inclusive healthcare make health insurance a must-have. In a typical Indian household, the male head is usually the sole earner, with 3-4 dependents. When a major illness hampers the primary breadwinner’s ability to work, the rest of the family is often left in dire straits. They would be unable to maintain their lifestyle, repay debts, or even afford the high costs of treatment. This, however, can be challenging in most cases due to inflation now that the savings are rarely sufficient to cover such healthcare expenses, which explains the benefits of a Health Insurance Policy-
- Cashless Hospitalization- You will most likely benefit from cashless hospitalization if you have a health problem and are admitted to one of the network hospitals. The medical bills will be paid by the insurance company. As a result, you won’t have to pay the high treatment costs out of your pocket.
- Peace of Mind: A health plan relieves you of worrying about healthcare costs and allows you to select the best medical care for yourself and your family. Best care can also result in a quick recovery, allowing you to resume your healthy lifestyle.
- Financial Protection: If you suffer a permanent disability or are faced with a much more dire situation such as the untimely death of the main breadwinner, having a health insurance policy will provide financial security for you and your family.
- No Claim Bonus: A no claim or renewal bonus is an increase in the sum insured provided by the insurance company at the time of renewal for no claims made in the previous policy year. The insurance companies’ maximum renewal or no-claim bonus would be 100% of the basic sum insured. A few health insurance policies offer a 10% to 50% renewal bonus for each claim-free year. The greater the renewal bonus percentage each year, the greater the sum insured at renewal. The best health insurance policy offers a 100% renewal bonus or no-claim bonus for each year of claim-free service.
Pros and Cons of Health Insurance
Healthcare insurance, in general, has benefits and drawbacks that must be considered before selecting the best health insurance policy.
The rising cost of health care in the country has compelled many people to purchase health insurance that meets their needs. The Covid pandemic also played a role because of the high costs of treating coronavirus; the COVID-19 pandemic has raised public awareness about the importance of health insurance.
Health insurance is the only way to protect yourself from excessive medical bills and to ensure that you leave the hospital with a healthy pocket. Can you think of a few people who could lend you Lakhs of rupees at any time? What if you are admitted to the hospital at midnight? Where will you look for money at odd hours? These issues can be addressed with a single health insurance policy tailored to your needs.
Health insurance is an intelligent way to access innovative and technologically advanced treatments.
A medical emergency can strike anytime, regardless of your current health or lifestyle. It is critical to plan and protect your family and yourself from any unexpected medical situation. Be prepared and financially secure in advance to deal with health-related risks. This is especially important if you have elderly parents at home who are more susceptible to infections or other diseases. If you need to go to the hospital or have surgery, your expenses could skyrocket and deplete your savings. Furthermore, the situation and the treatment costs can cause a lot of stress.
To know more about different health coverages and to access which health coverage will be the best for you and your family, speak to our healthcare specialists today, down the Gigadocs app from-
- IOS App – apple.co/2W2iG4V
- Android App – bit.ly/33AQoRC
To know more e-mail, at info@gigadocs.com
