Tuesday, December 13, 2011

Health Insurance - Family Requirement

Today Health Insurance has become family requirement. With the increasing spread of various diseases and hospitalization becoming essential due to ailments or accidents, the requirement of having health insurance has become more eminent.

The life style changes have been a root cause of many common diseases like obesity, diabetes. Though many feel to make amends in their life style few can do it for practical difficulties. The lack of time and energy both makes it impossible for many people to effectively undertake daily exercise to control their health problems.

As a result of wrong diet, lack of adequate sleep, mounting stress and burden of office work in addition to rising transport problems has made life of people more troublesome. It has raised the rate of hospitalization in people of all ages.

The cost of hospitalization has increased manifold in last decade. Increasing cost of medicines, consultancy charges of health experts, diagnosis charges and all related hospitalization expenses are increasing and making it burdensome for common man. It is therefore essential that one should guard against the eventuality of such hospitalization for any one member of the family. Taking appropriate health insurance cover is the remedy or way of managing financial crisis due to hospitalization.

The health insurance or the medical policy called by any name takes care of pre-hospitalization consultancy, medicines, and laboratory tests. It also commonly covers post hospitalization treatment for certain period depending upon the nature of the policy. During hospitalization all types of expenditure like medicines, drugs, operation charges, anesthesia, ambulance charges etc are taken care of by the policy.

The increasing rate of accidents taking place every day further increases the possibility of anyone becoming victim. The new age speedy vehicles, roads full of traffic and lack of attention while driving are main causes of increase in number of accidents. Accidents can be fatal one even causing loss of limbs or making one permanent disable. In that situation health insurance policy would come to rescue of such accident victim. It would try to reduce the financial burden due to accident and also assist in restoring back the loss of pay to certain extent depending upon the coverage of the policy.

The right time to buy health insurance is any time- preferably when the person is not having any kind of disease or ailment like diabetes, blood pressure, asthma, arthritis etc. Because all existing diseases are normally covered under exclusions of any such policy. Further known and declared diseases would have to wait for the waiting period to be over to get the claim settled. As such it is always beneficial to have medical insurance policy purchased when you are completely fit.

It is also advisable to take health insurance for the family. Family floater policies are made available by almost all companies. It thus covers the risk of every member of the family including a small child. We cannot foresee who would require hospitalization and at what time. It is beneficial from tax saving point of view as spending on this count get special exemption under Sec. 80 D of Indian Income Tax Act.

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