Why do you need health insurance?
'Look to your health; and if you have it, praise God, and value it next to a good conscience; for health is the second blessing that we mortals are capable of; a blessing that money cannot buy.' - IZAAK WALTON
The above quotation speaks volumes about the blessing of having good health but in these modern times some peace of mind can be bought by taking out a health insurance policy. For the average cost of a CABG surgery after a heart attack is from Rs.150,000 to 250,000. Similarly a hip replacement surgery can cost anything from Rs.100,000 to 150,0000. The average cost of hospitalization for a minor procedure requiring 1 to 2 days hospital stay can vary from Rs.10,000 to 25,000. A procedure that requires a stay of 4 to 5 days can cost anything from Rs.30,000 to 60,000 and any major surgery the costs are likely to exceed Rs.100,000. Unless a person has enough savings these costs can be impossible to meet especially if the need of treatment is urgent.
In India even though the central government and the railway employees enjoy some benefit on health insurance schemes; however these are mostly inadequate and many corporate hospitals with advanced facilities do not entertain the patients unless they are ready to foot the bill themselves. The process to make claims sometimes with the government schemes are elaborate. The other problem is that if you live in a smaller town you may have to travel several hundred kilometers to get treatment.
Health insurance cover should be able to take care of costs such as cost of drugs, investigations, surgical procedures, doctor's fees, cost of hospital room and sometimes even emergency transportation.
