Health is actually Wealth – Real life examples proving the same !
Excuse – 1 : I am too young to buy Health insurance, I will not need the same now- shall buy when I actually need it .
Date : 15 May 2019
Rohit ( name changed) student of Class 11th, Mother (single) got a call from school that while playing, he has hurt himself . Mother rushed to the school , he had got an injury in his collar bone and had to undergo surgery, was admitted in Sant Parmanand Hospital, Delhi and undergone the treatment. Total Bill was Rs.1, 25,467 for two days.
Thank God, he had Health Insurance.
Myth Buster- You are never too young to buy Health Insurance and you never know when emergency strikes.
Excuse – 2 : I think Premium for health insurance policy will be too high for me, I may not be able to afford it.
Date: 17 Dec 2018
Manik ( name changed), aged 20 years, was diagnosed with fever and had to be admitted to hospital for 4 days for his treatment. The cost of treatment was Rs.78,345. Thank God, he had Health Insurance.
Also, he had bought the Health Insurance policy in June 2018 by paying Rs. 7500 only.
Myth Buster- If you think you can’t afford to pay Health Insurance premium, which will be low if bought under proper advise and guidance, How will you pay for the treatment cost in case of any emergency. THINK about it.
Excuse – 3 : I will buy it next year to save tax. Already, have a corporate cover also.
On 4 Jan 2017, We had discussion on buying Health Insurance, I was given the above excuse.
He left his job on 1 Apr 2017. On 10 April 2017- Meera ( Client’s wife) 33 years, mother of 4 year old, undergone heart valve replacement , Hospital bill was Rs.7,85,000. There is not a single insurer who would want to cover Meera , simple as they don’t want to underwrite higher risk policies.
Now, Husband and son have 1 Crore policy and Meera have none because she can’t get any.
Myth Buster- The moment you think about buying Health Insurance is the right time to do so. You have a choice to choose the Health Insurance provider, you never know if you will get the second chance next year or next moment. Corporate cover is a part of perk that an employer gives and is not permanent one.
Excuse – 4 : The premium for my parents policy is very high , let’s not buy one for them , I will manage with my savings in case of any hospitalisation.
Date: 25 Jan 2019
Suresh’s father was diagnosed with cancer and he got admitted to a hospital in Bangalore. He was there for 5 days , per day expense was 1 Lakh and was moved to a hospital in their hometown Lucknow where per day treating expense was 60000.
He stayed in hospital for about 15 days – Total cost incurred was around 11 Lakhs. Also, he had to further go for radiation and other expenses related to his treatment.
Within a span of 3 months, he had to spend Rs. 25 lakhs on his father’s treatment . Don’t ignore the future treatment cost here which he will have to incur. Also, need to mention that 20 lacs policy for his parents would have costed him Rs. 35000 and a peace of mind for lifetime.
Myth Buster- Don’t consider the health insurance premium as liability, rather it will be your peace of mind and a big support in case of any eventuality.
You can concentrate on treating and taking care of your loved ones, instead of worrying about the money part.
Health is actually Wealth-When you HURT yourself, Your savings get HURT too, in absence of planning. Would you want that to happen?
We would love to hear your excuse, ok before you do that – let me share a fact
80% of Indians are not covered in any Health Insurance plan- Are you part of this 80%- its time to CHANGE or STAY THE SAME.
Many of you ask about my Health Insurance policy details, so here it is:
We are a family of 4, have family floater policy of 50 lacs , Max Bupa Health Companion.
About the author : Gurleen Kaur Tikku is a Financial Consultant and devotes her time to her company www.hareepatti.com. She has done her Bachelors in Finance and Investment Analysis(BFIA) from College of Business Studies(CBS, Delhi) and MBA from IMT, Ghaziabad.. She can be Contacted at [email protected]