One fine day Satish who was 26 years old, and residing in the city of Belgaum with his friends, fell sick. He consulted a doctor. The doctor advised him to undergo certain medical tests. After a day, Satish returned home with the medical reports.
The doctor went through the reports and told him that he was suffering from Dengue. He required urgent hospitalization. Satish landed in hospital and spent Rs 40,000 on medical treatment. He would have landed in financial ruin but fortunately, he had a health insurance plan with sum assured of Rs 1 Lakh. He was paying a premium of just Rs 150 a month for the health insurance plan. He was reimbursed for medical expenses with this health insurance plan.
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Health insurance is necessary as medical treatment has become very expensive with rise in medical inflation. Many people don’t avail health insurance; believing they won’t fall ill. According to experts, health insurance must be availed when you are young and healthy. Why is this so? If you are diagnosed with a chronic illness, getting health insurance is not easy. Even though you get a health insurance policy, the insurer asks you to serve a waiting period. Fortunately, Satish had purchased the health insurance policy when he was healthy.
See Also: History of Health Insurance in India
Health insurance is offered to both families and individuals. If you buy a family floater health insurance plan, the whole family is covered. In case of family health insurance plans, the premium is computed based on the age of the eldest member of the family. On the other hand, individual health insurance policies cover only the insured individual but not the whole family. In Satish’s case, he had an individual health insurance plan. This saved him from a financial emergency.
See Also: Types of Health Insurance Plans in India
See Also: Family Health Insurance Plan
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