Team AckoJul 22, 2021
Healthcare costs are sky-rocketing, and the current pandemic situation has fueled the inflation of medical care costs in India. Not being able to avail high-quality medical care due to poor financial conditions is one of the common situations in the country. A health insurance plan can help to cope up with such scenarios.
There was a time when health insurance was regarded as a luxury. But with the increase in medical treatment costs and the ongoing pandemic, health insurance is a necessity for every individual. This article will throw light on the importance of health insurance in coping with the ever-increasing costs of healthcare.
Now, the first question on your mind would be, why are healthcare costs increasing despite the emergence of advanced technology? The advanced technology has only reduced the time taken for certain medical treatments, but the costs continue to creep up. In India, the rate of medical inflation stands at 15% per annum compared to 6-7% overall inflation per year. Below are some of the reasons for medical inflation in India:
Below are the reasons for the double-digit medical inflation rate in India:
The cost of special medical equipment and advanced technology involved in treatments are passed on to the patients.
Scarcity of experts who are qualified to use advanced medical equipment and robotics.
Patients opting for higher category hospital rooms and extended hospital stay, depending on the health condition of the patient.
Shortage of specialist doctors and surgeons in a particular field.
Health insurance is a type of insurance plan that provides coverage against medical expenses arising due to the treatment of an illness/injury. Medical expenses such as post and pre-hospitalisation costs, cost of medicines, doctor consultation charges, treatment/diagnosis charges, etc., are covered by a medical insurance policy. The benefits may vary depending on the type of health insurance policy you choose. But the fundamentals of a policy remain the same, and it will provide you with financial backup in case of a medical emergency.
Gone are the days when health insurance was expensive and offered limited benefits. Today, insurance companies are offering a wide variety of health insurance policies that come with a host of benefits. A good medicare insurance plan provides comprehensive coverage. A medical insurance plan not only secures your health but also the financial future of yourself or your family. With a good health insurance policy, you will have financial security and peace of mind.
The rate of medical inflation in India is rapidly increasing, and the current pandemic situation has further boosted the rise in medical care costs. Now, you already know the reasons behind healthcare inflation and also the importance of health insurance.
So, how does medicare insurance help you to cope with such a high rate of medical inflation? The answer is simple. A health insurance plan provides financial backup in case of medical emergencies. But it’s not just the financial support. A health insurance plan also comes with a host of benefits.
Below are the benefits of a good health insurance policy:
Provides Financial Cover: With the rapidly increasing costs of medical care, the chances of exhausting your savings are high if you are availing of medical treatment. But with a health insurance policy, you can manage the medical expenses without spending your savings. No matter how high the medical care costs are, a medicare insurance policy will provide you with the financial backup in difficult times.
Comprehensive Coverage: A health insurance plan comes with several coverage benefits that cover pre and post-hospitalization costs, domiciliary hospitalization costs, ambulance costs, etc. Some insurance plans even provide daily hospital cash cover to manage other expenses such as travel, food, etc. A health insurance policy can save you from a lot of hassle if you are finding it difficult to manage the medical expenses.
Critical Illness Cover: The cost of treatment of critical illnesses such as heart attack, organ transplant, cancer, etc., has always been on the higher side. Managing your finances can be a tough task if you are availing of treatment for any life-threatening diseases.
But with a Critical Illness Insurance cover, you need not worry about healthcare inflation. If you are diagnosed with a critical illness, the insurance policy provides you with a lump sum amount equal to the total assured amount. You can use the fund for medical treatment and other financial needs.
Peace of Mind: The pressure of managing the finances during medical emergencies can get the better of you. You may also face an unfortunate situation where you lose your job and are left with no funds to avail quality medical treatment. In these situations, a health insurance policy comes to your rescue.
Knowing that Medicare Insurance has your back in difficult times, you need not worry about managing the medical expenses. Mental wellbeing is of utmost importance, and a health insurance policy gives you peace of mind.
Quality healthcare is one of the basic needs of every individual. But unfortunately, most individuals do not give importance to medical needs in the process of meeting their other livelihood requirements. But when there is a medical emergency, your whole world turns upside down. You often find it difficult to manage medical expenses with the rising costs of healthcare.
In such situations, health insurance can be your support. Investing in a good health insurance policy is a must, given the rapidly rising healthcare costs. You need not worry about the increasing medicare costs if you are covered by a medicare insurance policy. If you are still thinking about buying a good health insurance plan, it’s high time you get one to cope up with the healthcare inflation.
Want to post any comments?
Get affordable Standard Health Insurance Policy Online.
Plans starting from Rs. 3,099/year*
Is bike insurance mandatory for 5 years?
Team Acko Sep 23, 2021
Difference Between Critical Illness and Disease-specific Plans
Team Acko Sep 23, 2021
Does Scrapping your Car Affect Insurance?
Team Acko Sep 23, 2021
Car Insurance for High-risk Drivers - Check Details
Team Acko Sep 22, 2021
ACKO General Insurance Limited
2nd Floor, #36/5, Hustlehub One East, Somasandrapalya, 27th Main road, Sector 2, HSR Layout, Bengaluru, Karnataka - 560102
We’re socially active!
Download our app
Articles on insurance
IRDAI Registration No: 157
Category: Non-Life Insurance
The use of images and brands are only for the purpose of indication and illustration. ACKO claims no rights on the IP rights of any third parties. The ratings are derived from reviews and feedback received from Google and Facebook users on their respective platforms.
Trade logo displayed above belongs to ACKO Technology & Services Pvt Ltd and used by ACKO General insurance Limited under License. For more details on risk factors, terms, conditions and exclusions, please read the policy wordings carefully before concluding a sale.