Recently our president Sri Pranab Mukherjee shared the fact that in India nearly 80% of healthcare expenses are borne by the people themselves.He added that each year as many as four crore people in India plunge into poverty each year due to huge expenses on medical treatment paid from their own pocket.
Sadly around a petty 5% Indians are insured while medical inflation is around 20%! This is mainly because of rising cost of treatments and medicines in our country. If one haven’t seen hospital bills recently than they are in for a shock. Ignoring medical cover can easily set one back by 5 to 10 lakhs. When our dear ones are in need of best medical services, the last thing one want to worry about is medical expenses. Whether one runs his own business or is a salaried employee, he still needs the right medical cover protection.
Important reasons why one must take a Personal Health cover now 1. Health cover by company is basic and inadequate: Most of the employees get very BASIC cover during employment and ZERO protection when they are out of job. Any medical emergency would be financially catastrophic.
You are covered by Company’s health group insurance but the day you resign, you are not covered anymore and till you get another job and your health cover is provided, you and your family are at a huge risk .

2. Post Retirement Phase:

Companies do not provide Health cover when one needs it the most i.e post retirement period. Premiums are too high to afford in senior age.

3.Parent’s protection:

Companies have started to provide Health cover either to one’s kids & spouse or parents, NOT BOTH.

4.Tax benefit under section 80D :

Apart from the above, one can also claim tax benefit under section 80D. There are many types of health insurance plans available in the market. One should contact a professional financial planner and immediately insure one’s family.

Author    Mr. Chandan Kumar Tripathy