Medical inflation is constantly on the rise in India, despite technological advances that have made specific treatments more efficient. A recent study has found that medical inflation rates are 15% per year overall compared to just 6-7% for average yearly income growth; this rate continues to increase every year with no end in sight!
Several reasons can be attributed to this trend and many more factors affecting healthcare inflation. For instance, the cost of advanced technology and specialized equipment is passed on from providers who use them in their practices onto patients seeking treatment at these facilities. This leads to higher prices and an increase in out-of-pocket spending as opposed to insurance coverage (even if it exists). In addition, some expensive procedures or extended hospital stays, mainly by people with better health care insurance, increases the overall expenses. Finally, there is a shortage of experts or specialists; in particular, this also drives up the prices of the existing specialists.
Are you worried about these rising costs? If you’re wondering about the best way to prepare for a medical emergency and tackle these increasing costs, it’s time to consider getting health insurance. Health insurance covers your expenses in case of an injury or illness. Sometimes people think they’ll never need one– but if something happens out of nowhere, then it can lead to significant financial setbacks from hospitalization costs alone!
Gone are the days when health insurance was a luxury and offered limited benefits. Instead, insurance providers now provide an assortment of different plans that come with all sorts of perks. In addition, a good health insurance plan offers comprehensive coverage for your physical well-being and financial stability to you or your family in case something happens down the line, which is why it’s never too early to consider getting one!
Considering the rate of medical inflation in India is rapidly increasing. In addition, the current pandemic has further boosted the rise in medical care costs; it’s very important to have a healthcare insurance plan backing you when times get tough. People think that health insurance only provides financial backup for those who need help paying their treatment costs, but that’s not all they offer! Health insurances come with benefits such as preventative screenings, lab tests covered by them, network discounts, etc., which could save you money!
Here are some benefits of health insurance
- Provides financial cover: One of the most important factors to consider when purchasing a health insurance policy is handling medical costs. This will ensure that you don’t exhaust all your savings in case something unexpected happens, like if an illness or injury comes up and ruins your budget for months on end.
- Additional expenses covered in health insurance: A health insurance plan is a protective blanket against the unpredictability of medical costs. They cover pre and post-hospitalization and domiciliary hospitalization costs to manage other difficulties like food and travel if you end up being hospitalized for an extended period due to unforeseen circumstances or emergencies. There are even plans that provide daily cash coverage so you can focus on getting better without worrying about how much it will cost after they’re done with treatments!
- Critical Illness Cover: These days, it can be challenging to manage your finances when you have a critical illness such as a heart attack or cancer because the treatments are so expensive. You may not know about one way to alleviate some of this stress – Critical Illness Insurance!
- Peace of mind: Stress about how you’ll pay for medical emergencies can get the better of you. It’s also possible that a terrible event like losing your job could happen, and then all bets are off when paying for quality healthcare. However, if you have health insurance coverage in place beforehand, these unfortunate events may not put you through much stress. Though it may be stressful at times, a health insurance policy gives you peace of mind, and mental wellbeing is also essential, especially when you are down with an illness.
Medical emergencies can turn your world upside down. It’s a hard enough process to manage healthcare costs when you’re well, but during a crisis, it becomes nearly impossible to cover the expenses associated with care. Unfortunately, life happens, and sometimes we don’t know why things happen the way they do, so make sure that you are ready for anything by buying the right health insurance.
Investing in a good health insurance policy can be your support when you face challenging times. Although it is not impossible to manage without one, investing in an excellent health insurance plan will keep healthcare costs manageable and prevent anxiety from escalating due to the increasing medical treatment costs. So, if you’re still thinking about buying into a quality healthcare package, now might be the time!