hesitant about health insurance

Why people hesitate to buy a Health Insurance?

“Some things are so unexpected that no one is prepared for them. “
-Leo Rosten

We buy health insurance because we treat insurance as a means for saving money to meet hidden health expenses in the future. It will be challenging for a family to arrange the funds required for the treatment in case of emergencies. Thus, we can say that health insurance serves as a “financial tool” for an individual.
However, it is also necessary to have a clear understanding of health insurance so that you can be shrewd in your buying decision.

Here are some of the reasons as to why people are hesitant to buy health insurance:

  • Cost:

One of the main disadvantages of health insurance is cost. Paying the premiums can be very difficult for the middle-income group. And health coverage for all the members in the family seems like a burden to people, especially if he is the sole earner in the family. One must not consider paying premiums as a financial burden because, with health insurance, you are ensuring that you and your family can bear the cost of medical expenses without mortgaging any property or gold.


types of health insurance

Types of Health Insurance

As we know, the hospitals are now offering better facilities, and the cost incurred when we opt for better facilities is very high, and you should be ready to deal with this situation if you or your family member is hospitalized. Health insurance acts as a “financial tool” to protect you against the risk of incurring the high cost of medical expenses.
The different types of health insurance are:

1. Individual health insurance:

It is the simplest of all the other types of health insurance and one of the best available options. This plan ensures that it will cover individual medical expenses within the cover limit. Like other insurance plans, you need to pay a regular premium amount to buy the cover. If you need a large cover, then the premium you pay will be high.


Why is it essential to have a Health Insurance Policy?

Family protection

“Someone is sitting in the shade today because someone planted a tree a long time ago.”

–Warren Buffett

It is rightly said that “Health is Wealth”. Planning for medical costs is one of the important aspects of your financial planning. It is very important to ensure that you and your family are secure in the future both financially and medically. It’s more challenging to meet the medical costs over your savings. If you have a “Good Policy”, there is no need to dip into your savings.
We have seen instances where people will be saying that they purchased a cover that will not bear the entire medical expenses or they purchased a wrong policy which they got know after reaching the hospital.

What is Medical cover?

Each time we go to a doctor for viral fever, we never feel that the cost is high because we choose a doctor based on our spending capacity. But when you have some serious health-related issues where the cost for the treatment is very high and you’ll be felt with the only options- paying the cost from your savings.
So, to overcome such situations we buy Medical covers where you will transfer this risk to an insurance company for a price called “Premium”. If you buy a Medical cover, you get reimbursement of what you had spent and at times you may not get the entire amount (depends on the type of cover you buy). Buying a good medical cover is a great deal because as of today you have more than 30 companies that offer a medical cover, also you have different policies wherein you’re supposed to choose a policy that suits you by going through the entire Boucher (which we usually don’t do).