Livewell: Health Insurance & Wellness Blogs | Max Bupa
WHY YOU SHOULD CARE ABOUT RISING HOSPITALIZATION COST IN INDIA
IGNORING THE REAL INFLATION
It’s just another regular weekday. You get up in the morning, grab a cup of coffee and then head out to work. On the way, you discover that petrol prices have increased by ₹1 and you let out a deep sigh. You then realize that the prices of onions have also risen by ₹3, which frustrates you further.
Now just imagine, if you were to be told that you need to undergo urgent surgery (a literal matter of life and death for you) and the cost of the procedure is ₹10 lakhs. To make things worse, you don’t even have medical insurance! Now what?
Suddenly inflation of commodities of daily needs seems less daunting, isn’t it?
The point is not to make light of inflation or everyday challenges of money management but to elicit a decisive response in light of the seriousness of the matter in hand.
In these times of rising medical costs and high inflation, you need a reliable health partner. An insurance policy that gives you the protection you need from unforeseen events and sudden medical expenses. Find out how little you need to spend. Click below to calculate premium.
According to a recent report by Towers Watson, India has the highest rate of medical inflation in the world. Another report by Mercer Marsh in 2018 has stated that health costs in India are set to be double the inflation rate. Gone are the days when quality healthcare was affordable in India. Today, the cost of a medical procedure goes into lakhs. Here are some figures forthe average cost for certain medical treatments that will make you sit up and pay notice to current day scenario.
Angioplasty (1 Stent) - ₹1.2lakhs to lakhs+
Bypass Surgery – ₹3.5 lakhs to 6 lakhs+
Heart Transplant - ₹20 lakhs to 25 lakhs
Chemotherapy (per cycle) - ₹60,000+ to almost 1 lakh
CAN THERE BE SOMETHING WHICH MAY BE MORE WORRYING?
According to the India Fit report from GOQii, one in three people above the age of 30 suffer from a lifestyle disease. These include cardiac problems, diabetes or even high cholesterol and cancer. These often escalate due to poor lifestyle and diet habits. Battling such diseases often mean a huge expense and a serious dent in your savings.
TIMES ARE CHANGING
According to an Economic Times report, 3 out of 10 patients are now being treated in tier-2 and 3 cities, which opens up a huge scope of investment for many healthcare providers. That’s exactly what some of the leading hospital chains are doing by setting up medical centres in non-metro cities and towns to tap into this market. They have realized that a large part of India’s growing income and aspirations lie in these markets. Plus, not everyone has deep pockets to go to metros and get themselves treated. Medical care is far more affordable in these cities.
WHAT SHOULD BE YOUR PLAN OF ACTION? STAY PROTECTED
Our bodies possess a cache of secret artillery called antibodies that are released on the event of foreign invasion. Likewise, we also need to be prepared for any medical contingencies by means of health insurance.
HOW DOES HEALTH INSURANCE HELP?
COVERS YOUR MEDICAL EXPENSES
Health insurance can help you plan your expenses and treatment in times of medical emergency. Instead of using your hard-earned savings, a health insurer can cover requirements such as in-hospitalization expenses, day care treatment, etc.
PRE AND POST HOSPITALIZATION EXPENSES
The worry typically is not limited to the cost of hospitalization but extends to the pre and post-hospitalization stages as well. These comprise several diagnostic tests, scans, and OPD expenses. Most health insurers cover all your expenses from 60 to 90 days before and after your treatment but do read the product brochure carefully before you buy a health insurance.
LIFESTYLE DISEASES ON THE RISE
Lifestyle diseases such as diabetes, heart problems, and hypertension are striking at a younger age. Busy work life, lack of exercise and unhealthy diet are taking a toll on our health. While certain aspects of lifestyle are within our control and others are beyond, what is required is a solution - that’s why one needs buy health insurance early.
A SURETY IN TIMES OF CRISIS
Ours is one of the most adulterated of all eras in history. Despite our best efforts to stay healthy, lifestyle diseases are on the rise. After all, what can one expect with the introduction of Genetically Modified food, chemtrails, and geoengineering? Therefore, getting ourselves medically insured is in our best interest in case an emergency arises in the future.
INCOME TAX BENEFIT
Health Insurance not only takes care of your medical expenses but also helps you save on taxes. How? Making payments towards the premium of health insurance is eligible for tax deduction under section 80D of the income tax act returns. Now that should definitely get a smile on your face.
SO, HOW DO YOU GET STARTED?
Right here, right now. You can cover your family’s health insurance needs with Max Bupa’s Health Pulse. It’s easy on the pocket and good for health as well.
The plan covers your hospitalization expenses, pre & post hospitalization costs, day-care treatment, and even alternative treatments like Ayurveda and Homeopathy.