I recently admitted my mother in hosptial for some health issues. In India the cost of medical treatments are very high and I have heard that it is even higher in other countries. Some of the costs are better in government hospitals but not all the government hospitals are having better facilities. This is when people think of covering their medical needs in other private hospitals. If we admit someone in the hospital for some reason, the tests itself cost so much and we cannot help it. We cannot take risk by not taking the tests and at the same time we cannot keep testing for everything.
This is when I thought that having a medical coverage was very good and important. I was able to cover most of the expenses through the medical insurance andd it has been two times and both the times I got the coverage through the medical insurance company and about 15 percent cost I had to pay from my pocket which was far better. Sometimes we used to wonder that if we have enough money in hand, we may not need a medical insurance at all. But we cannot say that for sure.
Keeping the savings safe
If we are paying medical insurance premium, that is going to be only a minimum affordable cost. But if we keep the amount in savings use it during the need, then we might end up spending a lot of money and drain the savings reserve that we have. If we have a lot of money in the savings and if we literally don't know what to do with that money, then it is not a big deal to take the money from savings. But if we don't have enough in savings, then probably the best thing to do is have a proper medical insurance and try to save the money in the savings. If it is medical insurance then the amount of money we spend on premium becomes a small expense but the gain is when someone needs a treatment.
Family coverage in single plan
If we go for a medical policy where there is a pool of resources for covering the entire family, it all comes under one roof where we pay premium for one single plan the coverage is done for the entire family. This is another added advantage because we don't have to drain the money from our savings for each and every member of the family.
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Very true! Medical expenses can get really high, especially in India. Having insurance really helps to take care of emergencies without worrying too much about money and keeps your savings safe.
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With the rate the medical expenses is really getting high, I must confess that this is actually suspicious