I follow a Healthy Lifestyle; do I still need health Insurance?

It’s always good to follow a healthy lifestyle. A balanced diet, adequate sleep, and regular exercise are some of the important elements of healthy living. Moreover, it also involves keeping yourself away from tobacco, alcohol and other toxic substances. Sticking to healthy habits can prevent the risk of cardiovascular diseases, and keep your cholesterol and blood pressure in check. Additionally, it can help you keep stress at bay and thereby elevate your mood. To sum it up, practicing a healthy lifestyle can help you maintain your physical and psychological well-being. However, it has been observed that individuals following a healthy lifestyle often overlook the importance of purchasing a health insurance policy. This is certainly not advisable.

Despite a healthy lifestyle, there are chances that you might fall prey to certain illnesses. Dengue, malaria, viral fever or epidemics may occur even if you are healthy. Unexpected illnesses can not only be physically exhausting but also financially burdensome, owing to the heavy medical costs associated with them. At such times, having health insurance can be extremely helpful. Since a comprehensive medical insurance would take care of your treatment cost, it would allow you to focus on your recovery without worrying about the medical expenses. Moreover, as life is full of uncertainties, injuries and accidents can strike anyone at any time. Health insurance plans can come in handy in such situations too.

Since the susceptibility to illnesses increases with age, the cost of health insurance also increases. Elderly people might require regular check-ups owing to increased cholesterol and other lifestyle diseases. This increases their overall medical cost, thereby resulting in higher premium rates. On the other hand, health insurance policies are much more affordable at a younger age owing to comparatively lower risk factor. Although being healthy is no substitute for a health insurance cover, it can certainly help you get medical coverage for a lower price.

However, there are certain factors that you should consider before purchasing a health insurance policy for yourself. Some of them are mentioned below:

Co-payments and deductibles

Co-payment implies that you’ll be required to pay a portion of the total medical expense by yourself. The quantum of co-payment typically ranges from 0% to 10% of the total expense depending upon the insurer. You should try to settle for a health insurance policy with no co-payment. Similar to co-payment is the deductible. It is defined as a fixed amount and the insurer starts covering your medical expenses only when it surpasses the deductible limit.

Compare coverages and premium rates.

The premium of your health insurance policy will vary depending upon the benefits that you choose. A higher coverage will lead to increased premium cost. However, the policies might differ from one insurance provider to another. Therefore, it is advisable to research thoroughly and opt for medical insurance that best suits your needs.

Network hospitals

Insurance companies have tie-ups with certain hospitals. These hospitals are called network hospitals and the insured can avail cashless treatment at these hospitals during a medical emergency. Ensure that the insurance provider you opt for has a wide range of network hospitals.

Now that you are well aware of the importance of a health insurance policy and the factors to consider while purchasing it, make sure you purchase a policy that best suits your needs.

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