| 2- Need of Health Insurance Policy |
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Health insurance
means risk coverage to provide financial shelter in the event of Medical
treatment incurred out of a sickness or injury.
According to Money Digest February 2003.
1 in 3 Person
Will develop some life threatening cancer.
1 in 4 Person
Will contact heart disease before they retire.
1 in 20 Person
Risk the chance of having stroke before the age of seventy |
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| According to World Bank Report |
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- Some relevant studies reveal :
- 85 % of the working population in India DO NOT have Rs. 5,00,000 as instant cash.
- 14 % have Rs. 5,00,000 instantly BUT will subsequently will face a financial crunch
- Only 1% can afford to spend Rs. 5,00,000 instantly and easily.
- 99 % of Indians will face financial crunch in case of any critical illness. Hence the need
for Health Insurance.
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| Let us look at what it costs in a good/ reputed hospital for treatment of |
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| Angioplasty |
Rs. 1,20,000 to Rs. 3,00,000 |
| Open heart surgery |
Rs. 2,50,000 to Rs. 4,50,000 |
| Liver Transplant |
Rs. 30,00,000 |
| Kidney Transplant |
Rs. 18,00,000 to Rs. 30,00,000 |
| Hernia surgery |
Rs. 30,000 to Rs. 60,000 |
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| Cancer-Chemotherapy - Rs. 10,000 to Rs. 30,000 per visit and number of visits may be 4 to 28, which means that cost can be as high as Rs. 8,40,000. It is realized that only Health insurance policy taken by a person can take care of hospitalization costs of this magnitude. This cost is over and above surgery, which may be required. |
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| Who does not need Health insurance: |
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- A person who is covered by his
employer or is governed under some corporate rules for
payment/reimbursement of Hospitalization costs need not go in for Health
Insurance.
- A person who has no financial liquidity
issue and who can make immediate payment of hospital bills of the order of
Rs. 1,00,000 or 2,00,000 or even Rs. 5,00,000 need not go in for
health insurance. In this case he is indirectly doing self-insurance which
in simple terms means that he will be making the payment himself as and
when the need arises.
- It means that all others should go in for
Health insurance so that, as and when they need hospitalization Health
Insurance will take care of the same.
- It means that by
buying this Insurance one is buying peace of mind for the day, when one
may need hospitalization
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