Why we need to buy health insurance, when I am already covered by group health insurance by my employer?
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Why we need to buy health insurance, when I am already covered by group health insurance by my employer?
There are two questions in it -
1- Why we need to buy health insurance?
As per World Bank Report - 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.
2- I am already covered by group heallth insurance by my employer?
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.
But there is one catch here till age 60 (Retirement age), It is easy to get health insurance but if you are old and have some preexisting disease than it would not be easy to get Health Insurance at normal rate. All those diseases are not covered in the policy.
2nd - Group Health Insurance policy sum Insured is generally fixed to 2-3 lacs. Now see what is the current costs in a good/ reputed hospital for treatment of
- Angioplasty Rs. 2,00,000 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
Hope its clear now. Its your call to take
When I discuss with people, they say they would go to Sarkari Hospital, Now as per one survey - Free public hospitals are not an option as two out of five doctors are absent, and there is a 50% chance of receiving the wrong treatment.
Now with health insurance - With ‘smart card’. A patient can choose from almost 1,000 private or government hospitals. The poor have a choice to exit a bad hospital, something that only the rich can do today. Competition between hospitals will improve the quality of healthcare and new hospitals will come up because there is now money in catering to the poor.
Health Insurance is must if you are poor, can avoid if you are Rich.
[JUSTIFY]Everyone needs health insurance. It will help you and those mentioned in your health policy in the time of a medical emergency. Buying adequate health insurance cover in the time of increasing health care costs can save you from financial difficulties that can arise in the event of a major illness or hospitalisation./JUSTIFY]Quote:
Originally Posted by rohit singhal