The employment situation in India is very grim. As per the last survey done by the National Sample Survey Office (NSSO) in 2011-12, it was revealed that out of a total of approximately 48 crores working population of the country; almost 25 crores were employed in the industry and services sector. Also, out of the total workforce, 82.7% are in the unorganized sector. The unorganized sector is known for not giving adequate employee benefits, so if you are working in that sector, the chances of you being covered under a healthcare plan are very low! Even if you are provided with health coverage by your employer, is it enough for you and your family?
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Factors of health insurance for salaried Person
We look at various factors as to why a health insurance plan is an absolute must for you if you are salaried:
1. Rising Costs of Medical Care
Against the regular inflation in the economy of 5-6%, medical inflation is racing ahead at a pace of 12-15% per annum. The cost of medical care is rising by the day, and the government-sponsored medical infrastructure is crumbling with the rising population. Hence, there is a need for private medical care where getting treatment is beyond the means of an average citizen.
There is no doubt that more progress is being made in the field of medicine than we humans, It’s been 70 years, Since freedom, India did not even have a proper hospital in the country, and in today’s time, the whole of India is full of private hospitals. In today’s time, a person is hesitating to go to the hospital and get treatment even though he is sick, the reason is clear that private doctor’s fees are more expensive than necessary and not everyone can afford it and the not only treatment is expensive, medicines also are expensive.
In such a situation, the common man is left with the help of a government hospital and even today when we talk about government hospitals in India, healthcare is a matter of think. Year after year, we get one complaint or the other, where there is some lapse in health services. Well, since then, things have become a little bit easier for those people who take health insurance policies seriously.
2. Limited Growth in Salaries
The average increase in salaries in the organized sector is to the tune of 8-10%, which after adjusting for inflation and other economic factors comes down to a mere 4-5%. Here we are not even talking about the unorganized sector, which doesn’t follow any norms about salary increases. With such a gloomy scenario about salaries, how can you manage health care costs for you and your family without health insurance plans for a family?
There is no doubt that after a while a person looks towards a change, there can be many reasons for this, but an increase in salary is one of those reasons. Whichever company we are associated with, we consider that company as our own and work hard for its growth, but as the company grows with time, the employees working on yes should also increase and salary no. Because of growing up, people start thinking about change.
3. Financial Setbacks due to Medical Emergencies
Health is unpredictable, hence health cover is very important no matter how careful one is. Any medical emergency in the family can lead to enormous financial liabilities that an individual with limited means of earnings can find extremely challenging to take care of. Many Indian families are known to be pushed into poverty simply because they are unable to arrange sufficient funds for the medical treatment of their loved ones. They resort to borrowing, selling assets, and moving cities, resulting in financial hardships. Health policies can take care of such contingencies in a major way.
It is common to get sick with the changing weather and perhaps this is the reason why our parents keep alerting us every time, well there is another reason to be alert that a small mistake becomes big negligence and in such a situation when the treatment If you reach a private hospital without staying at home, it becomes very difficult. In this expensive world, a person has to spend a lot of money for the right treatment and it is not under everyone’s control. Health cover is a basic need of people nowadays.
4. Employer’s Coverage Not Enough
It’s a lazy thought to rely on employer-provided health coverage. It has various limitations like:
- Has a limited health cover that might be insufficient for the needs of your family
- Many employers either don’t cover aging parents or provide a limited cover
- Group insurance policies are set to become costlier in coming years due to rising costs and might also stop paying out discounts
- There is no health cover post-retirement and buying a new health plan at that stage is a very complicated and expensive affair
5. Individual Plan is a Must
Without customized health insurance plans for families, it is not possible to take care of all sorts of health expenses that you may witness. This includes taking care of the wife’s pregnancy, aging parent’s health, and other unforeseen medical needs of the family. A separate plan, different from what your employer has provided for, will ensure you are covered for emergencies and have sufficient finances to pay hospital bills and yet avoid coming under severe debt.
The way we have spent our last few years, one thing is certain nothing is certain and in such a situation health policy has become a basic necessity. It is necessary for every person to have personal health insurance and health insurance benefits you in many different ways. Health insurance can be a support for you in your bad times.
The salaried class is the most vulnerable class that gets affected by every minor or major change in the economy and health expenses can turn life completely upside down! It is better safe than to be sorry. Therefore, it is important to invest in either individual health plans or family health policies to safeguard your near and dear ones against any medical calamity.