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Why Should the Salaried Look at Health Cover?


Mr. KB Bali, an accountant with a leading software firm, earned a six figure salary each month. Sedentary lifestyle due to long working hours, incorrect sitting posture and unhealthy eating habits took a toll on his health. He started experiencing pain in his chest and after investigation was diagnosed with Coronary Artery Disease.

Doctors suggested an immediate surgery and complete bed rest for 6 months! To make matters worse, Mr Bali being the sole bread winner of his family was responsible for four dependents. Despite the six figure salary, he had negligible savings on account of several EMIs ranging to property to previous educational loans. After all, only if he invested now would his wealth grow and serious illness was never really a situation he had ever imagined himself to be in.

Adding salt to his wounds was the fact that his organization was not in a position to grant him paid leave for such a long duration. Paying his 6 figure salary for half a year was out of the question. He was in a fix; he not only had to manage his massive medical bill but also his EMIs along with daily expenses with no additional help.

His company did offer medical insurance but the sum was nowhere close to what his surgery would cost. He had to eventually depend on borrowing to sustain his treatment cost and personal expenses. Further, once he crossed his loan limit he would perhaps be forced for a distress sale of his property at a huge loss.

Mr. Bali’s predicament is just one of the few instances today that working professionals are facing due to low awareness of insurance. Exhausting funds from their savings for medical expenses is therefore inevitable. Hospitalization can bring forth unanticipated expenses for a salaried person. Proper financial planning is fundamental for any working professional to lead a successful and uninterrupted lifestyle.

Across the globe there has been a steady increase in healthcare challenges and the major problem is the rise in healthcare costs. There is an urgent need to safeguard against these unexpected costs with proper insurance plans. There are several combinations of medical insurance plans; including a mix of critical illness policy and health insurance.

Low insurance is no insurance
Most working employees are covered by insurance of the company they work for. However more often than not this insurance sum is in cases of critical illness is inadequate to cover basic treatment expenses. Having a separate personal health insurance is therefore mandatory in case of serious ailments.

Beyond Medical Expenses
It is not a well-known fact that Health insurance need not cover just medical expenses alone. The insurance market today offers Critical Illness insurance products that can provide relief by providing lump sum compensation to help meet not just treatment costs but also - day to day expenses like children's school fees, car and house EMIs, credit card payments etc.

If we assume that the monthly expenses of a professional would be around INR 1,00,000 and a critical illness would take 6 months to fully recover, then a sum of INR 500,000 cover gives a substantial payment on discovery of the illness.

Reliable but inexpensive & Affordable
These days, health insurance can be purchased at an affordable premium. For instance, the half yearly premium for a health insurance cover of up to INR 500,000 for a family of four members will not cross INR 10,000 for. That is about just a meagre Rs 60 per day but it is the same amount that can also help buy a minimum health insurance cover!

Safety and precaution are becoming indispensable part of lives with increase in diseases and risks. It is essential to have health insurance and customize the same according to needs and requirements.

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