Health insurance is insurance against the risk of incurring medical expenses among individuals. By estimating the overall risk of health care and health system expenses, among a targeted group, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to ensure that money is available to pay for the health care benefits specified in the insurance agreement.
You deserve it!! Congratulations on your promotion!!
Getting that new job or a promotion is a thing of happiness for all of us. Our merit is noticed, career grows and more importantly, the pay package increases. If this is not the reason which calls for celebrations, what is? A job change or a job promotion and a salary raise bring us such joy and we do not think twice about indulging ourselves.
Some buy that coveted trendy phone, some throw a party for their friends and family, and some take that much-needed vacation while others enhance their savings and invest. Well, whatever be your choice of celebration, we often forget the one thing which also requires upgradation.
You all must be wondering what upgradation I am talking about which is so essential. It is health insurance. Yes, something which always takes a back-seat when we celebrate our job change or promotion.
A health insurance plan is very important for us. It protects our finances from the shock of huge financial bills incurred whenever any medical emergency strikes. Think of it, you face an accident and are hospitalized and your treatment raises a bill of Rs.3 lakhs! How do you think you would shoulder such costs if you do not have a health insurance plan or have a plan with low coverage level?
A decent coverage amount and an all-round coverage are very essential when it comes to health insurance and ensuring these two objectives is the only solution towards a better future. To fulfill these objectives, one need finances and a job change or a promotion provides the perfect opportunity to meet these objectives. But alas! We always ignore the opportunity, don’t we?
To make sure that you don’t fall into this trap of ignorance, you should upgrade your health insurance policy whenever your pay package increases. Why? Because –
Medical treatments are expensive – Yes, inflation is shooting up the prices of everything and medicine is no different. New treatments and processes are becoming costlier by the day and so is the cost of drugs. Thus, you need a sufficient level of cover to meet such high expenses.
Diseases are becoming rampant – Even Critical illnesses are becoming very common among individuals and more and more people are falling prey to one disease or another which inevitably requires medical attention. Since treatments are expensive, the rising incidence of ailments spells trouble.
So, upgradation of your health plan is necessary and when your finances are supplemented, you should not shy away or procrastinate upgrading your health insurance plan. So what you should do? Here are a few pointers to help you:
Buy a plan – Ok, this is for those who have put off buying a health insurance plan for a later date. But what is your excuse for further procrastination? Your pocket can now afford a health insurance plan and you should invest in one immediately!
Supplement your coverage – For others who were wise enough to insure themselves under a health insurance plan, a job change should motivate you to increase the extent of coverage you have. As mentioned earlier, inflation is a killer and having an optimal level is essential in this age and also for future.
The ideal way to supplement the coverage level would be to invest in a top-up or a super top-up plan. These plans come cheap and are essentially meant for increasing the coverage at a low premium. So buy one today and secure your finances from the huge bills.
Invest in specialized plans– For those of you who have a health insurance plan with an optimal coverage, the next step you can take for an all-round protection is buying specialized plans. Critical Illness Plans, Hospital Daily Cash Plans, etc. are some of the specialized plans for your consideration. These plans provide a fixed benefit and come in handy in times of emergencies when your health plan might fall short.
A job change brings a lot of expectations from the family front, especially in terms of financial security. Upgradation of your health insurance plan is a very necessary step towards that security.
Those flashy gadgets, foreign trips and party for your friends would not protect your finances when a medical emergency strikes, a health insurance plan will. So what are you still waiting for, your salary has been upgraded, why shouldn’t your health insurance plan be too?