Health insurance has become a necessity in today’s global health scenario. Be it group health insurance or maternity health insurance; every segment has got its own importance. Health insurance allows an individual or organisation to cover the rapidly increasing medical costs and combat the deadly diseases that are getting evolved at a fast pace. In this blog, we will explore as what are the reasons which make health insurance mandatory. Also, it will assess group and maternity health insurance plans along with their benefits.
Reasons to buy a health insurance plan
· Combatting lifestyle diseases
Lifestyle diseases are at their peak, especially among those who are under 45 of age. The new generation now inherits the common diseases which were prevalent in older generations. Diseases such as diabetes, hypertension, cardiac problem, and respiratory issues are common among youngsters these days. Stress, pollution, bad habits, etc., adds to the risk of getting affected by these lifestyle diseases.
Though we all try to be cautious and safeguard ourselves against these diseases, you never know when situations can become challenging and turn everything upside down. Financially it cripples if you are not prepared to combat it smartly. Having a health plan covering all kinds of general medical tests can help diagnose the illness timely and at an early stage. Above all, it also takes care of all your medical expenses, setting you free from all the tensions.
· Dealing with medical inflation and new diseases
The cost of treatment rises with advancements in medical technology. One should also understand that the medical expenses are not limited to hospitals, but there are many other additional expenses also. Combatting additional medical expenses, such as ambulance charges, medicines, room rents, etc., are also increasing continuously with time passing by.
Apart from this, the pandemic like COVID-19 also attracts more significant medical expenses. Hence, one should be well prepared to fight such a situation both mentally and financially. Financial security can be achieved by paying an affordable health insurance plan premium. A good health insurance plan can help you beat the burden of medical inflation.
What is a Group Health Insurance plan?
Group Health Insurance is a compensation benefit that an employer provides to an employee. The only twist is that this policy only pays you and your family members medical expenses during the tenure you work in the company. Almost all the features of the group insurance plan are similar to the personal health plan. In fact, you will get few more added advantages in the group plan, such as:
- Employees are not required to pay the premium
- It covers the employee and their family
- No waiting periods
- Medical check-ups are not required during enrolment
- Pre-existing illnesses are covered
Disadvantages of Group Health Insurance
- Not all organisations offer Group Health Insurance, which means if you are not working in such an organisation, you are at higher financial stress to meet your medical expenses.
- Insurance coverage is at the discretion of the organisation. The organisation can reduce your coverage by paying less premium if it is going through any financial crisis. They may even exclude your family members from the coverage to reduce the premium of the insurance plan. This type of action will put you in deep trouble when you need financial help in a medical emergency.
- There will be no coverage and benefits after retirement. This will put not only you but also your family members’ medical expenses at stake.
Does Health Insurance Plan Cover Maternity?
You need not buy Maternity Health Insurance separately as nowadays many Health Insurance Policy plans also cover it by default with a little higher premium. This is also applicable in some of the Group Health Insurance policies too. It is just that you need to be vigilant while buying a health policy for you and your family and see whether the same includes Maternity Insurance or not.
Wrap up
This blog must have given you a fair idea about the health insurance plans, such as Group Health Insurance and Maternity Health Insurance. One should not refrain from having the best health plan which suits his requirement and pocket. A good health insurance policy will prove a boon to all your medical financial requirements at the time of emergency.