Do you have a good health cover?

I took Health Insurance for granted because in the 15 years that I was covered by my previous employer, I don’t recall many instances of claiming benefits. So, I was really skeptical when one of my friends suggested that I should have a good Health Insurance plan even after I quit working.

I mean I was in good health, I had no particular vices to affect my health (surprisingly, the lack of shopping like a crazy lunatic did not really stress me out at all). So, I thought why I should waste money; especially when I was trying to live the frugal life. That was a corner I cut for keeping my expenditure within my set limits.

Until, I started spending more and more time visiting friends and family in hospitals. From dengue to malaria to TB of bones, brain, and worse, not conclusively any particular disease, my ears heard it all. Every time, you go in to the hospital, the diagnostic tests make your head spin and I almost fainted on hearing the astronomical medical bills. Even those with a decent sometimes comprehensive health cover had to shell out for all those exclusions which itself ran into a pretty good sum.

The shocker, many of these were my supposedly healthy buddies and relatives.

The same friend who had suggested to get a good Health Insurance cover told me a few home-truths

1.       We have started hearing incidences of stroke, heart attack, blood sugar, BP, cholesterol in people who are in their 30s if not the late 20s. Our lifestyle, work stress takes a toll earlier than the previous generations.

2.       The cost of medical expenditure is rising at a CAGR (compounded annual growth rate) of 15%; meaning that expenses will double almost every 5 years.

3.       The medical facilities and the technological advancements on a day to day basis ensures that the average life of every individual has increased significantly. Hence if you do not have a good medical cover, your medical expenses would put a severe dent on your savings / retirement kitty.

I may seem healthy and without much stress to me but who knows what is in store tomorrow? I don’t want to be one of those people who is penny-wise but pound foolish. I am on board and got myself a comprehensive health insurance cover… I am prepared.