How does Investment in Health Insurance protect my Savings?

  | Published: 19 December 2020 | Last Updated On: 22 January 2021

Don’t gamble with your health, get the right cover at the right price.

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Health Insurance

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Buying health insurance for?
  • Self/Family
  • Domestic Workers
  • Investor

We have all heard the popular phrase “health is wealth” way too many times since our childhood. In the current age and day, leading a healthy life & staying fit has become an essential aspect of every person’s life. No matter what age, occupation, and gender, each individual is focused on improving personal health & maintaining a healthy lifestyle.

While each individual must be health-conscious, it is equally necessary to secure oneself with a health plan against any kind of medical emergencies. Therefore, buying health insurance in UAE is mandatory for each individual.

The health policy protects a person from any kind of financial loss, which may arise because of any medical emergencies. Other than offering coverage against the increasing prices of medical treatment, there are many other benefits that are offered by the health policy.

For catering to the needs of the insurance seekers, there are various kinds of health insurance policies offered by the insurance providers. Here in this article, we have listed a few reasons regarding how a Health Insurance plan helps in securing your savings during distress. 

1. The Facility of Cashless Mediclaim

In the event of an individual going under a treatment in the hospital, then it may get hard for his or her family members to arrange for an immediate amount for the payment of the hospital bills. For avoiding situations like these, a lot of health insurance providers provide the option of cashless mediclaim at the hospitals in the network.

Under such a facility, the person can get the best treatment without having much stress about your finances. For availing the cashless benefits at the hospitals in the network with the insurance provider, all one requires to do is fill-up the form for mediclaim. 

2. Offering coverage for the medical expenses

If there is a medical emergency in your family, the last thing an individual would want to think about is the price of medical treatment. Amongst the major perks of having medical insurance in the UAE is that it offers coverage against any unwanted medical cost, which occurs at the time of an emergency.

Therefore, with the correct health insurance plan, all the medical prices such as post-hospitalization charges, fees of the doctor, ambulance cost, and more are all covered.

For making sure that the policyholders get sufficient coverage against any kind of medical emergency, various insurance companies offer riders along with the basic plan for enhancing the coverage of the policy. These additional covers or riders are provided to cover the excluded medical situations such as maternity benefit, personal accident insurance, critical illness cover, and more. Since all these expenses are covered under the health insurance plan, a person does not have to worry about financial loss in the event of a medical emergency. 

3. Financial security from critical illnesses

Almost each medical insurance provider offers cover against critical diseases such as cancer, stroke, heart attack, kidney failure, and more. The coverage from critical diseases comes either inbuilt within the plan or is offered as an additional cover in the health plan. If the insured people get diagnosed with any of the critical diseases as stated in the document of the plan, the insurance provider will offer a lump sum amount to the insured individual so that he or she fulfill meet the cost of treatment and can deal with other financial liabilities.

The option of the correct plan with a sufficient coverage amount, thereby helping a person be ready for the worst situation. Instead of waiting around for the disease to happen, it is smart to be proactive & protect yourself and your family beforehand. Additionally, buying a plan at a young age not just provides an advantage of a lower amount of premium; however, also offers a good amount of comprehensive cover and therefore, helps in contributing more towards the long-term savings. 

4. Securing the long-run savings

Health insurance Policy acts in the form of a financial cushion and safeguards people from unwanted expenses, which might arise because of a medical emergency. If a person requires a lifesaving surgery or any other kind of medical treatment, then he or she doesn’t have to compromise on the savings for retirement or the education fund of their children. By buying the correct health insurance plan, you can get quality medical care for yourself and your family without putting stress on your pocket. 

5. NCB or No-Claim Bonus

An NCB refers to a special inducement that is given by the health insurance companies for each claim-free year. This benefit of NCB is provided to the policyholders in the form of the discount on premium in case the policyholders complete a year without making a claim for the medical costs. In case a person doesn’t file a claim for their consecutive policy term, then he or she can enjoy a maximum discount of 50% on the amount of premium.

Additionally, some of the insurance companies also provide a rise in the basic amount of insurance for each claim-free year. This does not just work in the favor of the policyholders but also assists them to increase their savings. 

Other ways in which a health insurance policy will help in protecting your savings

We all know that health insurance is an insurance, which is opted by the policyholders for covering the medical expenses during medical emergencies by making payment of a certain premium amount while purchasing the health policy. The following points will help you in knowing how health insurance plan protects your savings.

  • Reimbursement: In a medical insurance plan, you will get the reimbursement for post & pre-hospitalization up to the amount of sum assured. You will have to submit the medical bills within 30 to 60 days of hospitalization for receiving the claim. The process of claim-settlement is hassle-free and you do not have to pay huge medical bills out of your pocket.
  • Coverage for recurring costs: The critical diseases such as diabetes, stroke, kidney failure, and cancer need on-going medication, chemotherapies, and treatments. Your health insurance plan covers the recurring medical prices, which occur because of on-going treatments. With the cover for critical illness, you can make sure you get the most suitable treatment in the present & after retirement also. You do not have to spend any money on medical treatment.
  • Yearly health check-ups: The cost of annual health diagnosis and check-up prices are pretty high. Under your health insurance policy, all insured people yearly health check-ups.
  • A better life: The covers such as organ donation, daycare treatment, domiciliary hospitalization, and second opinion in a health insurance plan, helps you in protecting the savings to an amazing extent. You have the option of using these benefits and keeping the hard-earned money for the future of your children and peaceful retirement life. 

In a Nutshell!

At least one person in every family suffers from a critical disease. Unhealthy eating, no physical workout, stressful lifestyle, and pollution, etc cause critical diseases. Some of the people have the resources for affording the skyrocketing medical costs. However, for some, it could derail their lives.

Keeping the above-mentioned points in mind, as it becomes clear that health insurance helps you in protecting your savings. So, make sure that you buy a health insurance policy for yourself as well as your family.