Why Should You Not Delay Paying Your Health Insurance Premium?

In India, the need for healthcare cover is an absolute must due to numerous reasons. In most cases, it is difficult and unrealistic for a good number of people to deal with health-related issues using personal savings, especially when faced with exorbitant medical costs. Health Insurance Premium

We are now living in an age of overwhelming financial pressure, with the need for comprehensive health insurance plans being an absolute necessity rather than simply an option. 

The truth is, no matter where you may be living around the world, using personal funds in paying for in-patient or out-patient treatment and prescription medication is not a sustainable option for most people.

But taking up a medical cover is just the first step towards ensuring that the health needs of you and your family are covered. Just as critical as having an insurance plan is your need to keep your medical cover active by paying your health insurance premium whenever it is due.

This post will find out why you should not delay paying your health insurance premium.

Medical Treatment with Personal Funds Is Not Sustainable

If your health insurance cover lapses due to non-payment of premium, you could end up paying for yourself and your family’s healthcare needs using personal funds. However, with health insurance, part of your medical expenses will be covered by the policy. 

In India, in-patient healthcare can be expensive, and it is not uncommon for patients to pay in excess of Rs 1 lakh in hospitalisation expenses. A typical emergency surgical procedure in India can cost anywhere from Rs 3 to 6 lakh, depending on the surgery and hospital where the procedure will take place. 

However, regardless of the surgical emergency, Rs 3 lakh is an amount that most Indians cannot afford. It is where an insurance cover comes in handy. Buying family health insurance will protect you and your family members from the financial burden of emergency healthcare. 

Health Insurance Plans Cover Out-Patient Medical Expenses   

There was a time when medical covers primarily covered only in-patient hospitalisation costs. However, most health insurance companies offer a variety of hybrid healthcare plans these days. 

Outpatients can also take advantage of their health policy in offsetting medical expenses. But this claim can only be claimed when health insurance premium payments are up-to-date.

It is very useful in dealing with minor incidents or accidents that would have required out-of-pocket medical payments. Health insurance firms can help take care of the costs incurred during treatment, including prescription drugs. 

Even if you have to visit a clinic for a minor accident, you still have to pay for healthcare service delivery. If you are current with your health policy premium payments, your insurance company can cover the outpatient treatment costs. 

Emergency Medical-Healthcare Needs Do not Give Warnings     

One reason why you should invest in family health insurance and pay your premium timely is that more often than not, you do not get any warning for an emergency medical need. 

Even though you visit your family doctor for a regular medical checkup, you still have to anticipate that at any point in time you could be faced with a medical emergency even if your physician had previously given you a clean bill of health. 

If you or any member of your family comes across a medical emergency, it helps to be current with your health insurance premium payments. The policy will ensure that you or your family member receives professional, emergency healthcare without worrying too much about the cost implication. 

Delayed Premium Payments can lead to Limited Family Healthcare Benefits   

By paying your health insurance premium on time, you will be able to avail yourself of the full benefits of the health insurance cover. One of such benefits could be you get full cover for the healthcare policy for you and your family members.

A delay in premium payment could lead to a partial cover where only you get benefits from the policy in the case of an emergency. It could leave you in a tight spot if your spouse or children need urgent medical care. A delay in paying a family insurance premium could force you to cater entirely to their health needs from your scarce personal funds.

In Conclusion

It is important to ensure that you do not delay paying your family health insurance premiums in subscribing to health insurance . Many hospitals are fast adopting a cashless in-patient and out-patient treatment policy. 

It means that many hospitals will refuse to accept cash payments for medical care. These hospitals partner with health insurance firms, so paying your premium regularly and on time will ensure that you get the best healthcare possible without spending a rupee during the treatment process. It is also convenient, saves time and gives you the much-needed peace of mind during a troubling time.

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