Question

Mr. Y said, “Everyone should buy medical insurance for the whole family. Especially for new born babies, you will only need to pay premium for the first 18 years, after that, you don’t have to pay anymore, and the protection will continue for the rest of your children’s lives. So, these plans provide good protection for your children. At the same time, these plans are cheap and they save you a lot of money.”

Comment on Mr. Y statement.                                                                                                                                         

Answer 1

Mr y's statement is contradicting in many aspects but medical insurance always doesn't have an upper hand for everyone especially in the poor economy. however, Higher healthcare costs, as well as the obvious need for adequate healthcare today, make health insurance a must. The strain it can put on the well-being of a family is undeniable when it comes to critical illnesses, leaving people to turn to their life savings for help. However, because of inflation, this does not determine a concrete solution, meaning savings are rarely sufficient to meet such expenses in health care. The male head or the bread earner of the family is usually the only earning member with about 3-4 dependents in a typical Indian average household. Often the rest of the family remains in dire straits if the primary breadwinner's ability to work is compromised due to a major illness. health insurance is important as lifestyle-related diseases are common these days. Healthcare is becoming more and more expensive It is difficult for a family to quickly arrange for huge amounts of money needed for treatment.

The cost is one of the main drawbacks of having health insurance. Even for those with a health insurance plan through their employers, health insurance can be very expensive. Costs can be so high that a lot of people end up struggling to pay. For those with low incomes or self-employed, this can be quite challenging. Family healthcare coverage can result in an additional financial burden.

Another drawback would involve people with pre-existing diseases. They have to undergo a typical four-year waiting period. Insurers typically require that you have to wait four years to cover any pre-existing disease. For older people with pre-existing medical conditions, this becomes a major obstacle. This is especially so because pre-existing diseases in the recent past do not only include diseases for which you may have received treatment. It includes diseases in the 48 months before the first premium payment for which there were signs or symptoms. it might be difficult for such parents or families to buy medical insurance for their newborns.