Skip to main content

Why Health Insurance is Mandatory

 
Buy Health Insurance Policy Online



Let's face facts --- medical treatment is expensive! Not only are medical costs high, inflation is also rising. There is already huge financial pressure on citizens and a trip to the hospital is only going to make their financial problems worse. To save us from extra financial burden we should have health insurance. And just like car insurance, health insurance should be made mandatory by the government.


So let's examine the reasons why people must have health insurance.


The Benefits:

Financial security:

The most important reason for mandatory health insurance is to reduce the pinch in one's pocket should you or a loved one need to be hospitalised. When a person has health insurance, she doesn't have to worry about having enough cash for her treatment. The insurance policy will reimburse her and thus save her from financial turmoil. The cashless facility also gives an added benefit of not needing to gather funds during a medical emergency. The patient and doctors can concentrate on the treatment and not worry about money.


Good Healthcare:

Everyday new breakthroughs and advancements are made in science. The latest equipment makes medical procedures more reliable and safer. Investing in new technology costs the hospital money and it can increase rates. If one has health insurance, you would be protected from these rising costs and can afford the necessary treatment. Therefore, health insurance gives you access to the best healthcare available at any given time.


But before the government makes such a rule, there are many hurdles to cross. Let's take a look at some of them.


Existing Problems:

Poor infrastructure:

For people in villages, the first and biggest burden in a medical emergency is reaching good hospitals in time. If there aren't even roads to take you to a hospital, no amount of health insurance can save you.


Unaffordable Premiums:

With shrinking wages and rising inflation most people cannot afford to buy health insurance. Not just that, once you have made a claim or are diagnosed with some illness your premiums increase. The increasing cost of premiums is only going to add to your financial woes.


Insurance coverage:

With exclusions and restrictions to what illnesses are covered in your health plan, one needs to be extremely careful about what insurance they are getting. You may have health insurance, but it may not cover you for any pre-existing illness and treatments that you may require.


Conclusion:

If the government makes health insurance mandatory, it should be made affordable for everyone. The government should also provide schemes for people who cannot afford insurance. To share the costs in such an enterprise, employers could be given incentives to insure their employees. Insurance companies and hospitals should work together on cutting costs and providing universal healthcare. There should be minimum basic coverage, regardless of any pre-existing conditions so that every citizen is covered. If every person is insured, regardless of their financial condition, they will be given the proper medical treatment they deserve. Health insurance will protect a person from additional financial burden. Health insurance should be mandatory so that the common man can avail medical treatment at good facilities.

 



------------------------------------------
Invest Rs 1,50,000 and Save Tax upto Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds

Top 4 Tax Saver Mutual Funds for 2017

Best 4 ELSS Mutual Funds to invest in India for 2017

1. DSP BlackRock Tax Saver Fund

2. Invesco India Tax Plan

3. Tata India Tax Savings Fund

4. BNP Paribas Long Term Equity Fund



Invest in Best Performing 2017 Tax Saver Mutual Funds Online

Invest Best Tax Saver Mutual Funds Online

Download Top Tax Saver Mutual Funds Application Forms


For further information contact Prajna Capital on 94 8300 8300

--------------------------------------------

Leave your comment with mail ID and we will answer them

OR

You can write to us at

PrajnaCapital [at] Gmail [dot] Com

OR

Call us on 94 8300 8300

---------------------------------------------

 

Popular posts from this blog

Rs 14,000 Crore worth of tax free bonds coming soon from NHAI , PFC

  NHAI, PFC file prospectuses, coupon rate not yet decided MORE debt investment options have opened up for investors with AAA rated tax-free bonds worth over Rs 14,000 crore lined up. The National Highway Authority of India ( NHAI ) and Power Finance Corporation ( PFC ) are offering Rs 10,000 crore and Rs 4,033.13 crore worth of tax-free bonds, respectively, as per prospectuses filed with the Securities and Exchange Board of India (Sebi). Of a Rs 5,000 crore issue by PFC, Rs 966.87 crore has already been raised through private placement on September 28 and November 1. Tax-free bonds give investors tax-free return on any amount invested. In another kind of bonds, the long-term infrastructure bonds, investments up to Rs 20,000 are tax exempt, that is this cap amount can be deducted from the taxable income. Accordingly, the NHAI prospectus has clarified that only the amount of interest from -and not the actual investment on -its new bonds will be tax-free. "NHAI's publ...

Change in Fund Manager for some of HSBC Mutual Fund Schemes

Buy Gold Mutual Funds Invest Mutual Funds Online Download Mutual Fund Application Forms Call 0 94 8300 8300 (India) However, this facility is only available to Unit holders who have been assigned a folio number by the AMC.   HSBC Mutual Fund has announced that the below mentioned schemes shall be managed by the new fund managers as stated in the table. The effective date will be July 02, 2012.   Amaresh Mishra 's will be Vice President and Assistant Fund Manager. Having done a Post graduate diploma in Business Management and Bachelor of Chemical Engineering, he has over seven years of experience in Equities and Sales.   Mr. Piyush Harlalka's designation shall be Vice President- Fixed Income. Qualified as a C.A., C.S. and holding M.B.A.( Finance degree), he has over six years of experience in Fund management and ...

How EEE and EET Tax affect Retirement Investments

  An important factor while choosing a financial product is its taxation , and for retirement savings, this is even more important as the sums involved are usually life-long savings. Here's a look at the current tax treatment of three major long-term retirement planning products, which are - Employees' Provident Fund (EPF), Public Provident Fund (PPF) and National Pension System (NPS). EPF The tax treatment is EEE, which means your money is exempt from taxes at the time of investment, accumulation and withdrawal. At the time of investment, the tax deduction is under the limit of section 80C of the Income-tax Act , which is currently Rs 1.5 lakh. Partial withdrawals are also tax-free if made after 5 years of continuous service. If withdrawals are made before 5 years of service, 10% tax will be deducted at source. Exceptions have also been provided for transfer of amount and conditions wherein the subscriber is unemployed for more than 2 months or the loss of job was beyond th...

Personal Finance: You can insure your wedding

But luck may not always be on your side. With the frequency of such attacks, as also other risks and unforeseen accidents growing, a wedding insurance is something you may want to look at if a marriage is being planned in the family. Event insurance plans like this is still in its nascent stages due to low awareness. And given the sacred nature of the ritual, nobody wants to discuss or think negative. But as wedding spends and risks grow, it makes sense to cover the potential monetary loss. The policy in those countries even covers the loss of the wedding ring, the wedding gown not reaching on time and even the expenses/loss due to late or non-appearance of the photographer which may mean staging the event once again for the photograph. In India, most insurance companies — including ICICI Lombard General Insurance, Oriental Insurance, Bajaj Allianz and National Insurance — offer wedding insurance. The policy is tailor made to individual requirements and needs. The sum insur...

DSP BlackRock MidCap Fund

Best SIP Funds Online   HOW HAS DSP BlackRock Small & Mid Cap Fund PERFORMED? With a 10-year return of 14.61%, the fund has outperformed both the category average (12.34%) and the benchmark (10%) by a good margin. Should you invest in DSP BlackRock Small & Mid Cap Fund? This fund invests predominantly in mid-cap stocks but takes a sizeable exposure in small-caps as well. The focus is on nascent companies with high growth potential. The fund manager places emphasis on quality and avoids inferior businesses even if these look tempting from a valuation perspective. Over the past year, the fund portfolio has grown, having added to some of the underperforming sectors like chemicals and healthcare. Its portfolio churn has come down significantly. The heavily diversified portfolio is run completely agnostic of its benchmark index— most bets are from outside the index—which can at times lead to bouts of underperformance as seen in the recent years....
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now