Taking a health insurance cover can protect your wealth4 min read . Updated: 26 Dec 2018, 12:27 PM IST
Considering high medical inflation, a large health cover will help protect your wealth
Adversities hit you without a warning. Especially if they are to do with a catastrophic illness. Most people have that one family member who has been diagnosed with a dreaded illness and finds it challenging to manage financially. It is surprising then to hear that almost 44% (according to a report by Vidal Healthcare Services Pvt. Ltd) of India’s population is not covered by health insurance. Further the average insurance cover of ₹ 2 lakh is grossly inadequate to cover the expenses for any large illness. In such situations, people dip into their savings or take loans or sell assets to fund treatments. As per a report by EY, 70% of healthcare spending in 2016 was out of pocket and only 2% was through private insurance, the balance 28% being borne by the government.