Here's A Back-up Plan If You Can't Get Health Insurance PolicyAccident & Health InsuranceUpdated on Sep 3, 2018 View more like this | Visit India, UN | Contact sidharth kapoor |
Over the past few decades, the world has witnessed a steady escalation in the number of new diseases. With ailments developing because of unhealthy lifestyle choices, there has been a collective awakening regarding the need and importance of health insurance plans.
While obtaining a health insurance policy seems like a straightforward task, many applications are often rejected due to the applicant’s medical history. Often cancer survivors, organ donors and individuals with a cardiac history get turned down, simply because their perceived risk is too high.
These individuals are left to figure out their next step when they can’t get health insurance. Given below are a few ways you can ensure your medical security is covered:
1. Create a medical reserve
When regular medical check-ups and tests can create a hole in your pocket, tackling the cost of serious illness can be eye-watering. Creating a medical reserve early can help you offset the lack of a health insurance policy. While these may not cover the entire expenditure, they can provide a safe financial cushion.
When creating the budget of this reserve, ensure you take inflation into account. Set aside a percentage of your monthly income which will go towards your medical corpus. Since the purpose of this fund is to provide financial aid in case of unforeseen medical expenses, take care to ensure this pool is liquid and your funds can be withdrawn at a short notice.
2. Take shelter under group covers
Many organizations offer health insurance policies to employees and their families. If your company offers such plans, your best bet would be to sign up for it. Here, your pre-existing medical conditions would be covered. As individuals with pre-existing medical conditions, this helps create a cover from hefty medical bills.
3. Invest in instruments for building a corpus for medical needs
While the safest option would be to buy a health insurance plan early on, in several cases, as mentioned above, a cover may be denied. Hence, it’s crucial to invest in various financial instruments such as fixed deposits and ultra short-term funds to build a corpus for medical needs. Note that these instruments can be easily liquidated and provide you with funds when required.
4. Opt for a personal accident insurance
Apart from diseases, serious injuries from accidents can also leave permanent or temporary disabilities. Often, the ongoing treatment of such injuries can prove too expensive. While avoiding the risk for you and your families is not possible, purchasing a personal accident insurance can prevent you from burning a hole in your pocket by providing financial assistance in the form of a lump sum payout.
Getting an early start to health insurance policies is a wise move, both in terms of low premium and better policies. You can compare health insurance policies on various aggregator websites to find the one that fits your needs.
Read Also:8 Factors To Consider Before You Buy a Health Insurance Policy!
Apart from health insurance policies, find easy financing with Bajaj Finserv’s pre-approved offers for personal loan, home loan and other financial services. Fill in a few basic details to find your own pre-approved offer.
While obtaining a health insurance policy seems like a straightforward task, many applications are often rejected due to the applicant’s medical history. Often cancer survivors, organ donors and individuals with a cardiac history get turned down, simply because their perceived risk is too high.
These individuals are left to figure out their next step when they can’t get health insurance. Given below are a few ways you can ensure your medical security is covered:
1. Create a medical reserve
When regular medical check-ups and tests can create a hole in your pocket, tackling the cost of serious illness can be eye-watering. Creating a medical reserve early can help you offset the lack of a health insurance policy. While these may not cover the entire expenditure, they can provide a safe financial cushion.
When creating the budget of this reserve, ensure you take inflation into account. Set aside a percentage of your monthly income which will go towards your medical corpus. Since the purpose of this fund is to provide financial aid in case of unforeseen medical expenses, take care to ensure this pool is liquid and your funds can be withdrawn at a short notice.
2. Take shelter under group covers
Many organizations offer health insurance policies to employees and their families. If your company offers such plans, your best bet would be to sign up for it. Here, your pre-existing medical conditions would be covered. As individuals with pre-existing medical conditions, this helps create a cover from hefty medical bills.
3. Invest in instruments for building a corpus for medical needs
While the safest option would be to buy a health insurance plan early on, in several cases, as mentioned above, a cover may be denied. Hence, it’s crucial to invest in various financial instruments such as fixed deposits and ultra short-term funds to build a corpus for medical needs. Note that these instruments can be easily liquidated and provide you with funds when required.
4. Opt for a personal accident insurance
Apart from diseases, serious injuries from accidents can also leave permanent or temporary disabilities. Often, the ongoing treatment of such injuries can prove too expensive. While avoiding the risk for you and your families is not possible, purchasing a personal accident insurance can prevent you from burning a hole in your pocket by providing financial assistance in the form of a lump sum payout.
Getting an early start to health insurance policies is a wise move, both in terms of low premium and better policies. You can compare health insurance policies on various aggregator websites to find the one that fits your needs.
Read Also:8 Factors To Consider Before You Buy a Health Insurance Policy!
Apart from health insurance policies, find easy financing with Bajaj Finserv’s pre-approved offers for personal loan, home loan and other financial services. Fill in a few basic details to find your own pre-approved offer.
