India is being projected as the next hub for medical tourism considering the advancement in technology, development of expertise and low costs. Many foreign nationals are coming to India for treatment. However, does this spell out anything significant for the local population? While medical facilities in terms of expertise and infrastructure are improving, the common man feels the heat on account of the manifold rise in the costs of medical treatment.
Medical advancements have helped increase the average life span of an individual but this extended life is still subject to disease contingencies, especially lifestyle ailments such as diabetes, hypertension and cardiovascular problems. Thus, people are paying more for maintaining their health than they used to. Also, the concept of a nuclear family is on the rise, replacing the earlier joint family concept. This has resulted in a lack of the much-needed family support for individuals in their quest for a healthy life, especially in critical times.
If, in the meanwhile, some major illness confronts an individual, he will have to forfeit a large amount of his hard earned savings as there is no concept of social security in India. The ever-rising medical costs can burn a hole in his pocket in case of a medical emergency.
Here comes the concept of health insurance. Health insurance covers you and your family against unforeseen and sudden hospitalisation expenses. A medical emergency can arise due to sudden illness or injury. With the cost of medical treatment rising, a health insurance policy would help you sail through a bad patch. Your medical expenses will be taken care of by the insurance company, provided you pay your premiums on time. The premium, in turn, is influenced by your age and the cover that you require. » Read more: Insure Your Health and Pocket