Heart Protection and Health Insurance!
September 29 – World Heart Day
S.Sridharan, CEO & Principal Officer, www.walletwealth.co.in
Phone 99401 16967
SEBI
Registered Investment Advisor-INA000020998
“It's just a little pain in my chest. It must
be a gas problem...” said 45-year-old Ramesh to his wife before leaving for
work. But when the pain increased, he went to the hospital. Tests revealed a
blockage in his heart. The doctor said that treatment had to begin immediately
and that it would cost at least ₹3–4 lakh.
At that
moment, Ramesh remembered that an insurance agent had advised him several
months earlier to take health insurance for his family. He called the agent. That
was when he realised one important thing: health insurance is not something to buy after falling
ill; it is a financial protection that should be arranged before illness
strikes.
Ramesh and
his family were worried about how they would manage the treatment expenses.
Since taking a loan against jewellery and paying interest would be difficult,
they sold his wife's jewellery worth ₹3 lakh to arrange the money. His life was
saved.
The very
next week, the entire family took health insurance. If they had taken it
earlier, there would have been no need to sell the jewellery they had bought
with so much love and effort.
September
29 – World Heart Day
September 29
is observed as World
Heart Day. Major risk factors for heart disease and stroke
include high blood pressure, diabetes, tobacco use, an unhealthy diet and
physical inactivity.
How Much
Can Heart Treatment Cost?
Treatment
for heart disease is not limited to a single expense. There can be costs for
diagnostic tests, hospitalisation, medicines, surgery, procedures involving the
heart's blood vessels, intensive care and post-treatment care.
Therefore,
thinking, “I have savings, so I don't need health insurance,” can be risky. A
major medical expense occurring at one time can consume a significant portion
of the savings accumulated over many years.
A family may
even be forced to sell assets, jewellery or investments, or borrow money to
meet the treatment expenses.
What Does
Regular Health Insurance Cover?
When a
person is hospitalised for treatment, health insurance can cover eligible
medical expenses subject to the terms and conditions of the policy. Depending
on the plan, this may include hospitalisation expenses, surgery and medical
expenses incurred before and after hospitalisation for a specified period.
However, all
health insurance policies are not the same. Policyholders should carefully
examine factors such as room-rent limits, sub-limits for specific treatments,
co-payment, deductibles and waiting periods, as advised by the Insurance
Regulatory and Development Authority of India (IRDAI).
What If You
Already Have Heart Disease?
This is
where an important point comes in.
If a person
already has heart disease, a heart blockage, a history of a heart attack or has
undergone stent treatment, these details should be fully and honestly disclosed
while purchasing a new health insurance policy. Hiding such information can
create problems when making a future insurance claim.
There may be
a waiting period for pre-existing diseases. Under the current IRDAI framework,
the waiting period for pre-existing diseases depends on the policy, subject to
the applicable maximum limit.
Therefore, buying health insurance after
developing heart disease and having health insurance before heart disease
occurs are not the same thing.
Health
Insurance + Critical Illness Insurance
For
heart-related risks, some people may also consider taking a separate critical
illness insurance policy along with regular health insurance.
|
Type
of Insurance |
Main
Benefit |
|
Health Insurance |
Helps cover eligible expenses related to
hospitalisation and medical treatment. |
|
Critical Illness Insurance |
May provide a lump-sum amount when a specified critical
illness is diagnosed, subject to the policy conditions. |
|
Hospital Daily Cash Benefit |
May provide a predetermined amount for each day of
hospitalisation. |
|
Additional Health Insurance |
Helps increase the overall level of medical insurance
protection beyond the existing coverage. |
According to
IRDAI's explanation, critical illness insurance may provide a predetermined
lump-sum amount when a specified illness is diagnosed. This money may help not
only with medical expenses but also with direct and indirect financial burdens
such as loss of income.
However,
depending on the policy terms, the critical illness cover may cease after the
benefit is paid.
Whether
conditions such as a heart attack or heart surgery are covered under a critical
illness policy, and the exact definitions applicable to them, should be checked
carefully. Simply seeing the words “heart attack” in a policy is not enough;
the specific medical definition given in the policy is important.
பணத்தைப் பெருக்க... டாப் ஃபண்டா? சரியான ஃபண்டா? - சு. ஸ்ரீதரன், Wallet Wealth LLP
WhatsApp / Call: 99401 16967 மூலம் முன் பதிவு செய்து கொள்ளவும்.
முன் பதிவு செய்ய..
https://drive.google.com/
6 Important
Points About Your Heart and Health Insurance
1.
Consider taking health insurance at a younger age. Obtaining adequate
insurance may become more difficult as age increases.
2.
Do not hide pre-existing diseases. Conditions such as diabetes, high blood
pressure and heart disease should be disclosed clearly and honestly.
3.
Check the waiting period. Pay particular attention to the rules
applicable to pre-existing diseases.
4.
Check room-rent limits, co-payment and sub-limits. Do not select a
policy based only on the lowest premium.
5.
Have adequate insurance coverage. The coverage should be sufficient to prevent
a major heart-related medical expense from completely exhausting the family's
savings.
6.
Renew the policy continuously. A break in policy renewal may affect certain
continuing benefits available under the policy.
Protecting
Your Heart Means Protecting Your Money Too!
A healthy
diet, regular physical activity, avoiding tobacco, and keeping blood pressure
and blood sugar under control are important for protecting heart health. The
World Health Organization points out that excessive salt intake can increase
blood pressure and thereby increase the risk of heart disease.
Similarly,
families can consider a three-layer approach to financial protection:
Lifestyle
protection for heart health; health insurance for medical expenses; and
additional insurance protection for major financial burdens.
On World
Heart Day, let us not only check our heart health but also review our health
insurance once.
Protect
your heart today. Protect your family's financial future too.
For more details and Health Insurance policy
Taking..!
S.Sridharan, CEO&Principal Officer, https://www.walletwealth.co.in/
SEBI
Registered Investment Advisor-INA000020998
If you need any advice on investments, do call us at 9940116967.
Team Wallet Wealth,
AMFI Registered Mutual Fund Distributor
2nd Floor, No.8A, 2nd Main Road,
Nanganallur,
Chennai – 600 061
Ph: 044-48612114
https://www.walletwealth.co.in/
Email id: sridharan@walletwealth.co.in
ARN
173466
You can contact Mr.S.Sridharan for all types of investments
including mutual fund investment, medical insurance, and life insurance.
Read articles written by Mr. S. Sridharan in Nanayam Vikatan, a
leading personal financial management magazine https://www.vikatan.com/author/855-sridharan-s
Buy
“Neengalum Kodeeswarar Aagalam!” (நீங்களும் கோடீஸ்வரர்
ஆகலாம்!
தமிழ்), written by Su.
Sreedharan and published by Vikatan Publications. https://books.vikatan.com/personal-finance-and-business/neengalum-kodeeswarar-aagalam
