It is important for you to assess the health risk and compare it with the fact that the medical care expenses have been rising at more than 20% every year. Therefore, medical care expenses are becoming out-of-the-pocket for common people. Many a time it becomes impossible to avail better medical services due to high medical care expenses.
“Health insurance plans play an important role in financial planning” below are some points that support this phrase.
In case if we are not covered under a health insurance plans it means that we need to allocate a huge amount of money regularly to meet the medical care requirement. The corpus amount can be saved by not spending on medical care when you have health insurance plan. This amount can be set aside to build a decent savings, which can be used for your post-retirement expenses.
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In cases of pre-existing diseases every insurance policy has certain waiting period so ideally for every new policy the coverage for pre-existing diseases should be excluded from the health insurance policy for a certain period from the date of portability. But instead of this loss, you will be able to get the benefit of the period served under old health insurance policy and there is no waiting period when you change your insurer. Remember that portability does changes the premiums figure, this amount will be entirely dependent up on the new insurer's norms.
The aforementioned points illustrate that the health insurance plays an important role in financial planning. So whenever you are planning to buy any health insurance plan make sure you do plenty of research and take advise from an insurance agent or broker.
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