Universal Health Coverage aims at ensuring all people can obtain the health services they need without fear of financial hardship. It is not only a critical element of public health but also personal finance protection.
As an insurance leader and we in Coverfox, truly understand how health cover safeguards your future. On the International Universal Health Coverage Day which is observed on 12th December, let's understand how health insurance fits into the UHC vision and why it is an essential instrument for financial protection.
What is Universal Health Coverage (UHC)?
The UHC is a movement by the World Health Organization (WHO) towards better health for people and health care for all. A person should be able to receive essential medical services without having any financial burden.
UHC has three major objectives as follows:
1. Access to Quality Health Services:
All individuals should have access to the health services they need, from preventive, curative, and palliative care.
2. Financial Protection
No one should be driven into poverty or financial ruin because of health expenses.
3. Universal Coverage
UHC is inclusive, meaning no one is left behind.
Why Health Coverage Matters in UHC
Health insurance is one of the most effective ways to bridge the gap between healthcare accessibility and affordability. Here's how it contributes to the UHC vision:
1. Reducing Out-of-Pocket Expenses
With health insurance, people can avoid big medical bills that may come from hospitalizations, treatments, or surgeries.
2. Preventive Care
Most health insurance policies cover preventive care, such as regular health check-ups, vaccinations, and screenings, which prevent severe illnesses.
3. Quality Care
Insurance provides access to network hospitals and healthcare providers, ensuring quality care without compromise.
4. Financial Security
With a nominal premium, individuals and families can protect their savings from unforeseen medical expenses.
How Health Insurance Secures Your Finances
Medical emergencies are unpredictable, and their financial implications can be overwhelming. Health insurance acts as a safety net, providing the following financial benefits:
1. Coverage for Hospitalization Costs
Covers expenses for room rent, surgeries, ICU charges, and more.
2. Pre- and Post-Hospitalization Expenses
Many policies extend coverage for medical tests, consultations, and medications required before and after hospitalization.
3. Cashless Treatment
With cashless facilities available at network hospitals, policyholders do not have to make advance payments.
4. Critical Illness Cover
There are specific health insurance plans that cover life-threatening diseases like cancer, heart disease, etc., with a lump sum payout for treatment and recovery.
5. Tax Benefits
Premiums paid towards health insurance policies are eligible for tax deductions under Section 80D of the Income Tax Act, 1961, providing additional relief in terms of finances.
Role of Government Policies in the Promotion of UHC
Governments around the world, including India, have designed health programs toward universal coverage. Initiatives such as Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) have helped considerably toward UHC, which gives free health insurance to economically weaker families.
However, government schemes often have limitations in terms of coverage and benefits. Supplementing these with private health insurance ensures comprehensive protection tailored to individual needs.
Choosing the Right Health Insurance Plan
To truly embrace the spirit of UHC and secure your finances, choosing the right health insurance plan is crucial. Here are some tips:
Assess Your Needs: Evaluate your healthcare needs, family size, and medical history before selecting a plan.
Check Coverage Benefits: It should cover major illnesses, hospitalization, and preventive care.
Add-Ons: There are add-ons available like maternity cover, critical illness cover, or personal accident cover according to your requirement.
Compare Policies: Compare policies with the online platforms like Coverfox for maximum benefits in your budget.
Check Network Hospitals: Select an insurer with a wide network of hospitals to ensure easy access to cashless treatment.
How to Remain Financially Safe in Medical Crises
Invest Sooner: The sooner you buy health insurance, the lesser the premium paid and the more benefits reaped.
Renew Before Time Gets Over: Do not let your policy lapse. Renew your plan before the expiry date to maintain uninterrupted coverage.
Know What Policy Exclusions: Be aware of what your policy doesn't cover to avoid surprises during claims.
Have an Emergency Fund: Even though health insurance covers most of the expense, an emergency fund adds a further layer of protection.
Health insurance is not a luxury anymore in a world where healthcare costs are rising; it is a necessity. It complements the global goal of UHC by giving financial protection and ensuring that a medical emergency does not disrupt your financial stability. Whether single, married, or an elderly citizen, investing in health insurance is a step toward securing your health and finances.
Conclusion
Universal Health Coverage is a shared responsibility, and health insurance plays a pivotal role in achieving its objectives. On this International Universal Health Coverage Day, let's commit to protecting our health and finances by embracing the benefits of health insurance. At Coverfox, we're here to help you choose the best health insurance policy tailored to your needs. With our expertise, you can enjoy peace of mind knowing you and your loved ones are protected from life’s uncertainties.
Explore our health insurance plans and take the first step toward a financially secure and healthy future.
