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Written By: Editorial Team | Published : February 1, 2019 7:20 PM IST
Make smart moves to ensure that you have a proper plan in place to fund your health expenditures
The 2019 Interim Budget has been announced today and as part of that, the Narendra Modi government has announced a 16.65 per cent increase in its allocation for the health sector. Another important initiative among others is the allocation of Rs. 6,400 crore to the government's flagship healthcare initiative, widely known as 'Ayushman Bharat'. This is an increase of Rs 4,000 crore from the previous year. The government is looking forward to creating a distress-free, functional and comprehensive wellness system for all by 2030. While financial initiatives at the policy level are imperative for a healthy India, at the micro level, we all need to make smart moves to ensure that we have a proper plan in place to fund our health expenditures.
Calculate your routine health cost:
If health issues and doctor visits are a common phenomenon in your family then start calculating the average amount that you have to spend in a year on those doctor visits, pharmacy trips, diagnostic tests and various other medical purposes. This will help you get a fair idea of the funds that are required to be allocated to manage your expenditure on your and your family's healthcare.
Have a contingency fund for health emergencies:
Manage the unforeseen health situations by creating a separate fund for any health emergency that you or your family members may face. This move will make sure that you are not caught unguarded in case of an accident or sudden health challenge.
Choose the right health insurance policy:
After estimation of your medical expenditure, the next most important step is to zero down on the multiple health insurances available today. Investing in a plan that helps to reduce your out of the pocket expenses is the first thing to look for. Your policy must provide a cover for medical emergencies that may require hospitalization due to an injury, sickness, or a disease, surgery for any medical complication and treatment of chronic illnesses. Policies that offer lump-sum benefits for these situations will let you tackle your health problems without any added financial stress. Your health cover should be flexible in terms of allocation of funds and the types of protection according to your requirements. A 5-lakh policy that allows less coverage for chronic illnesses against your requirement will do no good to you. A mediclaim that provides large coverage and lets you utilize a good per cent of the sum assured for varied types of surgeries and critical ailments depending on their seriousness and nature will help maximize the benefit of your investment. Further, choosing a long-term plan that does not require renewal every year along with the facility of a locked premium for say three years will ensure that you don't have to stress about any hidden financial cost. Before finalizing the policy consider the credibility and reputation of the insurer and weigh the benefits, features that ensure value for your money and the flexibility to customize the policies.
Look for great deals and discounts:
There are various discounts that you can avail while buying medicines, a health-check-up plan or a paying for a diagnosis. Affording them otherwise at the standard market rate can burn a big hole in your pocket. So, stay at par with these health schemes to bring down your healthcare costs.
Question your doctor:
If your doctor prescribes an expensive medicine don't forget to check with him if you can opt for a cheaper alternative without compromising on the quality. Also, for any diagnostic test that he suggests, always ask if it is absolutely necessary or if it can wait. In case of a surgery recommendation, always take a second opinion to figure out if your health condition can be resolved with medication and other treatment modalities.
