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Medical costs are on the rise at an accelerating pace and Sri Lanka is no exception to this trend. Globally, it is projected by PwC that by 2018 the medical costs would grow at an even faster rate.
As with new developments in all spheres in our daily activities, the changes brought about in making our lives ‘easy’ is followed by a set of consequences, often compromising our health.
Regardless of how well we may attempt to move towards the track of ‘healthy living’, observed is a spurt of lifestyle diseases amongst locals. Kidney diseases, cardiac complications and cancers are only a few of the illnesses that pop up, the list of ‘newer and evolved’ sicknesses continue to grow long.
The nation’s public health care delivery system no doubt is remarkably successful in providing a universal service, but despite its efforts, limitations prevail in the existing structure. Due to high demand, challenges continue to exist in the extension of drugs, out-patient care, and limited access to specialist care.
This gap is bridged by the private health care service but has led to out-of-pocket (OOP) expenditure for medical services. Although Sri Lanka has been successful in implementing in free health care, the increasing and frequent occurrence of diseases has resulted in longer waits for assistance, thus leading a large proportion of the masses to self-fund their medical needs by reaching out to private institutions.
Along with the rising medical costs is also an increase in the cost of living. Not to mention educational funding for families with children. The latest available data (2012/2013) from the Income and Expenditure Survey show that a typical household spends about Rs. 1,564 per month on health on average, accounting for 4% of the household budget. However, the reality in the current context is that this spend is a lot higher.
It is for this very reason that it is prudent for individuals and families to opt for health insurances. The recent dengue epidemic is only a mere example which asserts that a medical emergency can attack anyone, anytime, leaving negative emotional and financial impacts. Financial advisors therefore suggested time and again that it is sensible for one to invest in a health plan. That too the earlier the better.
There is no second thoughts on this, this solution is most definitely pocket friendly and allows you a stress free road ahead provided the ‘right’ policy is opted. A medical insurance essentially provides risk coverage against expenditure caused by any unforeseen medical emergencies. In current times of high medical inflation rates, failing to have a suitable amount of health insurance cover can prove to be a major personal finance disaster. This would easily translate to either poor health care, due to lack of affordability, or lead an individual into financial distress due to high medical bills.
While there are a plethora of options to choose from, opting for a unique health insurance policy comprising of a number of plans that are sure to meet diverse health insurance needs us essential, Fairfirst insurance is one such that offers a wide-ranging cover. When choosing a medical cover, it is essential to put your trust in an entity that has a proven track record, providing the assurance that you will receive what you are promised, and more in some instances.
Proving a one stop insurance solution bank, Fairfirst offer a plethora of policies catering to individuals, families, senior citizens and corporates. In addition to the regular coverages, Fairfirst formulated a ‘Dengue Insurance Policy following the recent epidemic. The policy caters to the need of the hour and covers all hospitalization expenses sustained during the illness. It also provides a ‘per day’ cash allowance for treatments at governments hospitals. Making it relevant is the offering of a fixed premium regardless of the age group along with lifelong renewal and the cover extension for the family members of the individual insured.
Keeping the ageing demographic in mind, made available is also the unique health insurance scheme ‘Buhuman’. The policy essentially extends benefits that are in-line with the healthcare needs of pensioners. Benefits offered include, but not limited to are, personal accident cover, hospitalization cover and critical illnesses cover. The policy is made available under three affordable plans which range from Rs. 125,000 to Rs. 500,000, while the monthly premium range from Rs. 200 to Rs. 400.
Furthermore, to ensure the greater population has access to insurance privileges, Fairfirst has also joined hands with telecommunication giants such as Dialog and Mobitel to offer micro health insurance coverage. Customers registering for the service will be entitled to a ‘per day’ cash grant for a set period in the event of hospitalization due to sickness, surgery or an accident.
The importance of having health insurance should not be dismissed or underestimated. Whether you are in your mid-twenties or late forties. Rising medical costs can wipe out a lifetime of savings with just one major medical event and the value of having a medical coverage to counter health contingencies is now more pertinent than ever before.
