Chennai: Heart ailments cost a bomb to treat, requiring extended hospitalisation and recurring medical costs that can put the financial future of even economically well doing individuals at risk.
The impending risks make financial planning and medical insurance a priority and a necessity. On the occasion of World Heart Day today, News Today spoke to chief customer, marketing and digital officer at Aviva Life Insurance, Anjali Malhotra to shed more light on the need for financial planning and the importance of insurance for people at risk of getting heart ailments.
Underequipped and unaware
Anjali says that Indians are underequipped to cope with financial emergencies due to medical ailments. She says, “India is an under-insured country be it life or health insurance. Majority of individuals still rely on company provided basic health insurance which is generally not adequate to deal the treatment costs of a critical illness (such as heart diseases) either due to insufficient cover and/or exclusions (in the insurance policy) which people may not even be aware of, till the nth hour.”
Anjali throws an alarming figure to prove her point saying that patients sometimes bear 80 per cent of medical expenses out of pocket in spite of having insurance. This figure may extend over the treatment period up to several lakhs, because just a single day for a patient admitted to an ICU at any private hospital may incur him a bill that is north of Rs 20,000 anywhere in the city.
Preparing yourself
Anjali says it is imperative that people start adequate planning, such that the family can afford the treatment and at the same time maintain the family expenses, in the event of such eventuality. “Aviva Heart Care is a product that is designed to address such situations,” she says.
Ailment specific insurances like the Aviva Heart Care covers 19 heart conditions and also provides for the loss of income of the inuvidual during the treatment period. It gives out fixed payout irrespective of the cost of treatment and multiple claims under a single policy could be obtained, according to the company website.
Need for health care
Anjali says the situation is not all that bleak in India. She said, “Heart surgery in India is far cheaper than the ones performed in other global markets like the USA. However, health care benefits, unlike those more developed nations, are also nonexistent in India. People need to be educated to mitigate the impact of the lifestyle disease epidemic. It will require the government, media and the private industry to collaborate and create awareness.”