“Health Is Wealth”
Wisely said! Given the exponential rise of health expenses in the country, any medical issue is directly related to the financial disturbance or distress of the individual and the family.
How can one deal with it? Is buying a medical insurance enough to escape all the medical expenses? How about the expenses that are not covered by the health insurance policies?
Treatments or medical expenses that are not covered by Health Insurance policies:
The below listed health and medical requirements are not covered by many health insurance policy.
- Dental treatments
- Outpatient care not resulting in hospitalization
- General health checkups
- Preventive health measures
- Any pre-existing illness, usually, is not covered under a policy
- Certain procedures for a specified time are not covered (waiting period)
- Maternity (only a few insurers cover this)
- New born baby care (only a few insurers cover this)
- Cost of contact lenses, spectacles and hearing aids, dental surgery (unless it requires hospitalization)
- General debility, convalescence, venereal disease, congenital external defects
- Hospitalization caused due to drug and alcohol addiction
- Intentional self-injury
- Expenses for diagnosis
- AIDS, X-ray and/or laboratory tests not connected with the illness requiring hospitalisation
- Treatment related to pregnancy or childbirth, including C-section, naturopathy treatment and others as deemed exclusive by the insurer.
All the above incur a cost but are not covered by a health insurance. So even though we are insured, almost all of these expenses are out of pocket expenses. Medical insurances do not cover these expenses.
What is a better way to handle medical expenses, not covered by the health insurance policies?
A better way to handle these medical expenses is by availing the right health-discount cards that play a crucial role in reducing the impact of the costs on an individual. Pick the right ways, which do not hurt your pocket and instead lessen the costs of unexpected medical expenses. Ensure that neither your savings routine nor your financial planning are disturbed. Happy financial journey!