The size of medically insured population and the out-of-pocket expenditure that the uninsured population makes reflects the current status of Indian health insurance marketplace.People across the country get to enjoy different levels of medical care and privileges according to the development of their respective locality.

he overall Indian healthcare market is worth around US$ 100 billion and is expected to grow to US$ 280 billion by 2020, which is an Annual Growth Rate of 22.9 per cent. But, the main challenge in achieving this growth is the awareness and reach of effective healthcare even at the remote corners of the country. Considering the skyrocketing medical costs in urban and rural alike, one of the main focus needs to be on planning for medical emergencies and planned medical expenses like pregnancy and therapeutic treatments.

Building the Awareness:While a good percentage of the educated population claims to know about Health Insurance and the top insurers who sell them through online and offline channels, over 80 percent of India’s population has no health coverage, reveals the latest National Sample Survey (NSS) released earlier this year. Knowing about the risk management system is not enough to get equipped for the worst as healthcare cost in India is not yet a pocket-friendly expense for a large section of population. In spite of seven consecutive years of effort from the Centre-run Rashtriya Swasthya Bima Yojana (RSBY), the country has seen a very negligible growth trend towards access to health insurance.

Reality Check:For majority of the people who buy Health Insurance, it is the tax saving factor that makes them get one. A lot of insurance brokers use tax saving as a luring statement to win clients who don’t bother to choose a health insurance that will serve the actual purpose of giving a cashless treatment facility, pre-hospitalization facility, coverage for pre-existing diseases, special coverage for the elderly, health check-up, organ donor expense, etc.

Types of Health Insurance Plans:

  • An Individual Health Insurance plan is to cover the medical expenses of the policyholder only.
  • A Family Health Plan covers are tailor-made to extend medical insurance for self, spouse, children and parents.
  • Senior Citizen Health Insurance policy are for the elderly with special customizable coverage and special medical requirements.
  • A Critical Illness Health Insurance policy is to protect against severe illnesses like cancer, stroke.
  • An Employee Group Mediclaim covers employees of an organization under one customizable plan.

Why is it a Smart Buy?

When most of us don’t save to handle emergency medical expenses, not many would even plan for those regular yearly medical checkups either. Not having a health insurance cover makes perfect​ sense until someone in the family is rushed into the emergency room. All hell breaks loose when the emergency visit calls for hospitalization followed by a bill that is good enough to eat away a large share of your yearly earnings and for some of us it might even give a mental trauma. This is when a health Insurance can be of help. It not only saves your hard earned money but, also provides you financial support when faced with odds.

If you thought of buying a health insurance for the tax benefit it offers, take a look at the list below and discover why it needs to be in your essentials list this year.

  • Cashless treatment in network hospital where you are assured of receiving good treatments
  • Pre and post hospitalizations are covers to help you cope up better
  • Ambulance fee is also covered when you pick an add-on to your cover
  • No claim bonus can decrease the premium you pay
  • You get to enjoy medical checkups thus giving you an opportunity to stay informed of your health condition 

The benefits of availing a health insurance are limitless and totally depends upon the policy you choose. Get professional advice or see the reviews and claim history of the insurance provider available online in review website or forums before arriving at a conclusion. Why not make a good investment this year by getting yourself and your family a health cover? Feel free to get in touch with professionals for anything you might need to know about health insurance.

 
Tags: Categories: Health Insurance

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