Importance of Health Insurance in India
‘Health is Wealth’. Nothing makes you pleased when you are ill. You always want to be in a good health, but there are some external factors that actually impact your health such as a deteriorating environment, stress at work, a hectic lifestyle, etc. According to recent statistics, there are 45 million patients with coronary artery disease, and 50.8 million diabetics, the prevalence of hypertension is 25-30% in urban and 10-15% in rural regions in India. It is thus quite essential to make arrangements that can take care of the medical emergencies for you & your family. In this article, we will know about the Importance of Health Insurance.
Here, comes the role of health insurance. A health insurance policy provides coverage against expenses incurred due to hospitalization or any medical procedure required to treat bodily injuries, illnesses, or other medical conditions.
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Need for Health Insurance
Following are the top reasons that emphasize the need for a health insurance policy.
Skyrocketing Medical Costs: With day-to-day medical advancements, the medical treatment cost is also escalating at a huge pace. Medical cost in India is rising at a rate of over 10% and the burden of health care is getting heavier. In order to ensure that you don’t have to face a financial shock in getting medical treatment, it is essential to have health insurance.
Busy Lifestyle: In the present corporate environment, where people are worried about achieving the targets, they don’t get the time to look at their health. Increasing work hours is also one of the common reasons that lead to an increase in health issues. According to research, 46% of the workforce in organizations are suffering from stress. It is also found that 43% of the workforce with abnormal Body Mass Index is suffering from hypertension and diabetes. Going for treatment will add up the cost that you have to bear and it thus becomes essential to buy a health plan that can cover all the medical costs.
Financial Planning: Hospital bills bring a huge financial shock even for small ailments. Getting medical treatment for a critical illness costs you lakhs of rupees that will make the financial condition worsen for you & your family. Due to the payment of huge medical bills, you will not be able to achieve other financial goals. Having a health cover will cover the medical bills and you don’t need to pay from your pocket.
Coverage Available Under Health Insurance
When you opt for a health insurance policy, you can get cover for the medical expenses as listed below.
In-Patient Hospitalization Expenses: A health cover pays the medical expenses incurred due to hospitalization that may occur due to an illness, accident, or other medical condition. It is required to get a minimum of 24 hours of hospitalization to avail cover for hospitalization costs.
Pre & Post Hospitalization Expenses: A health plan covers the medical expenses incurred for some pre-specified number of days before and after the hospitalization. Usually, a health cover is available for 30 days before hospitalization and 60 days post-discharge from the hospital.
Domiciliary Hospitalization: When a medical treatment exceeding three days requires treatment at the hospital, but actually taken at home. The expenses incurred in such treatment are also covered under a health policy, as specified under the policy chosen.
Day Care Procedures: Daycare procedures normally require less than 24 hours of hospitalization and insurance companies have now started covering such surgery/medical procedures. The insurance company provides its list of daycare procedures covered under the plan.
Under a health plan, you can also avail benefits such as Emergency Ambulance Cover, No Claim Bonus, Free Health Check-up, and Hospital Cash Benefit. All these coverages/benefits focus on the importance of health insurance and it is recommended to choose the right health insurance plans.
Best Health Insurance Plans in India
| Health Plans | Sum Insured | Pre & Post Hospitalization | No Claim Bonus | Pre-existing Diseases |
| Niva Bupa Health Companion | Rs 2 Lacs to 100 Lacs | 30 days & 60 days | Up to 100% of Base Sum Insured | After continuous coverage for 3/4 policy years, depending on the sum insured chosen |
| Bajaj Allianz Health Guard | Rs 1.5 Lacs to 10 Lacs | 60 days & 90 days | Up to 50% of the Sum Insured | After continuous coverage for 4 policy years |
| Future Generali Health Suraksha- Individual Plan | Rs 50,000 to 10 Lacs | 60 days & 90 days | Up to 50% of the sum insured | After 4 years of continuous coverage |
| Care Policy | Rs 3 Lacs to 75 Lacs | 30 days & 60 days | Up to 150% of the Sum Insured | After continuous coverage for 4 policy years |
| Star Health Comprehensive Insurance Policy | Rs 5 Lacs to 25 Lacs | 30 days & 60 days | Up to 100% of Sum Insured | After 4 years of continuous coverage |
Conclusion
A health insurance policy provides cover for the insured towards the hospitalization cost incurred. Not only the hospitalization expenses, but you can also avail cover for pre & post hospitalization, domiciliary treatment, daycare procedures, ambulance charges, etc. Importance of Health Insurance
The best health plans mentioned in this article are not the exhaustive ones, you may pick any other health insurance policy that provides a complete cover for your entire family.
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