Health insurance has the most crucial role of protecting people and families against medical finances. In India, approximately 514 million individuals, or about 69% of the Indians, are covered by health insurance schemes as of 2021, and more than 400 million Indians have no access to health insurance. The challenge lies in the fact that, despite around 70% of the population being covered by public or private health insurance, approximately 40 crore people are still not covered by any health insurance schemes. This implies that the problem of ensuring complete health insurance coverage persists. Therefore, Understanding how India’s health insurance system works is essential.
What is Health Insurance?
Health insurance is a form of protection that covers the costs of medical and surgical treatments provided to the policyholder. This includes either reimbursement, which covers the costs of the illness or injury. And payment to the healthcare provider on behalf of the insured person.
Why is Health Insurance Important?
Acquiring the best health insurance plan is usually put off until we recognize its importance and face financial difficulties caused by illness or any unforeseen medical emergency. The incalculable importance of getting hold of health insurance is undoubtedly the subject that can help you avoid the perils of a medical emergency, which could ultimately drain your financial resources. Thus, almost keeping the policy from the early years is advisable and can help get wide-ranging coverage at affordable rates.
Benefits:
The benefits of the health insurance are as follows:
- One can customise their health insurance as per their own needs.
- There are single policies that can cover the entire family.
- Top health insurance plans give you coverage for different medical conditions.
- Various insurance providers have their teams to look after the claim settlements.
- Policy portability allows immediate claim eligibility from Day 1.
Different Types of Health Insurance Plans
The market offers a diverse array of health insurance plans, each designed to meet specific requirements:
Individual Health Insurance
Individual health insurance policies provide medical coverage to an individual. You can buy such policies for your parents, spouse and children separately. This insurance covers all hospitalisation charges. Ambulance costs, consultation fee, day care procedures, domiciliary treatment, ICU charges, along with pre and post-hospitalisation costs. It is important to check the coverage limit, premium affordability, and the benefits an individual health insurance plan offers.
Family Floater Health Insurance
Compound family policies grant one combined cover for all family members. That covers all Family Members which is insured. Therefore, these are cost-saving policies since there is no one-to-one allocation of the sum insured. Thus making it affordable to many individuals.
Senior Citizen Health Insurance
Designed for elders, the best health insurance for senior citizens has its speciality, addressing the health care requirements of old adults. Since health concern is typically a more prominent issue among older people, these plans may require a complete medical evaluation as a precondition of getting the policy. The coverage may be pricier compared to what is offered within standard guidelines.
Critical Illness Insurance
The advent of chronic lifestyle conditions has made critical illness insurance a pressing matter and crucial concern. Those programs are created to cover health issues of a severe nature, like cancer, stroke, kidney diseases and heart diseases, either plus a standardised plan or as a separate one.
Avoid These Mistakes When Purchasing the Plan
Rushing the Decision: Do not entrap yourself in health insurance plans that do not fit your needs. You must investigate by comparing different plans and their quotes online to get the one that will be the most appropriate option.
Opting for Limited Coverage: Do not pay lower premiums; try to cut short on the coverage. Select a policy offering comprehensive coverage while considering the number of dependents, your medical history, and your financial situation.
Concealing Medical Information: Let the insurer be aware of your medical conditions; show them your health habits and pre-existing diseases to make the rate more accurate. Such facts get masked, and cases of wrongful claims can crop up due to the absence of a previously mentioned health history.
Relying Solely on Employer-Provided Coverage: Don’t be limited to the health care offered only by your current job since it can quickly stop covering all benefits. It is essential to get your detached medical insurance policy. Which is comprehensive across the board and spares your employment status from affecting coverage.
Ignoring the Policy’s Terms and Conditions: As a golden rule, be mindful of the terms and conditions in the policy document. The document includes significant aspects such as healthcare coverage, premiums, renewability, discount redemption, free-look period, and coverage restrictions. Explicitly ask the insurance expert if you have any uncertainties.
Read More – The Role Of Doctor Indemnity Insurance in Protecting your Professional Reputation
Conclusion
Health insurance ensures everyone, including individuals and their families, has access to complete coverage to maintain a high level of medical care that can still be afforded at the best quality, whether an injury or unexpected health problem occurs. As the healthcare landscape evolves, it becomes increasingly imperative for individuals to invest in suitable plans to protect their well-being and financial stability.
CoverYou is India’s premier insurance broker, offering personalised insurance options using innovative technology. You can choose from various personalised insurance offers that help you select the policies best suited for your needs. Let’s look at how CoverYou is revolutionising insurance for healthcare professionals.
- CoverYou is a licensed insurance broker under the Insurance Regulatory and Development Authority (IRDAI).
- Aprox 1.5 Lac doctors already enrolled successfully in their most prefered broker company.
- We assure instant policy issuance, helping individuals with medical emergencies.
- We have an in-house claim settlement team that ensures claim settlements 24X7.
- Our health insurance plans ensure worldwide coverage.
