It’s best to start at the basics, so we’ve divided the health insurance journey into three parts to help you understand what to do, at the right time!
Demystifying Health Insurance: What role does Health Insurance play in your finances and why you should get it
Before Buying: There’s a perfect plan out there for you! All you need to know and should check for before you buy your plan
While Buying: Make it fit like a glove. Make sure you’ve ticked all your boxes so that you get the best fit for you and your family.
After Buying: The proof is in the pudding. Everything you need to know to make sure your plan works for you
The current COVID-19 pandemic has made the entire world sit up and realise that medical exigencies are unpredictable and can cause a financial upheaval that is tough to handle. With a high infection rate and no successful vaccine yet, people have started to understand the importance of having a good health insurance plan. Besides, with the rising cost of medical expenses, access to good medical facility and hospitalisation costs can be financially strenuous. Therefore, getting a health insurance cover for yourself and your family can provide the added protection you need in times like these. Apart from the obvious benefit of having the financial confidence to take care of your loved ones, a health insurance plan is extremely useful when it comes to beating medical treatment inflation.
India has one doctor for every 1,457 citizens.
Only 18% of people in urban areas of India are covered under any kind of health insurance scheme.
71% of the populace finance their Out of pocket medical expenditure through household revenues.
Household health expenditures include out of pocket expenditures (95%) and insurance (5%).
The highest percentage of out of pocket health expenditure (52%) is made towards medicines.
According to the World Bank, about 25% of India's population had some form of health insurance in 2010.
Indian Men are more susceptible to heart disease than women.
India ranks 145 among 195 countries in terms of quality and accessibility of healthcare.
India is a young country with a median age of 28 years with a life expectancy of approx 70 years in 2020.
India ranks 135 globally, in terms of life expectancy.
In India, 60+ is the age group with most number of incidences of diabetes.
Communicable diseases account for 3 out of the top 10 causes of deaths in India.
India is 1 of the top 3 countries for medical tourism.
Here are six crucial reasons why you need to consider getting a health insurance plan today
To fight lifestyle diseases Lifestyle diseases are on the rise, especially among people under the age of 45. Illnesses like diabetes, obesity, respiratory problems, heart disease, all of which are prevalent among the older generation, are now rampant in younger people too. Some contributing factors that lead to these diseases include a sedentary lifestyle, stress, pollution, unhealthy eating habits, gadget addiction and undisciplined lives.
To safeguard your family When scouting for an ideal health insurance plan, you can choose to secure your entire family under the same policy rather than buying separate policies. Consider your ageing parents, who are likely to be vulnerable to illnesses, as well as dependent children. Ensuring they get the best medical treatment, should anything happen to them, is something you would not have to stress about if you have a suitable health cover. Research thoroughly, talk to experts for an unbiased opinion and make sure you get a plan that provides all-round coverage.
To counter inadequate insurance cover If you already have health insurance (for example, a policy provided by your employer) check exactly what it protects you against and how much coverage it offers. Chances are it will provide basic coverage. If your current policy does not provide cover against possible threats - such as diseases or illnesses that run in the family - it could prove insufficient in times of need. And with medical treatments advancing considerably, having a higher sum assured can ensure your every medical need is taken care of financially. But don't worry if you cannot afford a higher coverage plan right away. You can start low and gradually increase the cover.
To deal with medical inflation As medical technology improves and diseases increase, the cost for treatment rises as well. And it is important to understand that medical expenses are not limited to only hospitals. The costs for doctor's consultation, diagnosis tests, ambulance charges, operation theatre costs, medicines, room rent, etc. are also continually increasing. All of these could put a considerable strain on your finances if you are not adequately prepared. By paying a relatively affordable health insurance premium each year, you can beat the burden of medical inflation while opting for quality treatment, without worrying about how much it will cost you.
To protect your savings While an unforeseen illness can lead to mental anguish and stress, there is another side to dealing with health conditions that can leave you drained – the expenses. By buying a suitable health insurance policy, you can better manage your medical expenditure without dipping into your savings. In fact, some insurance providers offer cashless treatment, so you don't have to worry about reimbursements either. Your savings can be used for their intended plans, such as buying a home, your child's education and retirement. Additionally, health insurance lets you avail tax benefits, which further increases your savings.
Insure early to stay secured Opting for a health insurance early in life has numerous benefits. Since you are young and healthier, you can avail plans at lower rates and the advantage will continue even as you grow older. Additionally, you will be offered more extensive coverage options. Most policies have a pre-existing waiting period which excludes coverage of pre-existing illnesses. This period will end while you are still young and healthy, thus giving you the advantage of exhaustive coverage that will prove useful if you fall ill later in life.