The Healthcare Industry in India has been witnessing a significant rise in interest from the general public, attributable to factors such as increased awareness, a myriad of benefits, and other perks that accompany healthcare insurance. In the Indian context, the Healthcare Industry has been gaining more traction with the availability of different healthcare insurance plans in the market.
How Is It Done
Healthcare Insurance, in layman’s terms, can be simply defined as an agreement entered between a customer and an insurance company, which accords financial protection to the customer against medical treatments, the coverage depending and varying from one plan to another. It covers the healthcare and treatment-related expenses of the person holding the healthcare insurance or policy, i.e. the policyholder.
The procedure for healthcare insurance is different for different types of healthcare insurance, with varying processes and regulations. That is, there is no uniform procedure or way in which healthcare insurance is secured. However, in the Indian context, the mode of getting Healthcare Insurance is to systematically understand the requirements of the person taking the insurance (e.g. Individual/group/critical illness), then after assessing the requirements of the insurance holder, soliciting a discussion with healthcare company representatives offering the specific coverage sought by the individual.
There are many healthcare insurance companies catering to every type of healthcare need by way of insurance policies in the Indian context. Different companies offer various plans that can be customized to the needs and circumstances pertaining to the individual. An individual can also purchase more than one policy in case the individual has multiple needs and requirements from the insurance.
How To Choose The Suitable One For You And Your Family
After a perusal of the need for healthcare insurance, it is imperative that the most feasible plan must be selected in order to maximize benefits for oneself as well as family members. In order to partake in an informed decision about the suitability of healthcare insurance for any person, one must assess which healthcare policy best fits the needs of the potential policyholder.
Generally, Individual Health Insurance is taken by an individual for self-utilization, wherein the applicability is limited to the insured individual. However, in case one wishes to take insurance with broader coverage, one must consider family floater or group health insurance, which provides coverage to family members, and companies respectively. These cover several individuals under a single plan.
Based on age and health considerations, an individual can also go for Critical Illness Insurance, plans specifically designed for coverage of chronic or critical illnesses only, or disease-specific insurance, for specific diseases covered under the selected plan. Senior citizens can purchase health insurance specific to their age bracket, but have to pay a higher premium in order to enjoy the benefits of same.
Recently, many insurance providers have launched more affordable health insurance packages with manageable costs to cover seasonal illnesses like dengue and other vector-borne illnesses, among others. For those with financial or economic constraints, bite-sized plans are also available.
What To Look For While Getting One
While there are various types of insurance policies from which an individual can select the one best suited to his or her needs, one needs to look for the following considerations before finalizing healthcare insurance-
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Selection of Suitable Plan- After perusing the budget, terms and nature of the requirement, financial limitations and other considerations surrounding the potential insurance holder, the individual must look out for leading companies with a proven record of delivering on the requisite healthcare benefits.
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Selection of Insurance Sum & Amount of Premium- The individual must see whether the amount of premium being paid by the individual is commensurate to the benefits being offered by the plan.
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The extent of Coverage-Whether the Insurance covers all medical emergencies incidental to any problem, or whether availing the insurance is limited to a particular time period or specific disease.
Why It’s Important
While the average life expectancy has greatly improved, it is also true that there are more diseases that impact us than ever before. Medical inflation and the nation's escalating healthcare costs can break the bank and have a serious negative influence on one’s financial situation. Purchasing health insurance is one method to prepare financially for unforeseen health risks.
The importance of healthcare insurance stems from the various benefits it offers to the holders of the insurance, which include in-patient hospitalization coverage, coverage for day-care treatment, hospital room costs allowance, pre-hospitalization coverage, post-hospitalization expenses, time duration of coverage, medical coverage, support costs, etc. Hence, it is advisable for every individual to be mitigation ready by way of purchase of a healthcare plan in case of unforeseen circumstances.
The Pros And Cons Of Not Getting A Health Insurance
Tax Benefit- Policyholders can avail of tax benefits on the premium paid, under Section 80D of the Income Tax Act. Policyholders can avail of as much as Rs. 1lakh in tax deductions on health insurance.
Protection in Case of Emergencies- Healthcare insurance acts as a facilitator in mitigating unwarranted and unforeseen health expenses attributable to health issues. It reduces the last-minute stress over finances associated with unpreparedness, in case of any medical contingency, thus letting the individual undergo a stress-free treatment.
Economic Benefits- By paying a premium, which is less compared to the total coverage offered, the individual self-contributes money, which does not unduly burden the individual with bulk payments in one go.
Lifetime Rewards- Depending on the plan purchased, the coverage can extend to the lifetime medical expenses of the individual and/or dependents, thus providing greater maximization of returns vis-à-vis investment made by the individual in the healthcare insurance.
Disadvantages- In case the need for medical coverage does not ever arise, then the individual, during that year, pays a premium for nothing in return. This might deter some individuals from taking up healthcare insurance, but several companies offer a ‘no-claim bonus’, wherein a refund of a partial amount is made towards the individual in cases of non-utilization.
Where To Go For Healthcare If You Don't Have One
Generally, purchasing a healthcare insurance plan is not a difficult task, with the availability of various attractive plans both online and offline. However, in case a person does not have any healthcare insurance, the person can take steps towards getting one by finalizing the company, with which the person wishes to deal and purchase a plan, followed by logging on to the company website, or visiting any of the authorized branches of the company, interacting with an authorized agent of the company, filling in the personal details required and submitting requisite documents, and then making the payment of the plan, thus concluding the finalization of the plan.
Which Are The Best Companies To Get Health Insurance In India
Some of the major healthcare insurance companies in India which offer the most attractive return on investment vis-à-vis coverage are-
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IFFCO Tokio Health Insurance Co. Ltd.
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Raheja QBE Health Insurance Co. Ltd.
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Star Health and Allied Insurance Co. Ltd.
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Reliance Health Insurance Co. Ltd.
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Future Health India Insurance C. Ltd.
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Acko Health Insurance Ltd.
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ICICI Lombard Health Insurance Co. Ltd.
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Cholamandalam MS Health Insurance Co. Ltd.
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Bajaj Allianz Health Insurance Co. Ltd.
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Liberty Health Insurance Co. Ltd.
Conclusion
Thus, it can be stated without a doubt that healthcare insurance coverage is of paramount importance for individuals seeking protection from unforeseen financial scares caused due to medical emergencies and exigencies. Hence, it is advisable that an individual must rationally analyze various plans before making a final selection on healthcare insurance, as it stands to benefit the individual in the long run.