Importance of Health Insurance in India
Health Insurance is becoming the much needed insurance for every individual in India and today I am going to talk about what is the importance of Health Insurance in India and Why you must opt for Health Insurance today itself, if you haven’t yet.
Health Insurance has become a necessity in today’s world, when the medical expenditures are so high. So to be on a safer side, one must opt for health insurance. Be it for best medical attention or to safeguard for sudden financial needs. Medical emergencies can knock any door anytime, and to get the best medical facilities on time without any financial burden is what a Health Insurance offers us all. Thus, Health insurance is not a luxury, it is a necessity of every being.
What is a Health Insurance
Health Insurance in India is also known as Mediclaim. Health Insurance is a way to get an Insurance which covers almost all expenses that are related to Medical expenses incurred from Hospitalization, Accidental Injury or any ailments/diseases. A health insurance covers comprehensive costs of Hospitalization, Like
- Investigation costs -Medical Tests, Doctor Fees, Blood tests etc
- Includes cost for ambulance
- Hospitalization costs- Room charges, Surgery charges, Medicines, Diagnostic tests etc.
- Post Hospitalization costs for complete recovery- Follow up doctor visits, Diagnostic tests, Medicines connected to the Hospitalization.
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What are the Benefits of Health Insurance
Because of Inflation- medical facilities are becoming very expensive day after day. Sudden need of medical emergencies means sudden need of lakhs of money for quality medical care. Be it diagnostic tests, OPD charges or medicines, everything is getting expensive. Thus, to lessen the financial burden, Health Insurance plays a very important role.
How to Choose the Right Health Insurance Plans
- Understand your needs well, before talking to the agent to choose the plan best suited to your needs.
- Do not wait for getting sick to opt for health insurance, act wise get insured today. The more health issues you have, the lesser the plan is going to pay you.
- Do not forget to keep the inflation rate in your mind, while choosing a health insurance plan. The sum issured may lure you today, but with an inflation rate of around 20%, it might be really less in coming years.
- Do not go on verbal commitments, Demand the policy wordings. Get everything in written and also read the terms and conditions carefully, before you sign.
- If you have health insurance through your employer, you must not solely depend on it. Employer sponsored coverage are specifically designed according to the budget of your employer. You may get a shock suddenly when you find yourself or your family with very low or no coverage.
- Don’t wait for old age to get medically insured, most health insurance companies doesn’t easily provide medical insurance to people above 45 years of age or people who presently have health issues.
- Make sure to check the maximum renewal ceasing age of the policy. Ceasing Age of policy is the age when your policy discontinues. You might find your policy discontinued at the certain age when you need the health insurance the most. Opt for Health Insurance that have lifetime renewable policies.
- Make sure you have discussed everything before finalizing your Health Insurance plan. Consult a good health insurance advisor whom you can trust. One, who would provide you unbiased advice and show you the best plans from all the leading insurance companies.
- Make sure your Health Insurance Advisor is helpful enough to assist and help you for renewals and adjustments if needed.
Hope this article about health insurance gives you a good insight about importance of health insurance and how to choose a health insurance plan.