For a long time, people in India had a rather conservative and negative view about insurance in general. However, with time Indians have realised the importance of proper insurance, but things are far from perfect even now. This is especially true in the case of medical insurance because according to fresh official data only 21.62 crore people or 17% of the population of the country had health insurance by the end of March 2014 and the figure has most probably not improved substantially. This estimate was prepared by the Insurance Regulatory and Development Authority.
Facts regarding health expenditure According to many experts, health expenditure is one of the major causes of poverty in this country. However, there are many people below the poverty line who actually cannot afford health plans. Needless to say, little can be done about this section of the population, but as far as the upwardly mobile and even middle class Indians are concerned it is necessary to understand the importance of health insurance. India is not left behind in the spreading of lifestyle diseases. In fact according to some experts, the number of diabetes and heart patients all over the world is the highest in India. Many chronic diseases later on lead to acute problems which can be very expensive to treat and cure. For instance, diabetics stand the risk of developing serious impairment of the kidneys and eyes which can be very expensive to treat. To get a rough idea, a kidney transplant in case of total renal failure can cost anywhere around INR 40-50 lacs. For any family to shell out that kind of money can be a major burden. On the other hand if health insurance is purchased at the right time, then such financial distress can be avoided. Other Alternatives This is true of most chronic ailments like heart disease, arthritis (which may require knee replacement surgery) and others. Of course there are government hospitals which provide treatment free of cost or at subsidized rates, but the quality of treatment in this institutions is very poor. This may be different in large cities like Delhi and Mumbai, but again, the process of treatment and the waiting lists at the government hospitals can be inhibiting for anyone. Then again, there is the expense of ongoing medical treatment after the hospital stay is over. All said and done, any chronic ailment or even a serious acute one can dig a major hole in your pocket. This is the reason that you need to buy medical insurance when you are still well enough to get it. In fact, this should not be a serious concern, because nowadays many insurance companies provide health plans without medical checkup till the age of 65. Hence even if you think you are rather late in buying health insurance it is better to be late than not get insurance at all. Before Buying a Health Plan However, make sure that you conduct a thorough research before you buy an insurance policy. This is because many companies have hidden charges and limitations to their policies which may not be obvious in the first look. Therefore, you should make sure to study the websites of as many reputable health insurance companies as you can and then short list 3-4 of them. All insurance companies employ insurance advisors who will analyze your requirements and provide the best insurance solution for you. You can ask these advisors to give you no obligation quotes and you can compare the quotes of different insurance companies and choose the one that appeals to you the most. In this manner you will be able to get health insurance that has you protected in case of unforeseen ailments, accidents and other eventualities.
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1/11/2018 12:09:14 am
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