A health insurance policy in India extends coverage against medical expenses during the treatment of accidents, illness or injury. An individual in India can avail such benefits of a policy against monthly or annual premium payments. During this period of time, if an individual meets with an accident or is diagnosed with a severe injury, the expenses used during the treatment purposes are borne by the insurance providers in India.
While having health insurance, You can also enjoy several add-on benefits, extended with the policies of health insurance in India, which are discussed in detail in the following article.
Why do you need a Health Insurance Policy?
The life expectancy at birth stood at 68.7 years for males and 70.2 years for females was calculated in 2016. Due to Non-communicable diseases it was claimed that approximately 61% of the total deaths which occurred in India in 2017.
In India around 224 million people suffer from hypertension as of 2017.
Approximately more than 73 million Indians suffer from type 2 diabetes, which has led to various medical complications. This number is expected to grow to 134 million by 2025.
What do these statistics signify? The possible medical complications individuals might develop during their lifetime and corresponding expenses for treatment of the diseases.
The value of the healthcare market in India is estimated at US$ 372 billion by 2022, this data is reflecting the rate at which medical charges are expected to increase more in India.
These figures, integrated with rising medical expenses, demonstrate the importance of health insurance in India to have. These policies offer comprehensive coverage of healthcare expenses to the policy holder against periodic premium payments which are made by the policyholders.
What are the Benefits of Health Insurance Plans?
- Hospitalisation Expenses
Any medical condition requiring urgent hospitalisation is covered under standard health insurance plans in India. Nonetheless, claims are just engaged, given the sickness has not been recently analyzed when the protection plan was not profited. The expenses of Hospitalisation comes under the following situations are also extended by renowned health insurance providers in India:
- Treatment Against Critical Illness – Some health insurance providers in India extend substantial amounts equal to or greater than the sum insured for covering all underlying expenses to treat critical diseases. All medical costs including hospitalisation, diagnosis and medication, etc. are covered by most health insurance companies in India.
- Pre and Post Hospitalisation Charges
Some of the Pre hospitalisation expenses such as diagnosis expenses, and the fees of doctors’ etc. can be covered by a health insurance plan in India.
Expenditures cover under such as medication, routine check-ups, injections, etc. are also covered by most health insurance companies in India.
- No Cap on ICU Room Charges
Health insurance policies in India also cover the charges of ICU beds. An insured person can also choose to stay in a private room, which can be billed against the respective insurance provider, up to a specified amount or total insured amount, at the discretion of the insurance company in India.
- Cover Against Mental Illness
Hospitalisation in due course for psychiatric treatment is also covered under such health insurance policies provided by some companies in India. As the number of cases of mental health issues in India and globally keep on rising, this facility allows individuals to seek professional help for the treatment.
- Daycare Procedures
Expenses that come under day care treatment at hospitals such as dialysis, cataract, tonsillectomy, etc. are covered under most health insurance plans policy in India.
Different Types of Health Insurance in India
- Individual Health Insurance
An individual health insurance policy in India, like its name suggests covers the treatment cost of a single individual in India. This cover can be available for yourself, parents including your spouse and children.
Under this policy plan, every family member in India gets an individual sum insured. For ex: If your plan sum insured is Rs 10 lakhs, each member of your family will get to use up to 10 lakhs rupees each for that policy period. That means if you are buying an individual plan for three members of your family, the collective sum insured for the three members would be Rs 30 lakhs.
- Family Floater Health Insurance
Under these floater plans, a single sum insured is available for all individuals under one plan of policy. This entire sum can be shift for treatment of one person respectively, in which case no subsequent claims are covered in the event of another medical treatment emergency. Senior citizens of India are not eligible under this plan, as their medical needs are more complicated.
- Senior Citizen Health Insurance
These plans can only be availed by the citizens above 60. It’s Tailor-made to suit all medical expenses of aged individuals. Broad coverage for different types of illnesses which might develop due to old age is extended.
- Group Health Insurance
These plans are only available to the employees of a company. Premium for them is paid by the employer itself. However, a person should remember that this insurance cover can only be availed as long as they are employed at the company. The benefits of the cover cannot be availed if they are terminated or have left their job at the company.
- Health Insurance with Maternity Insurance
Most of the pre and postnatal care expenses incurred during pregnancy are covered under maternity insurance cover. Medical bills of a new-born baby are included for the first three months as well in this plan. However, such policies can be available to an individual with a waiting period of two years.
Having health insurance in India is not mandatory by the government. Still, it is important to have health insurance in India. As all the expenses of hospitalization are covered under the policy of health insurance. Policy providers pay for all the expenses for hospitalization of the individual who is suffering from disease or from a severe injury due to an accident. Hence it is very beneficial for individuals to have health insurance in India.