Medical costs are soaring, and along with it lifestyle diseases, but India’s young population still doesn’t seem to believe in the need for health insurance.
Low insurance penetration has left our population peculiarly vulnerable due to the relatively few reliable healthcare providers and the expense of getting appropriate treatment when critically ill or injured.
At an estimate at least 130 million people faced diabetes or obesity in the brief period between 2010 and 2015, but only 20% of the population had medical insurance. The numbers are clear and they are worrying.
Why Pay For A Medical Insurance Policy?
For 30-somethings or younger people, the concept of medical insurance is generally a distant one. The usual robust health has not yet begun to show signs of wear-and-tear. However, the prospects of getting married, having a dependent family, and becoming less able to throw off health problems are oncoming all at once.
- Urban lifestyles, especially for office workers who sit all day and do not get much exercise, are typically extremely unhealthy and reliably will cause certain lifestyle diseases. These can range from mild buy annoying symptoms like back pain to diabetes or heart problems.
- The increasing levels of water and air pollution are causing more health problems every year, including cancer, chronic problems like asthma, and others. Many of these can be very expensive to treat and require ongoing costs.
- Many health insurance policies in India will not cover diseases like diabetes unless you are already enrolled in a plan. This makes it critical to be enrolled early.
It is clear that the smart thing to do is to get a good health insurance policy early and keep renewing it at low costs.
Types Of Medical Insurance Policies
- Hospitalization Plans: These, also known as indemnity plans, are designed specifically to take care of expenses due to hospitalisation, and will care for medical costs only while hospitalised. Typically, pre-hospitalisation medical costs are only reimbursed if they are directly related to the hospitalisation diagnosis. The sum assured may be fixed for an individual or for a family.
- Hospital Daily Cash Benefit Plans: This form of benefit has a fixed per diem and can have a lower premium but become difficult as they have limitations on various payouts.
- Critical Illness Plans: This form of benefit offers lump-sum payouts, on the diagnosis of a number of critical illnesses (such as cancer) that are defined from before. This is in order to allow for palliative care and to arrange for care for your dependents if you are the primary earner in your family.
- Maternity Benefits and Preventive Care: These are sometimes offered as separate policies but are mostly offered as add-ons to existing policies on increased premium payments.
Choosing Your Medical Insurance Plans Online
Nowadays, everything is available online, and so are your options for medical insurance plans.
- You can check out policies on the sites of individual insurance providers.
- On those sites, you can buy and even renew your policy from the comfort of your own home.
- Other websites, like PolicyX, will allow you to make comparisons and do a quick check on what policies fill your preferences. Compare health insurance online will always help you in getting the best health plan.
Things to Note About Choosing Medical Insurance
- Flexibility: Various plans offer various degrees of flexibility, including whether to pay premiums as a lump sum or annual or quarterly payments, how many add-ons are offered, what sort of medical emergencies are covered, and so on. Plans that offer lump-sum payments are typically more useful than per day payments.
- Customisation: Plans with extensive customisation options aren’t always a good idea, as the coverage on each add-on isn’t considerable enough to be really worth it, however, plans with good add-ons can be a great plan.
- Coverage: One of the most important factors is the amount of coverage you can get for the premium you can afford. Bigger is almost always better, especially where you have both maturity and insurance benefit.
Be Careful About Choosing Insurance
Medical Insurance can be incredibly important, especially since a lower premium now can save you costs later.
Ensure that you’ve checked out the fine print, and know what your long-term liabilities and needs are so that you can pay for the right insurance now. Ending a policy and shifting to a new policy, and especially a new provider can be extremely expensive.