Lately, people have become more cautious of their health. Well, it was necessary looking at the rise of ailments and diseases in India due to high health risks and hazards. This is the reason why health insurance industry in India is growing exponentially. But it is still, as per the World Health Organization (WHO), very low as compared to other countries like Russia, China, and South Africa etc.
Medical facts and Data
As per a survey by Max Bupa and Nielsen the year 2015, 1500 respondents said that 70% of them felt that medical insurance was more important than life insurance. Further, 60% of themsaid they were aware that health cover provided by their employer is not adequate.
But the reality is that a meager 21.6 crore people –which is less than one-fifth of India’s population – are covered under health insurance.
Moreover, the data says that 70% of the Indians spend all their income on medical necessities and 3.2% Indians are under the poverty line due to the high medical bills.
Why is Medical Insurance in India important?
The people who are not insured, receive less medical care and less timely care. A lack of medical insurance is a huge financial problem for Indians and their families. Moreover, the medical insurance in India provides many benefits and coveragesby added services.
For every resident of India, medical insurance is a necessity. It gives you confidence by covering risk at the time of medical emergency. Various reasons why we need health insurance is summarized below:
- Rise in the medical costs: Today in India, the cost of getting medical treatment has become very high due to the high medical inflation rates. In that case, if you do not have a medical insurance in India, it will cost you high amount and therefore upset your entire budget. There are many big and renowned hospitals where a By-pass surgery may cost you around 5 lakh or more. If you have a medical insurance, they will cover as much as 75% cost and lighten your pocket immensely.
- Increase in the number of diseases: Due to the stress levels being on a higher side today, improper lifestyle, environmental hazards, non-healthy eating etc. the number of diseases are on a higher scale too. There are now more cases of cardiac arrest, cancers, respiratory diseases, etc. in India. Since the treatment is also expensive and the diseases are more, the need for medical insurance in India increases.
- Better care: Having a medical insurance means enhancing yourself with better care. Since medical insurancein India covers for medical tests and doctor’s fees in some cases, you will not mind getting the frequent tests done which means a better supervision of your health.
- Expansive coverage: The medical insurance covers a lot of medical expenses right from pre-hospitalization lab tests etc to hospitalization expenses.Certain insurance companies cover ambulance expenses too..By paying the hospitalization charges, which is a big contributor in the overall medical bill, medical insurance lightens your cost. Even the post hospitalization charges are included in various medical insurance policies in India likethe doctor’s visit, diagnostic tests, and medicines etc.
- Cashless benefit: Most of the health Insurance companies in India have tie ups with some good and specialty hospitals across the country. These network hospitals offer you cashless treatment without making you shell out your bucks. This is one of the biggest advantages of having a medical insurance facility in India. In case, you get hospitalized in a hospital that doesn’tfall into the network of the insurance company, you may get your claim reimbursed.
Medical insurance is the need of the hour and everyone must have one to safeguard yourself from the rising costs of medical expenses.It is an access to the quality treatment, timely treatment, cashless way, financial benefit, and much more. The icing on the cake is the tax benefitasthe payments of medical insurance India premiums are eligible for tax deductions under section 80D of the Indian Income Tax Act 1961.