Indian Health Insurance Myths Benefits and Features

Health Insurance in India Myths and Realities

Summary

India is the Second Most Populated Country of the World with more than 1.4 Billion Population. The Global Economic Growth will be led by Countries Like India and China in the coming time .This is because Indian Population is quite young . But do you know how many Indians are worried and concerned about having Health Insurance ? It is only 0.4 Percent of total Population which accounts to approximately 50-60 lacs people having a Health Insurance. It is less than China having 0.7 % and USA having 4.1% Population Medically insured. So , it is an alarming fact for a Country Like India which will write the great growth story of the world not having a Population adequately covered with Health Insurance Benefits .

Reasons for having a low Health Insurance Coverage Percentage

Less Awareness Level among majority Indian Populace about Health Insurance Benefits and Features.
Lack of affordability among a major Indian Population which is barely trying to meet ends every day.
Low Financial Literacy and Health Awareness among a Large Indian Population Section.
Limited Reach and Availability of option for various segments of Indian Population .

Covid 19 Pandemic and Rising Health Care Costs

Covid-19 Pandemic and the related side effects after having Covid has made many people aware regarding having Health Insurance. The Uncertainty of Life Post Covid and a high Medical treatment cost has made many Indians worried. Many People have understood the importance of having a health Cover for themselves and their Family. However, still the vast majority of Population has Pre-Conceived Myths and Misconceptions regarding buying a Health Insurance which needs to be clarified .

Myths and Misconceptions Regarding Health Insurance.

Health Insurance is a Waste of Money as Hospitals Don’t Entertain Health Insurance Cards-Many people think that when they vail health insurance the health insurance claims ae not entertained by the Hospitals .It is totally flawed conception’s per Insurance Regulatory Development and Authority of India more than 97 % claims are settled.
Non Medical Expenses– If there are certain expenses like Hand Gloves , Non Medical Equipment’s used during treatment they are not covered under Medical Expenses. For that Purpose a Hospital cash Plan may be taken from companies Like Kotak Mahindra Bank .The cost for buying Hospital cash Insurance is around INR 3000 for 1.5 Lakhs for a period of 1 Year. It can be bought for covering non medical expenses when you are hospitalized and your whole Medical Treatment will be cashless.
Diseases excluded under Health Insurance-There are certain diseases which are not included under Health Insurance which needs to be clarified before taking Heath Insurance. Pre-existing diseases have a waiting period.
Diabetics, Smokers and Alcohol Drinkers are not allowed to have Health Insurance– Diabetics have a waiting period while taking Health Insurance .Waiting Period means that the Person has to wait for 3-4 Years depending on policy after taking health insurance to get treatments covered for Diabetes under his Health Insurance. It doesn’t mean you cant take insurance if you have diabetes. While for Smokers and Alcohol Drinking People there is no waiting period as such , however, they may have to undergo full body check up before their Health Insurance is approved. This is done in order to assess whether the person Smoking and Drinking has got any underlying disease or not , which may affect the waiting period for such conditions. There are Health Insurances where Diabetics and Senior citizens are covered with additional premium which is more expensive plan as compared to Normal Plans which are quite affordable. The High Premium is the risk coverage cost for such individuals which are more prone to diseases than normal healthy individuals.
Company or Organization Provided Heath Insurance Is Enough- Many People who are part of Indian Work Force are complacent regarding medically covered by their Employers/Companies/Organizations. What they don’t understand is that the benefits end once you leave the Organization and Join other companies .
Standalone Health Insurance Policy is Expensive and not necessary-You need to have a standalone Health Insurance Policy which remains with you and the benefits of Health Insurance are accrued over a period of time including any waiting waiting period for pre existing problems like Diabetes. Standalone Health Insurance Policies are very cheap than you think if taken before you cross age of 30. After 30, as you start developing Health Complications the risk premium of buying Health insurance Increases. Risk Premium means the risk of Health Complication to arise frequently so that you start availing insurance benefits more than usual for which you are charged more by the Health Insurance Companies .
Alternative Treatment’s of Ayurveda, Aayush, and other not available in Health Insurance-Don’t worry about alternative treatments not covered under Health Insurance , many such therapies and treatments under Aayush can be availed through your Health Insurance Policy .Please check all the details mentioned in the Health Insurance before taking any.
Hospital Networks are less in Health Insurance Coverage and not available in smaller Towns and Cities– It is a major Myth Affecting Major decision Making of Buying Health Insurance. The Health Insurance Companies mostly have major Hospitals covered under their empaneled list of Hospitals .If the empaneled Hospitals are not available you can go to any other Hospital and can get your claim reimbursed through your Health Insurance Company.

List of Health Insurance Companies in India through which Health Insurance can be Availed.

The Health Insurance Cover Ranges from 2 Lacs to 1 Crore depending on your needs , Family Size .You have to choose the Health Cover Amount and The Company providing Health Insurance Wise. The List of Companies providing Health Insurance are: