Health Insurance in India

So its official, the Fixed Income segment in India boasts of some of the best term and recurring deposit interest rates in the world, thanks to our growth numbers. But for the average middle class, is it advisable to bank just on these extremely low risk instruments?

Health Insurance in India vs. the West

Health Insurance in India has been ignored for many years. Most of the west has grown up with plans like Social Security which ensure the general well being of the population, puts them through regular health checks and covers them for treatment against inconsistencies across the board. But what about Health Insurance in India? Over the years we’ve spent concentrating on growth and development, we seem to have conveniently ignored healthcare. As a result, we have a large uncontrollable, unaudited population with no access to a common ground for healthcare. Health Insurance, hence becomes your primary responsibility.

But why?

Health Insurance helps an individual ease financial pressure in many medical situations. Based on the kind of plan it could apply to an individual or his/her entire family. Premiums for Health Insurance are payable in various modes and usually differ with age, going up as age increases. Most Indian insurance companies do not prescribe a minimum deductible on health insurance so you’re covered from the moment you’re admitted to a hospital for treatment. Furthermore, most Indian hospitals and healthcare centers are directly associated with one or many insurance companies which ensures a cashless treatment facility to the insured individual.

But I’ve never had a sore bone all my life!

That doesn’t matter, health insurance operates purely on the concept of surprise. A clean bill of health so far has little effect on the chances that might land you in trouble.

Does it cost too much?

Health Insurance is surprisingly well priced and one benefits from entering a plan early in life since your premiums start low. Furthermore, loyalty to one company over a period of time offers the insured premium benefits since the company is well aware of the individual’s medical history! Health Insurance premiums are generally deducted via direct debit from your bank, so all you need to do is make your peace with the meager premium expense.

Health Insurance, to a large extent, improves one’s quality of life. It shifts your focus from having to worry about surprise medical expenses and allows you the luxury of planning for a bigger home, better schooling or perhaps a vacation in the Bahamas. It is every bit worth considering!