More awareness needed among Indians with regards to buying health insurance
In a country with a population of around 1.3 billion, many people find themselves in confusion when it comes to buying a health insurance policy. Many prefer to seek the advice of their friends and family and follow in their footsteps rather than making the decision based on their own needs.
While taking a good look at things and seeking advice is the right way to go before investing in anything, when buying a health insurance cover, people need to consider certain significant aspects regarding themselves to make a profitable purchase.
What’s the issue?
As compared to the last decade or even the one before that, the cost of healthcare in the country has shown a rapid increase. This means that Indians shell out way more money for a certain healthcare service at present than they did ten years ago. On top of this, India, even among developing markets, happens to be one of the least insured countries around the globe with a penetration rate of only around 20%.
Again, with only a handful of people enrolled under health insurance plans, the country ranks among places with the highest out-of-pocket spends in healthcare. On the contrary, China, another among countries with an expansive population, happens to treat health insurance as a government priority.
What needs to be done?
The country’s population, especially the growing middle-class section in the society, needs to become aware of the fact that health insurance plans are in fact a worthwhile investment. With products brought out specifically to help people attend to their healthcare needs in a more hassle-free manner, health insurance keeps people ready to face unexpected healthcare issues. Having comprehensive health insurance plans to back them up, buyers can enjoy a better quality of life while spending much less than they ordinarily would on healthcare.
Moving on, people also need a better understanding of how to go about purchasing a health insurance plan. Some of the major aspects that they need to focus on include –
The insurer’s background –
One must assess an insurance company with regards to their products, quality of services, reputation in the market, claim settlement ratio, etc.
The health insurance policy –
One must evaluate the policy they wish to buy before actually purchasing it. Some of the key things to look at include the extent of coverage, exclusions, terms of coverage, etc.
Comparing policies before purchase –
It is a good practice to compare various policies before buying. However, instead of settling for the cheaper plan, one must opt for the one that meets their requirements well.
Buying policies online –
Buying insurance online is not only easy, people but also tend to get various extra benefits.
Being honest about your ailments –
Hiding important details about one’s existing health conditions could get one penalized. One must always disclose all relevant facts, so as to get coverage accordingly.
Buyers can even consider riders or add-ons along with their comprehensive health insurance plans to gain more coverage and benefits. It is also advised that they carefully go through the documentation to avoid any regrets later on.