The Affordability of Health Insurance in India

With the constantly increasing prices of healthcare in India, and with the ever-rising instances of lifestyle diseases in the population, health insurance today is a necessity. Health insurance provides people with a much needed financial backup at times of medical emergencies, but it is an observed fact that till date, medical care in India remains largely as an out-of-pocket expense.

Healthcare in India

While the costs of healthcare have become prohibitive over the years, the fact remains that healthcare in India is still much more affordable than in a number of other countries, like the US. This fact has also given impetus to the medical tourism industry in India, making the country quite a hot spot for a number of foreign nationals seeking affordable yet high-quality treatments. Keeping this in mind, one can observe that compared to the numerous benefits being offered by health insurance policies, the premium liable to be paid by the insured is quite affordable and easy on the pocket, especially when compared to other countries.

Factors Affecting the Affordability of Health Insurance in India

Here’s the thing; the health insurance premium that one has to pay to avail a good insurance policy varies for different people, and is based on a number of different factors. In order to be able to increase the affordability of a health insurance policy, it helps when you know about what affects the premium.

Some of these factors are listed below:

1. Age: The younger you are when you buy health insurance, the better are your chances of availing a wide coverage for a lower premium. Plus, you also have the chance to ride out your waiting periods without needing them.

2. Cumulative bonuses: If you ride out the policy tenure without making any claim, you are eligible for a no-claim bonus, which is a cumulative.

**To understand exactly about the policy coverage, exclusions etc read the Policy Wordings carefully.**