Why the Majority of People Skip Buying Health Insurance Policy?
Health insurance has become a necessity in India these days. Try telling this to the people of the country and many would ask: Why? There are many reasons for having a proper health insurance policy. The main reason is the escalating cost of medical treatment. Illnesses are not at all class-conscious and can happen to anyone. If a person gets ill and he or she happens to be without an insurance cover, then the person has no option but to forego a substantial amount of money from his savings. That is precisely why you need health insurance.
Apart from the rising medical costs, the environment we are living in has become very toxic and polluted. Because of that, it is easier to contract diseases these days. Notwithstanding the huge risks people are exposed to, many in India still give health insurance a miss. There are many reasons for this.
Let us look into the reasons why people in India to shy away from health insurance.
The illusion of Not Being Prone to Illness
As said earlier, the surroundings in India are not very conducive to healthy living. To make matters worse, the sedentary lifestyle can also expose them to many illnesses. However, many people live under the illusion that they are not prone to any kind of disease. So, they feel health insurance is unnecessary. In case they get afflicted by any ailments, medicines, and treatment would take care of them. Although medical advancement has enhanced the life expectancy and chances of survival, to avail such sophisticated health care facilities, one needs to be financially prepared as well. However, many in India hardly consider these aspects and keep ignoring health insurance.
Lack of Awareness
Health insurance is not mandatory in India. Hence, not many people bother about it. In the case of motor insurance, everyone in India is legally bound to have one in India, and that explains why many opt for the same. People, in general, find health insurance to be an exercise in futility, as they feel they are not going to gain anything in return. With benefits of insurance being invisible, unlike a car or a house, the situation warrants an awareness drive for the same in India. Unlike the west, where insurance is given a lot of importance, this concept has not yet gained currency in India.
Myths Regarding Affordability
As insurance involves paying premiums on a regular basis, many people feel that they can’t afford the same. However, there are many affordable health insurance plans online at IFFCO Tokio which can be accessed to help find the policy that fits into your budget.
Claims are Not Prompt
Many in India fear that insurance companies don’t pay claims when the need arises. However, this belief doesn’t hold any weight. Now, everything is organized and prompt under the watchful eyes of The Insurance Regulatory and Development Authority of India (IRDAI), the regulatory body of insurance in India.
Many in India continue to suffer due to a lack of an effective health insurance policy. In the absence of proper legislation and understanding, people continue to ignore this vital aspect. But by debunking certain myths regarding health insurance and doing proper research, one can easily ward off the fear of buying health insurance in India.
**To understand exactly about the policy coverage, exclusions, etc read the Policy Wordings carefully.**