Today’s topic of discussion is about Health Insurance.
A large section of people in India are still not aware of Health Insurance. Only 30% of people are covered by Health Insurance, and while the remaining 70% are covered by Health Insurance, most of them are linked to government schemes such as “Swasthya Sathi”or “Ayushman Bharat”.
What is Swasthya Sathi and Ayshman Bharat and it’s limitation
Swasthya Sathi or Ayushman Bharat schemes are health insurance schemes run by the government of India. These schemes are specially made to give health protection to the common people, but there are some problems to be faced in getting high-quality health care. Example: Sometimes there are not enough beds in government hospitals, it is difficult to get better medical facilities, and other health facilities become limited.
For these types of problems, many middle class families faced big financial losses. Many of them became poor for unable to afford medical expenses. So it is very important to have Private Health Insurance for your own financial safety and better health care.
Today we will discuss about why Health Insurance is important, how much should you invest, and which insurance is perfect for you.
Why do you buy Health Insurance?
Health Insurance is important mainly for bearing the cost related to health of you and your family. The cost of medical expenses are increasing, and in the case of serious illness or accident hospital bills became very high. Health Insurance will give you financial support in these situations. If you faced any uncertain health issues, then insurance make the cost easier to manage.
How much money to invest?
The amount of Health Insurance should be determined according to your age.
If you are under 40:
If you are under 40,then there is no need to take Health Insurance at very high premiums. The probability of health issues are low in this age. You can get insurance at lower premiums, but definitely take enough insurance to cover some emergency expenses.
If you are above 50: Health problems are likely to increase at this age, so high premium insurance should be taken in this age. Treatment cost can be high, especially in long-term illness or surgery is required. So high amount of insurance will be important to you.
Bill of hospital and Treatment cost according to state:
Treatment cost vary from state to state. The cost of treatment in big cities like Delhi, Mumbai are relatively high, whereas the cost of treatment in small towns or rural areas may be less. So your amount of insurance should be fixed according to the medical expenses in your state.
From where will you buy a Health Insurance?
There are many Health Insurance companies in India, so it may be difficult to choose the right one. Many online platforms help you to choose the right Health Insurance company. In my opinion “Ditto” is a better platform, which is helpful in comparing various health insurance options and choosing the right insurance.
Types of Health Insurance:
1. Indivisual Health Insurance:
This policy is issued in the name of an individual person. You can do it in the name of any one of your family. He or she will benefit, in whose name is the policy.
2. Family Health Insurance:
This policy is for whole family members. It’s means the treatment cost can be covered by this policy if any member of the family is sick. Generally, it is more profitable because single premium to be paid for multiple persons.
3. Critical illness coverage:
Under this policy, treatment expenses are borne in case of serious diseases like cancer or heart disease. The cost of treatment is generally in these types of diseases, so it is a very important policy.
4. Senior Citizens Health Insurance:
This policy is mainly for old citizens. Health Insurance benefits for seniors are much more accessible now than ever before. This policy is very helpful for seniors’ treatment.
Maternity Health Insurance:
Maternity Health Insurance is provided for women with maternity problems. Expenses related to pregnency and childbirth are covered under this policy.
Terms and conditions:
There are few own terms and conditions of every insurance company. Insurance should be bought by read those terms and conditions. Many time we bought insurance without reading the terms and conditions, and got in trouble later. So must read the terms and conditions carefully and then take the decision.
Conclusion:
Everyone should get health insurance if they are financially strong. Health insurance is very important to avoid major financial loss due to illness or accident. Right Health Insurance can provide great financial support to you and your family.