Magazine : 
The Need of Buying Health Insurance Plans in India with the Right Understanding
We need health insurance plans in India to get better coverage and escape from thick medical bills. Unfortunately, health insurance is on a reverse gear in the country because of the way the market is set up. There is barely anyone who can provide us with the right consultation and understanding without selling their services. The entire process of hospital admission and usage of health insurance in a rush takes away the understanding of it.
Complicated words like deductibles, pre-existing exclusions and sub-limits make you realize that a considerable part of the bill will be paid by you and not the company. Theunexpected cost is in spite of having an adequate policy in place.
Some of the best health insurance companies in India like ManipalCigna Health Insurance have identified the gap in understanding of the policies.
Many buyers still have a trust issue buying insurance via online portals.Also, there has been a constant increase in medical expenses. In a decent corporate hospital, you end up spending around 7 lakh INR within a week even without having a major surgery.
Budgeting for health insurance plans in India
After you have completed your self-research and shortlisted a few health insurance plans in India, you can now consider your budget and pricing. Medical inflation is 15% in India over the past few years. The best health insurance companies in India will definitely provide you with adequate financial support and help you meet the skyrocketing medical and hospital bills.
Unfortunately, only 20-30% of the total population in India—urban and rural—has health insurance coverage in place. Let’s check what kind of health insurance plans in India can meet your needs:
- Individual Health Insurance: An Individual Health Insurance plan in India will cover the cost of a single individual. However, you can have other members such as a spouse, children, parents, etc. added as well under extra premium. The charges of the premium depend demographically on one’s age, medical history and also on the amount insured. Under this plan, you can buy an individual health plan for yourself and your spouse as well, which will cover the cost on an individual basis. But it is always recommendable to go for a family floater instead of the premium individual plan if you are looking to include spouse, children, parents, etc. This will be a cost-effective way and a family plan will provide a comprehensive coverage.
- Family Floater Health Insurance: As the name suggests, the Family Floater Health Insurance plan in India will offer coverage for all the family members—spouse, children, parents, and other dependant members—at a single premium instead of multiple individual premiums. This particular health insurance plan in India is recommended to individuals having small kids or dependent family members with no serious health issues. But suppose there is an elderly member or someone with a critical health condition. In that case, family floater insurance is not recommended for you as the maximum amount of insured money will be utilised by the single individual leaving lesser coverage amount for the other members.
- Critical Illness Insurance: Life-threatening diseases such as cancer, kidney failure, paralysis, etc. are covered under Critical Illness Insurance Policy. The cost of treatment for such conditions is too high due to multiple hospital visits, admission, doctor visits, chemotherapy, etc. for a longer period of time.In such cases, the insured amount is mostly a down payment so that it can cover all the medical costs. However, there is nothing to worry as the best health insurance companies in India will take you through the detailed policy process along with specifications of illnesses covered under the policy.Additionally, your loss of income due to diagnosis of life-threatening disease will be compensated as well under this policy. Generally, it is purchased along with an existing health insurance plan or as a standalone critical illness plan.
- Hospital Daily Cash Benefit Plans: Under this health insurance plan in India, a fixed huge amount of insurance is provided for each day of hospitalization, which will remain unchanged irrespective of expenses made. The individual can use this policy to cover additional costs which cannot be covered by their basic health insurance plan.
- Senior Citizen Health Insurance Plans: Suppose you have elderly parents of above 60 years of age. In that case, it is recommendable to buy Senior Citizen Health Insurance Plans in India. Senior citizens are more vulnerable to severe illnesses, and the cost of treatment for such diseases is skyrocketing. Although the premium is higher due to its expensive coverage benefits, you can avail tax benefits under Section 80D on the premium.
- Group Health Insurance: As this particular health insurance plan in India is provided by an employer or a company to its multiple employees, the insured amount is limited for the coverage. If you plan to extend it to other family members, you can do it by paying extra premium. But the policy will stay only till your services are there with the organization. Hence, it is recommended not to solely rely on Group Health Insurance Plan.
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