Health Insurance
Healthcare is an essential requirement in today’s day and age. Gone are the times when health insurance was a luxury. Instead, now, it is a necessity. The soaring cost of healthcare due to climbing medical inflation makes it difficult to pay for medical treatments from your savings. At such times, a health insurance policy, also known as medical insurance, comes in handy to safeguard your finances, as well as to ensure the availability of quality and standardized treatment facilities.
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What you should know
The rising treatment costs are especially hard for low and middle-income groups, and medical insurance is a way to ensure a financial safeguard for these emergency medical situations. In the October 2021 report of NITI Aayog titled ‘Health Insurance for India’s Missing Middle’, statistics suggest that nearly 30% of India’s population is devoid of health insurance coverage [1]. These numbers could be higher due to the gaps and the overlap in the existing government schemes. This low insurance penetration is concerning when it comes to the low and middle-income groups.
Why is it important?
- The medical inflation data available in the public domain indicates that the average rate of rise in medical costs is between 12% to 14% every year in India. With these levels of inflation, it becomes increasingly difficult to accumulate savings in proportion to the rise in medical treatment costs. Thus, health insurance plans come in handy where you only pay a specified amount of premium for insurance coverage. This, especially for low and middle-income groups is beneficial since they cannot set aside a large corpus to meet the medical expenses that may arise. Instead, a steady premium, be it monthly or annually, is a systematic approach that can contribute in the long term towards the protection of their health.
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Any serious ailments, whether it is a day-care procedure or an elaborate operation, require you to spend thousands of rupees. For a serious ailment, this amount may even run into lakhs. Thus, a health insurance policy helps safeguard your finances by compensating for the treatment expenses. In such a case, the out-of-pocket expenses are at a low level, helping you save for retirement and not spend the amount saved on medical expenses. *
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Quality treatment is essential to ensure that the medical condition is addressed with due care. For middle and low-income groups, limited financial resources may limit their ability to seek standardised quality healthcare facilities. With a health insurance policy acting as their safety net, they need not worry about the treatment cost and not compromise on the quality of treatment. *
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