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Increasing medical costs have made it difficult for individuals to have a financially stable and secure future. Organizing cash for medical crises might be difficult as well. Health insurance coverage can help in this situation.
A health insurance policy is a contract with an insurance company that covers an insured person’s medical and surgical expenses. An individual can purchase such a policy against monthly or annual premium payments for a set period of time, depending on the terms of the insurance coverage. If an insured needs financial assistance for medical reasons during this time, the insurance provider reimburses or bears the costs.Need of a Health Insurance Policy.
Nobody expects to get sick or injured, but a serious illness can strike at any time. The cost of treatment compels you to make sacrifices on other expenses like your child’s education or mortgage payments. In 2016, the life expectancy at birth in India was 68.7 years (for males) and 70.2 years (for females). Non-communicable illnesses accounted for 61% of deaths in India in 2017. At present, ~700 million individuals suffer from hypertension and ~73 million from diabetes, and this number is only expected to rise.
But what do these statistics signify?
It informs us about potential medical difficulties that individuals may experience in the future, as well as the associated treatment costs. NITI Aayog reported that by 2022, India’s healthcare market is predicted to be worth $372 billion, reflecting the country’s expected increase in medical costs.
These astonishing figures, combined with escalating medical costs, highlight the value of health insurance coverage in India for a family’s financial well-being.Benefits of Health Insurance PolicyMedical costs are increasing, and lifestyle-related disorders are on the rise as well. In this instance, having health insurance protects you from unavoidable costs.Health Insurance provides comprehensive coverage for all expenses that may arise as a result of a medical emergency, all under one policy.
Every health insurance company has a network of hospitals with which you may make cashless claims and receive other benefits. This simplifies the entire process of obtaining emergency medical care.
How Does a Health Insurance Policy Work In India?
Choose a health insurance coverage that assesses your needs based on your age, medical past, and other criteria. An insurance firm provides coverage in the form of an amount assured, which a policyholder receives in exchange for his or her premiums. Some insurance policies provide a daily allowance, which allows you to get daily hospital cash to cover your daily expenses for the number of days you’re in the hospital. You will be given a policy after the terms and conditions are finalized.