Health Insurance In India – healthytalk8

Insurance

Health insurance is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses.

According to HIPAA (Health Insurance Association of America), Health insurance is coverage that provides for the payment of benefits as a result of sickness or injury.

According to the World Bank, In 2010, more than 24% of India’s population had access to some form of health insurance.

Health Insurance

Insurance means that covers both public and private sector organizations.

In India, the health system is one of the largest in the world, with the number of people it concerns nearly 1.3 billion potential beneficiaries.

The health industry in India has come up rapidly and has become one of the most important sectors in the country in terms of job creation and income.

According to a study in 2018 around 1000 million people in India do not benefit from health plans and In 2011 3.9% of India’s GDP was spent in the health sector.

In 2016, the NSSO released the report “Key Indicators of Social Consumption in India” health based on its 71st round of surveys.

The survey tells that in 2014, there are more than 80% of Indians are not covered under any health insurance plan

In India, the health insurance sector mixes public and private providers.

Health conditions and benefits of services vary greatly from one state to another.

However, public health services provide free basic health care to all. but even then, most of the public suffers from inadequate resources and poor management.

As a result, the majority of the population is moving from the public sector to the private sector, which is also known for expensive care and a lot of looting.

Best Health Insurance Companies in India

Health has become a priority for us in 2021. although before, but after covid-19 health care has become more important for us.

Bbecause they taught us a lot that, the job is temporary, no one knows about diseases when they should happen, and no one knows about death when it sits on whose head, etc, therefore, life and health insurance should be done.

Here the company’s list will be shown very care carefully like how many hospitals he is allied with, have a cashless facility or not, how much the health claim settlement, ration, etc.

Insurance company	Hospitals network	Incurred claim ratio	pre and post hospitalization	solvency ration
HDFC ERGO	10,000+	64%	60 pre and 180 post days	1.77
Care Health	10,200+	63%	60 pre and 90 post days	1.69
ICICI Lombard	6,500	76%	30 pre and 60 post days	2.2
Aditya birla	6000+	59%	30 pre and 60 post days	1.99
Care health	15,500+	55%	30 pre and 60 post days	1.53
Bajaj allianz	6,500+	85%	60 pre and 90 post days	2.45
Tata AIG	6,200+	78%	60 pre and 90 post days	1.84
Max Bupa	5000+	50%	30 pre and 60 post days	1.64
Reliance	7,300+	94%	30 pre and 60 post days	1.54

And there are cashless facilities in all of them.

Types of Health Insurance

There are main 7 types of health insurance policies in India that take care of your medical bills.

Individual Health Insurance Policy

These plans offer financial benefits to an individual in case of medical emergencies such as:

• Hospitalizations
• cost of treatment
• surgeries
• room rent
• daycare
• procedures, etc are mostly covered in this plan

The best part of this plan you can buy an individual policy is that it offers an individual sum insured limit for each covered member.

Medical Insurance

Medical insurance is also known as a mediclaim policy.

It includes in-patient expenses, doctor’s fees, oxygen, surgery expenses, anaesthesia, etc.

This insurance is available in the market group Mediclaim, individual medical insurance overseas medical insurance, etc.

Family Floater Health Insurance

If you want affordable health insurance for all your family members then family floater health insurance should be your choice.

You can cover your entire family under a single plan with this insurance policy.

One positive thing is that the premium that you shell out with these plans is comparatively lesser than the individual or Mediclaim policies.

Group Mediclaim

In this, plans come with a low-cost premium. this insurance is gaining popularity among the medium or large-scale enterprises that are offered by employees.

Group health insurance covers you for hospitalization due to accidents, illness, critical illness, psychiatric illness, and maternity.

Group health not only offers coverage to your employees but also enhances the goodwill of your company.

Notice: an employee is covered only till the time they work with your company.

Maternity Health Insurance

These are women-specific health insurance plans.

Such plans provide coverage for pre-natal and post-natal expenses along with the Pregnancy delivery and ambulance cost.

New couples or families who are planning a baby in the coming years should buy this policy.

It covers child delivery including medically essential terminations, infertility expenses, and coverage for the newborn baby up to its first 90 days.

Senior Citizen Health Insurance

As if you are getting to know by looking at yourself.

This is health insurance for senior citizens who are above 60 years of age.

If you have grandparents or parents who are above 60, then this (SCH) is a good choice for them.

The maximum entry age limit has been pushed to 70 years of age with lifetime renewability.

This (SCH) covers the cost of medicine, hospitalization, illness, accident, treatment, and some other benefits like domiciliary hospitalization and psychiatric are also covered.

Critical illness insurance

This health policy is especially for fatal diseases that include:

• kidney
• Cancer
• Heart attacks
• Paralysis
• Stroke
• Pulmonary arterial hypertension
• Multiple sclerosis

Getting treatment for these diseases is a costly affair.

Under this insurance plan, as soon as you are diagnosed with the disease, it pays you a predetermined amount irrespective of the actual cost of treatment.

Such a plan is advisable for those who have a history of illnesses in their family.

Health Insurance Benefits

It is mostly said that health is wealth which is correct also, but changes in the environment cause various health problems like heart diseases, typhoid, etc

Here are 6 benefits of health insurance that should buy for your family, child, parents, etc.

• Safeguard saving

• Cashless treatment

• Lifestyle disease: Give lifestyle disease coverage like asthma, illness, accident, etc.

• More than hospitalization: maternity benefits, day-care facility, illness, etc

• Corporate plans top-up

• Comprehensive coverage for young

Tax Benefits

Under section 80D of the Income Tax Act, the insured person who takes out the policy can claim tax deductions.

25,000 rupee for a self, spouse, and dependent children

50,000 rupees for parents

Down Line

Health insurance is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses.

According to the World Bank, In 2010, more than 24% of India’s population had access to some form of health insurance.

If you want affordable health insurance for all your family members then family floater health insurance should be your choice.