The cost of healthcare is on the rise, and so are the types of ailments plaguing Indians these days. With increasing pollution, stressful lifestyle, and the popularity of junk food, lifestyle diseases like diabetes, cholesterol, kidney and liver issues, and cardiac disorders are rampant. The onset of such conditions at a young age is going up. Surgeries, organ transplants, chemotherapy, and such other medical procedures can leave a massive dent in your pocket. Medical emergencies can strike any moment, are you sufficiently equipped to meet the expenses?

What is the current healthcare scenario in India?

Medical science has advanced, and innovative technologies have ensured that treatments or palliative cares for almost every disease are available these days. However, are those treatments accessible to all? Sadly, facts indicate otherwise. Studies1 by the National Sample Survey Office suggest that an overwhelming proportion of the Indian population cannot afford proper medical intervention due to a lack of money. People deplete their life savings, take expensive loans, or even sell assets to meet the treatment costs. The rising cost of medical care makes things worse.

How to make healthcare accessible to all without compromising financial security?

The answer is Health Insurance. When you buy health insurance, the insurance provider guarantees to cover expenses that you incur for medical treatments and hospitalization due to an illness or injury. Your health insurance policy takes care of miscellaneous costs like medical tests, doctor consultation fees, medicines, hospitalization charges, and even post-hospitalization care. The medical care provider is paid directly by the insurance company if there is a tie-up between the company and the provider. In case there is no tie-up, you may have to pay yourself at first, and the insurer reimburses you later.

What are the benefits of health insurance?

Health insurance is not just for the individual insured. You can obtain a cover for your family members as well under the same scheme. The cover offered under Group Insurance may not be sufficient if you have four or more members in your family, and corporate insurance plans provided by your employer may not have an adequate sum-insured. To stay prepared for meeting escalating healthcare costs, health insurance is invaluable. Here are the benefits of buying health insurance:

What are the eligibility criteria for obtaining health insurance in India?

Age – Although there is no set age criterion for buying health insurance for yourself or your spouse it is advisable to get health insurance early in life. Costs or premiums tend to be lower at a young age.
Disclosure of pre-existing ailments – If you are suffering from medical conditions like diabetes or high blood pressure, you will need to inform the insurance provider in advance.

What are the documents required to get health insurance?

Conclusion

Health problems, accidents, and other medical issues can be tough to deal with emotionally as well as physically. When the person who is the bread-winner falls ill, it can get even more challenging for the family. A robust health insurance policy can help you sails through those difficult times keeping your finances intact. You can compare deals online and buy the plan that best suits your requirements as soon as possible and stay prepared for eventualities at all times.

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Disclaimers

1 https://www.livemint.com/Home-Page/gTErhKxOcHv2BIa89RzonM/ThestaggeringcostsofIndias-healthcare-system.html
*Tax benefits under the policy are subject to conditions under Section 80D and other provisions of the Income Tax Act, 1961. Goods and Services Tax and Cesses, if any, will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
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