The cost of healthcare services in India is escalating much faster than the income levels of the vast majority of households in the country. The expenditure required for a hospital stay, a health examination, or a consultation with a specialist could be quite high, taking several months to offset. Nevertheless, there are still millions of Indians who do not have proper health coverage, either due to the misconception that affordable quality health insurance coverage does not exist.
This misconception is resulting in an additional financial burden on Indian families, which could have been avoided.
There are affordable health insurance plans available regardless of your budget or age. Selecting an appropriate one requires thorough research and knowledge of the market, rather than compromise.
Why Affordable Health Insurance Is Not a Contradiction
Affordability tends to conjure up an image of sacrifice. Where health insurance is concerned, the consequence of this assumption can be either the waste of money on insurance coverage that is unnecessary or even non-existent insurance coverage altogether.
In truth, there is no greater peace of mind than a well-designed health insurance cover offered by a trusted insurer. This can only come from learning how premium prices are influenced and making conscious decisions that ensure that you get your money’s worth.
Age emerges as the top determinant of premium prices. For instance, a 28-year-old person in good health would end up paying much less for insurance than someone who is 45 years old, yet with similar sums insured. Being young and insuring yourself early is perhaps the best way to afford health insurance.
Types of Affordable Health Insurance Plans Worth Knowing
Having knowledge about the alternatives available will make the decision-making process much easier and much more efficient.
Individual health insurance – This insures one individual alone, and it comes with a sum insured allocated for that individual alone. Individual insurance is quite economical for young people who are in their careers and students because they can buy this insurance without having pre-existing conditions.
Family floater – The entire family is covered by one plan and one sum insured. It is always cheaper for a family to purchase a family floater than to purchase individual insurance for every family member individually.
Government-subsidized schemes - Ayushman Bharat, as well as other state government schemes on health care, offer considerable cover to the qualifying families with minimal or zero premium costs. It is important to know whether you qualify for such schemes before looking for insurance schemes in the private sector.
Top-up/super top-up health plans - Such plans come into force after exhausting your basic plan. They provide an extra cover on a relatively small extra premium. The best way to ensure comprehensive cover without buying expensive basic plans is to purchase a top-up plan for a lower basic plan.
Group health insurance - Group health insurance provided by employers is perhaps one of the cheapest types of insurance due to subsidies offered by the employer. It is important to have personal insurance even while working for an organization because such group insurance will end with termination of employment.
What to Look for When Choosing an Affordable Plan
The low cost of premium cannot always be the sole factor considered while deciding on which health insurance plan is affordable enough. There are many parameters to measure whether a plan really offers value to its subscribers.
Sufficient coverage - The sum insured required in metros or tier one cities is Rs. 5-10 lakhs per person. Undervaluing by choosing underinsurance to save costs proves costly later when making claims.
Wide network of hospitals - Choosing a policy which provides a network of hospitals nearby without having to make payments at the time of making claims.
Claim Settlement Ratio - You must always go for the insurance company with the highest claim settlement ratio, which should be over 95 percent. There is nothing like this in the world, which will help you assess the true worth of a policy better than this one.
Clarification of Waiting Periods - You need to know about the waiting periods for any pre-existing condition, for a particular disease, or maternity cases before choosing. Even a small waiting period makes a great difference despite the premium increase.
Renewal Conditions - It must be clarified whether there will be lifelong renewal or not, and the insurance company won’t refuse any claims history for renewal purposes.
The Real Cost of Having No Health Insurance
Premiums for health insurance will always be predictable, easy to manage, and inexpensive when you choose wisely. An emergency without insurance will be unpredictable, costly, and could erase decades of savings in just a few days.
Without proper health insurance every year is a year that exposes your family to an unnecessary risk, one that can be mitigated for a relatively small amount of money each year.
For comprehensive and professional advice in choosing the best health insurance plans that fit your family's unique situation, get in touch with Insurance Guru today and allow our dedicated professionals to assist you with making the best choice.
