The medical cost is rising every year by around 15 to 20% in India, and the medical expenses are even rising because of lifestyle changes that are the cause of more diseases.
Health insurance is thus important because it covers you in this event of unpredictability and it gives you the financial stability to meet the health expenses for yourself and for your family. However, the sad truth is that even though the importance of having a best health insurance plan in India is well known, still very few people have accepted it. The penetration of this plan is not a lot in India. But if you consider the benefits that this plan offers, it can be said without doubt that health insurance is a must for each individual.
What Is A Health Insurance?
This is a plan that is offered to you by the insurance providers, and this plan is designed in such a way that it protects you and your family from any health-related issues. The issues that are caused and that which affect your health are unavoidable and with the change in lifestyle more and more people are having health issues today. On the other side, the medical costs have escalated a lot, and this keeps you in a very difficult situation if you are not prepared to meet the medical expenses.
Why Should You Take A Health Insurance Plan?
There are many reasons that make it clear why one should definitely invest in a best health insurance company in India. This is in fact not a luxury but a necessity. The benefits of these plans are huge, and they stand way ahead of the cost of the premium that you pay and the exclusions that are excluded in the list.
The life expectancy is very high these days, and this has, in turn, increased the medical expenses. But many are in a fix when they have to spend their long-term assets like a house and family property to fund for theirs or their familys medical expenses. This also results in huge loans and mortgages which puts the individual in even more trouble. This is when you take a health insurance plan, and you can stay safe and not have to get into debts or sell off your only home.
The health insurance plan like SBI health insurance plans covers the hospitalization cost as well as the cost of treatments and surgeries. It also covers the medicine cost. Make a comparison of health insurance plans in India. There are many other reasons why you should take a health insurance plan:
- The health issues can arrive any time without any warning
- The chances of having life-threatening disease are very high in todays world
- Until you have loads of money to spend, you will never be prepared to pay for your treatment
- The cost of medical treatment has risen exponentially
- The health insurance plan covers the expenses and all the treatments and other financial costs and thus lightens your burden to a great extent
- The health insurance plan will offer you a cashless facility, and thus you will not have to pay out of your pocket. The patient can relax because he knows that all his finances are well taken care of.
- The medical expenses do not fall upon a family member completely
- The insurance company will provide other benefits like ambulance cover, emergency assistance and hospital cash
The common types of health insurance plans sold in India are:
- Individual Mediclaim This is simple health insurance plan, and this plan covers any expenses of hospitalization for a single person till the sum assured amount. The sum assured is a factor of the premium paid. In case there are other members in the family then all three of them can buy individual policies, and all the policies will be independent of each other.
- Family Floater Plan This is a higher version of the individual health insurance plan, and here the sum assured gets floated among the family members. It is a single plan that covers the entire family up to the total value of the sum assured. The premium that is payable for family floater plan is at most times less than that paid for individual policies. Check the best family floater health insurance plans in India. It is the health insurance plans for a family.
- Unit Linked Health Plan The unit linked health plan combines investment and health insurance, and you get the amount in return once the insurance plan ends. The return that you get is based on what the market condition is. These plans are still in the nascent stages. Since the unit-linked plans are linked to the market, so it is best to stay away from such plans.
Conclusion
Health insurance is very important because of this reason. This is indeed a very smart investment and gives you peace of mind. However, you need to spend some time to research about the product to know the best health insurance in India review and if the top 10 health insurance companies in India are good and offer you the required coverage. Also, make sure to check if the plan is affordable and has a good pay-out.
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