The best way to combat rising healthcare costs is to avail of a health insurance policy. Medical inflation has been in double digits since the last several years, and health plans are beneficial in meeting expenses due to an illness or accident.
However, insurance penetration remains low in India as the percentage of insured people is quite low in the country. Only 18% and 14% of the urban and rural population, respectively have health coverage.
Why should you buy health insurance?
- Health insurance plans cover hospitalization and other expenses in case of an ailment
- Several insurers offer cashless treatment within the network hospitals, reducing your cash outflows
- Such policies cover expenses incurred for major surgeries, such as organ transplants, open-heart surgery, and various daycare procedures
- Health insurance provides you and your family the peace of mind and financial stability if urgent medical assistance is required
Other additional features offered by health insurers
Most insurers offer standard benefits, such as hospitalization, pre- and post-hospitalization expenses, doctors and nurses’ fees, room rent, and operation theatre surgery. However, when you compare health insurance policies offered by multiple insurers, here are some additional features that may be available:
- Health Returns
Modern living is hectic and maintaining good health is difficult. A few insurers offer reward points when you follow a healthy and active lifestyle. You may accumulate these points over a period and use them to pay for medicines, diagnostic tests, or renewal premium.
- Chronic care management program
Lifestyle ailments like hypertension, diabetes, and high cholesterol are common. It is crucial to manage such chronic ailments to ensure a good quality of life. Some online health insurance companies offer chronic care management programs. Under this program, you may consult a panel of experienced and qualified medical practitioners who can guide you in leading a healthy lifestyle even with a chronic condition.
- Alternative treatments
You may avail alternative treatments to manage chronic ailments. Some of these include Ayurveda, Yoga and Naturopathy, Unani, Siddha, and Homeopathy (AYUSH) treatment. Some medical insurance plans cover the costs incurred for such alternative methods. You can utilize a certain percentage of the total sum insured (SI) to pay for these expenses.
Additionally, health insurers offer many riders to provide more comprehensive coverage. Some of these include critical illness rider, room rent rider, and personal accident rider. However, you need to pay an extra premium for such riders. It is recommended that you consider your requirements, current health condition, family history, and financial situation to choose the most appropriate health plan.