Waking Up Medical Insurance in India

Insurance

It is beyond doubt that medical care expenses becomes difficult to bear, when a person faces any sudden mishap or is diagnosed with critical illness or an accident in life. Many families in India have already faced financial blow because of these rising medical expenses, when their loved one faces any unforeseen incident that arises medical emergencies in their lives.  

Given the high cost of healthcare, and rise in the number of illness that are prevalent, people have realized the importance of health insurance. The field of medical insurance in India is growing slowly. People are getting to know the true worth of investing in a mediclaim policy. However, there are a number of steps that still need to be taken to push forth this growth. The whole concept of healthcare and healthcare solutions is looked at from a suspicious point of view. While only a handful of people have realized the potential of mediclaim, there is a vast majority that does not even know that medical insurance plans exist. There are several steps that can be taken to spread this awareness. 

The government and the private sector need to work hand-in-hand to help medical insurance in India grow. The government is indeed taking steps by promoting awareness campaigns, relaxing laws for foreign players to enter the Indian market, and several other steps. One of the biggest steps that the government has taken to ensure that an investment in health insurance has an added benefit is the tax exemption on the premium amount. The ITA allows tax benefits on the amount that is spent for premium under section 80 (D). 

Private insurance providers should simultaneously ensure that the insurance plans that they offer the individual would be simple to use and understand. Most people are under the belief that an insurance policy would not pay for the claim when needed. The branding and positioning of insurance providers should also be customer oriented. Another factor that can enhance the growth of medical insurance in India is the regularization of healthcare costs, quality of treatment, and procedures. The quality of services offered by insurers also plays a major role. 

The portability feature allows policy holders to switch from their initial provider to a new provider along with the accrued benefits. This aspect has upgraded the level of services offered by medical insurance companies. People use this facility of portability to change their provider. It helps them in seeking services with quality standards. One of the major benefits of Government approval to this facility is the cooperation among insurers in sharing information. It was one of the steps taken by IRDA to recover healthcare condition in India.

The government's plan to upsurge health allocation by 20 per cent to enlarge the scope of the Rashtriya Swasthya Bima Yojana (RSBY), are believed to help a bit. 

Companies like Apollo Munich are trying to make policies that are simple all the way—right from the purchase process to the usage. It has brought several products for the Indian citizens such that they can get right kind of treatment with no financial anxiety. A large variety of products along with quality services make Apollo Munich a choice of many in India. The company has brought plans for people of one and all. One just need to ponder over his or her needs and budget and choose a plan carefully. There are Easy Health, Insure Health, Maxima, Optima Cash, Optima Restore, Individual Personal Accident Insurance, Easy Travel, Optima Plus, etc.