Role of Health Insurance During Rising Death and Diseases
Did you know India ranks second in the global diabetes epidemic, with more than 77 million people in the country with diabetes? Yes! The rising number of non-communicable health conditions like diabetes, hypertension, cancer, and digestive diseases are of the biggest concerns in India today due to a sedentary lifestyle, poor diet and nutrition, stressful working environment, intoxication, and many more factors. Along with increasing diseases, deaths are also increasing. Cardiovascular diseases cause 25% of deaths in India, followed by respiratory diseases causing 10.20% of deaths.
The global pandemic has caused so many deaths in the last two years. Though people in India have become health conscious and started to take health precautions by getting regular medical screening done to prevent possible health hazards, equal attention is not given to the necessity of adequate health insurance coverage.
Though lifestyle diseases are increasing and death rates are on the rise, health insurance has still not gained importance in Indian society. Even today, almost 30% of the Indian population is uninsured, which means it has absolutely zero amount of health insurance coverage. The other 30% to 35% are underinsured. Surprisingly, only 27% to 30% of the Indian population is adequately insured with the proper health insurance coverage. The mortality rate among the uninsured population is a lot higher than that of the insured population when it comes to health insurance.
Lack of health insurance coverage can lead to mortality risk as the individual may not get the right treatment or quality healthcare treatment at the right time due to lack of financial support. Having an adequate amount of health insurance coverage ensures much-needed financial support in the event of medical emergencies. Let’s take a look at the role health insurance can play in improving health and how health insurance can protect you.
Role of Health Insurance in Fighting Diseases and Increasing Death Rates
Adequate health insurance and the right type of health insurance coverage can highly improve the overall well-being of society. As per studies, health insurance policy improves the access to healthcare in general which would lead to a healthier society. Let’s take a look at the reasons to have health insurance coverage and the role it can play in fighting diseases and alarming death rates.
1. Provides Financial Cushion Against Catastrophic Health Events
Health insurance provides financial protection against unexpected and unpredictable health emergencies. As medical inflation is skyrocketing, getting treatment for even a minor illness can burn a hole in your pocket. You cannot ignore the fact that lifestyle diseases like hypertension, diabetes, cancer, etc, are rapidly increasing due to various factors. These health conditions can result in further medical complications which would make it financially stressful to afford the expensive treatments.
For example, hypertension, when not treated or managed properly can result in cardiovascular health problems which are quite expensive to treat. Having the right amount of health insurance coverage can only help you avail of quality treatment at the right time without any financial hassles. It is important to know that there is a waiting period to cover many such health conditions.
Hence, buying health insurance coverage at an early age when you are in good health is extremely important. Cashless hospital cover can play a vital role in getting you the necessary treatment when you are in need.
2. Wider Coverage at an Affordable Cost
It is important to understand that the health insurance premium is an essential cost. Not buying health insurance coverage when you are in good health, thinking that it would be a waste of money, could cost you heavily in the future. When you opt for health insurance coverage at an early age, you can get more comprehensive coverage at a lower rate of premium with lifelong renewability.
A comprehensive health insurance plan can provide you a wide range of coverage for various health conditions, including both physical and mental health conditions. There are many types of health insurance plans with varying coverage, such as individual health insurance plans, family floater health insurance, critical health insurance plan, etc., which you can avail yourself of based on your health insurance needs. You can avail of online health insurance coverage, which is comprehensive and also comes at an affordable rate premium.
3. Encourages You to Stay Healthy
Most health insurance companies offer you wellness programs along with their health insurance policies that encourage you to get healthier by practising healthier behaviour. There are also rewards offered in the form of premium reductions for people who quit smoking or become a part of a health club.
There are many policies that offer coverage for annual health check-ups and preventive care. Value-based health insurance designs ensure you move towards a healthier life.
4. Enhances the Quality of Healthcare
Health insurance companies have developed measures to monitor the quality of healthcare, the quality of hospitals and clinicians, and also to improve the quality.
Rating systems for the advanced and quality healthcare services provided by the network hospitals in their empanelled hospital list helps the policyholder in choosing the right healthcare provider to avail the quality healthcare. This also enhances the quality of healthcare services offered to the people in the country.
In a Nutshell
To sum up, the right health insurance coverage can play a crucial role in building a healthier society. The main objective of any health insurance plan is to provide better financial protection against any medical emergencies that could lead to financial burnouts and savings depletion etc. During this time of increasing diseases and deaths also, a health insurance plan can play a vital role by helping everyone avail of quality healthcare services at the right time. Along with healthier lifestyle practices, the right health insurance plan with adequate coverage is the key to a healthier future.
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Age criteria for health insurance plans vary from one insurance provider to another. Generally, anyone between 18 years to 65 years of age can buy health insurance coverage in India. Children from 90 days to 18 years can be covered under a family floater insurance plan.
There are various types of health insurance plans available in India which are designed depending on the needs of individuals and families. Some of the main types of health insurance plans are standard individual health plans, family floater health insurance, critical illness health insurance, group health insurance, senior citizen health insurance, maternity health insurance plans, etc. You can avail of suitable health insurance plans depending on your healthcare needs.
Pre-existing illness is a medical condition, ailment, or injury that the insured person has already suffered while buying a health insurance plan. Health conditions like hypertension, diabetes, sleep apnea, depression, etc. are considered pre-existing health conditions.
Apart from accident-related hospitalization, all other health emergencies are covered only after the completion of 30 days initial waiting period. Cover for pre-existing illnesses comes with a waiting period of 24 to 48 months depending on the terms of the policy. Specific treatments can have a waiting period of 12 to 24 months.
There are no restrictions on the number of claims that you can make in a year in a standard health insurance policy. You can claim until the coverage amount is exhausted.