Changing Perception of Health Insurance: We have come to understand the actual benefit of maintaining a sound immune system ever since the big wave of the new Coronavirus swamped India. Our view and attention towards health have evolved significantly, whether it is using numerous traditional home remedies or investing in preventive measures if you or a loved one does fall ill. One of these steps is to purchase a health insurance policy.
Indian health insurance plans now offer a wide range of customizable alternatives that may be tailored to meet the various medical requirements of individuals, families, and organisations.Regarding awareness and the variety of plans offered on the market, the industry has advanced over the last 20 years. The reach of health insurance in our nation has increased as a result of focused efforts by the regulator and insurance companies to improve customer inclusion and experience.
The largest percentage of buyers was made up of those who were between the ages of 31 and 40, closely followed by those who were between 18 and 25. Since the EMI plan gives them the freedom to spread out their premium payments over time, the majority of these consumers favour it.
Changing Perception of Health Insurance
With adaptable EMI plans and claims procedures, insurance companies have developed COVID-specific insurance plans. For instance, ManipalCigna provides the Corona Kavach Policy and Corona Rakshak Policy, policies that people and families can purchase to protect themselves from the excessive healthcare costs brought on by COVID-19. Making these insurance more reasonable and available will enable more people to remain virus-protected. The pandemic has functioned as a catalyst for greater awareness of health insurance, claims Amit Chhabra, Head of Health Insurance. People are now investing more in high-sum insurance plans for cutting-edge therapies because they recognise how important it is for unforeseen health-related emergencies.
Unfortunately, despite a consistent rise in the number of people buying health insurance, there has also been a rise in the number of claims. Insurance firms put in a lot of effort to make sure that consumers may receive the monies they need on schedule. While Indians are becoming more aware of the importance of health insurance policies and changing their attitudes towards them, such a care option needs to be made accessible to the lowest income groups in society.
Changing Perception of Health Insurance Overview
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However, some outdated notions about health insurance continue to exist in India, which limit the full value of this extremely wise long-term investment. Among them are:
Reactive Rather than Proactive Approach
Knee-jerk reactions have spurred the purchase of plans, especially those sparked by the recent pandemic. Consumers frequently rely on recommendations rather than conducting independent research and weighing the pros and cons of various options. In such cases, the chosen policy may end up being insufficient in terms of extended coverage.
Personalised Plans
Health insurance shouldn’t be thought of as a generic product any longer. With a wide range of customizable add-on covers and top-up choices to satisfy specific requirements, insurance firms offer a wide variety of policies to fulfil the needs of various consumer groups and age groupings. To accommodate their various medical demands, a family might easily maintain multiple plans from different insurance companies.
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More Considerate
It is untrue that health insurance providers will flat-out deny coverage to individuals with pre-existing conditions. These days, insurers also offer coverage to such applicants, but with certain additional conditions like a co-payment.
Over & Above Hospitalisation
Health insurance coverage is not just limited to costs associated with inpatient hospitalisation. Instead, it provides a number of benefits that go beyond hospital stays, including OPD coverage, nursery operations and domiciliary or at-home care.
Long-term Beneficial Features
When buying a health insurance plan, it’s common to miss features like no-claim bonuses, renewability perks, or discounts for policies with a 2- or 3-year validity. Customers gain from these features, especially over time as they provide better value.
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Health along with Health Insurance
In addition to facilitating access to superior care at in-network institutions, insurers also promote upkeep of good health by offering no-cost checkups to monitor vital signs and wellness benefits.
The consumer will undoubtedly feel more empowered if they comprehend the broader implications of health insurance and balance their options to find the greatest fit for a health insurance plan.
Conclusion
Health insurance has undergone a significant transformation in recent years, leading to a changing perception among individuals. Gone are the days when health insurance was viewed as an unnecessary expense or a hassle to deal with. Today, people recognize the value and importance of having comprehensive health coverage. With rising healthcare costs and unpredictable medical emergencies, having health insurance provides a sense of security and peace of mind.
It offers financial protection against unexpected medical expenses and ensures access to quality healthcare services. Moreover, the evolving landscape of health insurance has introduced more flexibility and customization options, allowing individuals to choose plans that align with their specific needs and preferences.
Changing Perception of Health Insurance FAQ’S
Can health insurance be changed?
Health insurance portability allows policyholders to transfer their current insurance to a new provider without losing any accumulated renewal benefits. It is important to note that portability can only be done during the policy renewal period.
How health insurance is evolved?
The origins of health insurance can be traced back to the years following independence. In 1948 and beyond, various government schemes were introduced, such as the Employer State Insurance Scheme (ESIS) and the Central Government Health Insurance Scheme (CGHIS).
Can health insurance premium be reduced?
As you age, the cost of health insurance premiums tends to rise. To decrease your premiums, you have the option to select from various limitations such as co-payment, deductibles, or room rent capping. These restrictions result in a reduction in claim eligibility and ultimately assist in lowering the premium amount. Among these options, co-payment is the simplest and easiest to understand.
Can we claim health insurance twice?
You can claim any number of times in your health insurance policy as long as the sum insured is not exhausted. The sum insured in your policy is the maximum limit which can be utilised by you for claiming any number of times.
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