HEALTH CARE- HEALTH INSURANCE AS A MEASURE OF HEALTH CARE

HEALTH CARE- HEALTH INSURANCE - A GOOD OPTION AS A MEASURE OF HEALTH CARE

Health care involves maintenance of good health and  prevention and also treatment of ill-health condition. Prevention, diagnosis and treatment includes medicinal care and also diagnosis tests, hospitalization for surgical and other modes of treatments in some cases.

Health Insurance is one type  of insurance which covers our medical and surgical expenses.  It is the agreement between the insurer and an individual/group, to offer agreed health coverage for a particular premium.

IMPORTANCE OF  HEALTH INSURANCE:

We are all well  aware that medical costs are increasing continuously and it is more than 10% annually.  The situation is  same either in rural areas or urban areas.   Lifestyle changes, sedentary work habits, western culture etc., are leading  to  lifestyle disorders/ diseases, viz., obesity, diabetes,  in turn they may lead to Blood Pressure, Heart diseases, Renal problems, Blindness  etc.,  These diseases are increasing in such a pace that the medical experts predicts that our country may become the cancer and diabetes capital of the world with in a short period.

Although these diseases can be treated to a great extent due to  advancement in medical technology, the costs of the treatment are exorbitantly high, due to the requirement of sophisticated equipment and trained manpower(Medical Specialists).  Now  about 10 Crore people are suffering from diabetes and every year over a million cases of cancer  are reported in India.  The costs of treatment of these diseases are far away from the financial means of majority of us today. More than 40 % of  these patients requiring hospitalization for treatment, have to borrow the money or sell their assets to meet their medical expenditure.  A report says 80 % of expenditure on healthcare is incurred by the people from their pockets and  about 4 crore people in our country are going poorer due to expenditure on medical treatment.

These facts necessitates to take health insurance policies by one and all for  our present day or  for our future needs as one of the best option as a measure of Health care.

HEALTH INSURANCE PLANS:

 Earlier  Life Insurance Corporation of India and General Insurance  Corporation were providing  Health Insurance as health care services in our country.  Now with the emergence of private players, several Banks and Financial Institutions are competing to offer health insurance services under various plans.  There are also several websites online offering  insurance plans and comparative statements of different plans to make a better choice and to take a suitable plan with ease

But most of us still neglect  or postpone this aspect, assuming that we are healthy and  also thinking about financial commitment towards medical insurance premiums/policies as a burden. But it is important to take health insurance policy while we are healthy as a precautionary measure .  Insurance advisers also will be pursuing the people who are in healthy condition and avoid those who are with preexisting condition. If we approach the insurance people  when ill-health condition and symptoms of some serious disorder/disease show up,  they do not take the cases instantly and even if they take, they will not cover the existing condition till four years. It is therefore better/wise to go for health insurance while we are healthy, so that in case any condition/ symptom  show up, we will have the coverage to get good treatment.

One more  important thing is while we are going for health insurance, we should ensure ourselves that proper and adequate coverage is available.  In the present circumstances, if we propose to take a policy for single or couple with no children, at least three lakhs coverage is to be taken and in case of a family of four, it should be at least for five lakhs and more is better.  It is because having insurance of lesser coverage is almost same as not having any insurance at all.

Whether one is a salaried employee in Government or Private Sector, runs own business  or some other activity,  he/she needs right medical coverage.  In case of employees, the coverage provided by their employers may be a basic cover during employment  and no protection when out of job. On retirement companies usually may not provide health cover, but we need it most post-retirement period and if we go for insurance  policy then, the insurance premiums are very high at that age.  Companies are extending protection to families, i.e., their children and spouse or parents in some cases for both also.

However one should ensure that the coverage available is adequate and if not,  to take a personal health insurance policy to cover the gap. Apart from this the premium amounts qualifies for income tax benefit under Section 80 D.

Several health insurance plans are available in the market now to suit to group/individual needs.  With so many options available and  can be taken very easily even on line,  we should research well and with the comparative reports available online and if needed opinion of an expert in this field can also be taken before  finalizing a plan which suits to our  requirements.