OneInsure Blog

Health Insurance

Post By Varghese

Health Insurance in India

• Comments
• 07 Aug 2016
• Health Insurance

With a population of over 133 crores, and less than 20% having some form of Health cover, Healthcare is a serious concern in India. Moreover, lack of adequate healthcare resources and a medical inflation rate of around 15%, per year, makes matter even worse.

A study reveals that more than 60% of India’s overall health care expense are paid out of pocket, and every year nearly 2.2% of the population is drawn towards poverty, due to lack of Insurance.

These grim facts are not to scare you but to give you a reality check on the situation of healthcare in India. So why do people really shy away from buying health insurance policies? We have listed some of the common reasons:

• Lack of awareness and urgency

Life insurance is the more popular kind of insurance cover and there are many who would buy a Life Cover but not a Health Insurance policy. This behavior explains the strange mindset of people who have a policy for their death but don’t have a health policy which can prevent them from dying. Moreover, many youngsters feel they are invincible and won’t need a policy anytime soon. Maybe they are unaware of the popular saying in the insurance industry that “Buy a policy when you don’t need it, or else you won’t be eligible when you would actually need one”.

• Too many options to confuse

In India, we have more than 20 Insurance Companies offering more than 300 different Health Insurance Products. The customer has a variety of options to choose from but the disadvantage is that so many options can confuse a customer. As a result, his decision to purchase a policy gets pushed back a few days.

• Lack of funds

A health insurance cover of Rs 5 Lakhs would cost anywhere between Rs 5,000- 10,000 annually, based on your age. However, a lot of people give the excuse of having insufficient funds for this important product while they don’t mind spending a huge amount for their smartphones and other leisure activities. Basically, it’s a matter of prioritizing what is important in life.  

• Underestimating importance of health insurance

Remember the old saying ‘Health is Wealth’. The medical inflation rate in India is approximately 15% per year. Which means a surgery which costs around 1 Lakh in 2016 would cost approximately 1.15 Lakh in 2017 and so on. The steep rise in medical cost can severely hamper your savings and burn a hole in your pocket. With a health insurance policy, you can avail the best of treatment and recover faster, having minimal impact on your professional life and earning capacity.

• Complicated Documentation and Claim Settlement Process

Previously, a lot of customers often complained about the complicated and time-consuming process of buying a policy and making a claim. However, now with the option of buying policies and registering a claim online, this issue is more or less settled. Moreover, with the help of technology, Insurance companies and Brokers have now developed a customer centric approach to make the Claim settlement process easier and faster.

At OneInsure, our expert service and claims support team offers prompt solutions to all your insurance related concerns. And the service is not just limited to customers of OneInsure but Our Claims Assistance service is available for all including the customers who have brought their policies elsewhere. For any inquiry or assistance, feel free to contact us @ 86559 86559, or email your query to support@oneinsure.com.