A good health insurance plan embodies more than financing medical expenses, lost income, and replacement services; it incorporates means of risk reduction such as risk avoidance.
Health insurance or medical insurance is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses. As with other types of insurance is risk among many individuals. By estimating the overall risk of health risk and health system expenses over the risk pool, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to provide the money to pay for the health care benefits specified in the insurance agreement. The benefit is administered by a central organization, such as a government agency, private business, or not-for-profit entity.
In India, provision of health care services varies state-wise. Public health services are prominent in most of the states, but due to inadequate resources and management, major population opts for private health services.
To improve the awareness and better health care facilities, Insurance Regulatory and Development Authority of India and The General Corporation of India runs health care campaigns for the whole population. IN 2018, for under privileged citizens, Prime Minister Narendra Modi announced the launch of a new public health insurance fund called Ayushman Bharat Yojana and the government claims that the new system will try to reach more than 500 million people.
In India, Health insurance is offered mainly in two Types:
- Indemnity Plan basically covers the hospitalisation expenses and has subtypes like Individual Insurance, Family Floater Insurance, Senior Citizen Insurance, Maternity Insurance, Group Medical Insurance.
- Fixed Benefit Plan pays a fixed amount for pre-decided diseases like critical illness, cancer, heart disease, etc. It has also its sub types like Preventive Insurance, Critical illness and Personal Accident.
Depending on the type of insurance and the company providing health insurance, coverage includes pre-and post-hospitalisation charges, ambulance charges, day care charges, Health Checkups, etc.
It is pivotal to know about the exclusions which are not covered under insurance schemes:
- Treatment related to dental disease or surgeries
- All kind of STD's and AIDS
- Non-Allopathic Treatment
It's generally a good idea to have some health insurance if you're young and relatively healthy—at the very least, for catastrophic events. Accidents and severe illnesses can strike anyone, and even a brief emergency room visit or an outpatient surgical procedure can cost hundreds or thousands of dollars. Without health coverage, you're responsible for all of those expenses. While it's becoming rarer, some providers and ERs will turn you away if you're uninsured.
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