A view on Indian Health Insurance Industry

Indian health sector is in a state of enormous transition. Increased health consciousness among the majority of the classes and the introduction of lucrative private healthcare financing products are the driving factors for adopting more number of health plans and policies in India. At times, the escalating cost of medical treatment proves beyond the reach of best of your savings in life. While riches have accessibility and affordability towards medical care, the same cannot be said about upper middle and middle class section of the society. Thus, in the view of escalating health care costs, health insurance is emerging as an alternative mechanism for financing health issues.

In India certain sectors like railways, army and the employees working with the central government are covered in a health scheme. Besides, there are also various multinational private sector companies who offer these facilities for their employees. However, there are many people who are deprived of such benefits and it will be smart move to adopt a comprehensive health insurance plan to secure the future of them and their family.

Health insurance guarantees payments to a person in case of sickness or injury and works as protection scheme. Health policies act as modern day investment vehicle which lets you drive your preparation for any medical emergency that you or your family may get involved in. These insurance policies can be bought from any of the reputed insurance firms available in the market ready to cater to your needs and requirements. To get the necessary health insurance cover you have to pay some amount as premium towards the policy. Depending on the premium paid the health policy will pay specified amounts, fitting into the slab of your policy, towards the medical expenses incurred while overcoming the health problem.

Health insurance schemes are particularly important for individuals from the lower income group to provide them and their family members with adequate cover in event of any mishap or illness. The rising medical costs mainly due to the advanced diagnostic and therapeutic procedure systems have become the trademarks of modern medical care. Thus, in such situation a well balanced insurance scheme can guarantee that no compromises are made in your treatment due to insufficient funds.

Remember when negotiating a policy you should always try and select an adequate cover which will cater your needs properly. There are so many reputed insurance company websites that have implemented state-of-the-art facilities for their clients. You can now buy customized policies pertaining to your needs online through these websites without any hassles. Also there are other benefits associated with each type of policy you wish to purchase.

Recently, the healthcare industry welcomed government of India’s proposals to increase tax exemption limits for health insurance cover and set up more AIIMS across India. Increasing the tax exemption on health insurance cover will increase access to healthcare and the addition of more AIIMS will add to infrastructure in the sector. Government says such moves enable people with better access to health facilities. It will also improve affordability, accessibility and awareness of health insurance. According to new proposal, exemption of taxes will help you save upto Rs 15000 to 25000 on regular health insurance policies and up to Rs 30, 000 on policies for senior citizens.