India mediclaim insurance for individuals
The Individual Health Insurance plan covers only one individual, the policyholder, who will be eligible for the benefits of the health insurance plan basis the premium he has paid for this cover. This kind of health insurance for individuals offers cover only medical expenses incurred by the insured individual for benefits admissible under the chosen plan. Individual Health insurance is a contract between the insurance company and an individual wherein the insurance provider guarantees to take care of admissible medical costs of the latter based on the premium paid by the individual. All insurance companies have separate health insurance plans offering health insurance for individuals as well as insurance for family and group.
Every individual should buy health insurance and for themselves and members of their family, based on their requirements. Buying health insurance protects individuals from the sudden, unexpected costs of hospitalization (or other covered health events, like critical illnesses) which would otherwise make a major dent into household savings. Each person is exposed to various health hazards and a medical emergency can strike anyone of us without any prior warning. Healthcare is increasingly expensive, with technological advancements, new procedures and more effective medicines that have also driven up the costs of healthcare. While these high treatment expenses may be beyond the reach of many, taking the security of health insurance is much more affordable.
Though the latest NHP (National Health Protection) data do not give figures for 'out of pocket expenses’, the WHO has estimated that in 2017-18, the ‘out of pocket expense’ on Health care was 78% against a world average of 18%.This means that the penetration level of Individual Health Insurance is so low that people are paying for their medical treatment from their hard earned savings and not Health insurance. This is the largest opportunity that lies before the Indian Insurance industry.
