This blog intends to create the awareness about Health Insurance in India with some stats and theories
Hope you all are safe and doing great!!!
Amidst this COVID 2019, I came across a vital information on internet which showed that as on FY 2019, only 47% of the India’s total population had health insurance cover.
Out of those covered, only approx. 9% were covered via Private Insurers whereas approx. 15% were covered under Group insurance (Group insurance is where the employers, organisation or companies take insurance for their employees or staff) and the rest of approx. 76% were covered by the Government’s RSBJ scheme or other approved schemes (incl. ESIS). Which means had there been no support from government those 76% would have still stayed uncovered.
Also, in case of group insurance, majority of the employers belong to MSME category who only take basic cover for their employees where the cover is limited to approximate Rs. 3 Lakhs per employee in a family floater plan or there is a co-payment clause or with some other restrictions. Also, one thing about the group insurance is that the person is only covered for the time he is in employment with that particular employer. Once he leaves the organisation he loses his insurance cover as well. So, there is no permanent health cover for the person in group insurance.
So technically only the 9% of those insured, as mentioned above, are aware of the significance of having a Health Insurance and took the initiative of getting themselves covered.
The reason behind posting this data is its high time we need to wake up to the importance of having a health insurance. Don’t risk your life by thinking nothing would happen. You never know when you will need it. People keep ignoring health insurance thinking of it as an expense but it is only when they meet with an uncertainty (like getting a heart attack, diabetes or asthma etc.) they realize its importance and by that time its too late because the insurers will only give you the insurance cover till the time you are fit and fine. The moment you meet with an uncertainty, your chances of getting health insurance cover reduces or the premium increases or there are a lot of terms and conditions to be met.
As per a survey conducted by Max Bupa Health Insurance, in India, and the same reported in ET Money on 8th July’20, there has been an increase in demand or inquiries for comprehensive health insurance by 15–20% as compared to what it was pre-covid. Further to that, there has also been increase in demand by men and women, particularly, for individual health insurances to the same rate.
Note: There are roughly around 32 million people affected by corona virus in India as on 24th August 20 and that when the health insurance companies are also covering COVID-2019, how unfortunate those people would be who are / were affected but have / had to pay for the treatment out of their own pocket. And those who are uncovered and unaffected but living in the fear of not being covered if something unfortunate happens.
Remember, with the advance medical facilities available these days it has become difficult to die but the cost of survival is too high, and trust me, it has enough potential to wipe out your entire savings or accumulated wealth, if only you understand.
So are you and your family covered with an adequate Health Insurance Cover???