At a time, when non-communicable diseases are on a rise, not having proper health insurance is a great risk. 75% of the total Indian population does not have health insurance. When the common man has to pocket the entire expense of his healthcare, it affects the economic rate of the country, slowing it down.
Health insurance is a type of insurance coverage that covers the cost of an insured individual's medical and surgical expenses. There are varying insurance plans in the market, based on which the insured either pays the hospital or the medical facilities and is then reimbursed by the insurance company, or he arranges a direct payment from the same.
There are two broad categories of health insurance - the private and the public. The private insurance can be individual health insurance, family floater plans or unit linked health plans. Other than that there are public or government schemes like Aayushman Bharat - covering healthcare benefits for over 10 crore families. The government does little to nothing when it comes to the healthcare sector. The schemes that are introduced are yet to reach the far ends of the country. Health insurance is in any case, an investment as it provides coverage for all minor and major health issues, including injuries. Higher inflation rates in health care lead to a greater need for health insurance. There are health insurance plans which provide cover for 30 critical illnesses and upto 80 surgical procedures. The policies continue even after the payment benefit on certain illnesses.
Watch the story to know more about the need and nature of health insurance.