subject: Health Insurance in India [print this page] Health Insurance in India
Health Insurance in India is indispensable for every individual keeping in mind the rising medical cost. Medical emergency can strike anyone, anytime and leave you devastated emotionally as well as financially. Though one cannot provide coverage for emotional loss, financial losses during a medical emergency can be certainly covered with a health insurance policy. A health insurance policy thus provides financial assurance to you and your family during critical times.
The importance of health insurance in India is increasing by the day as more and more people are becoming aware of the benefits associated with a medical insurance policy. Even the government with the view to promote health insurance in India offer impressive tax benefits on premium paid for health insurance under sec 80 D of the IT Act.
As mentioned most people in India are realizing the benefits associated with a medical insurance policy. However, at the end of the day a health insurance policy is a risk cover with no investment benefits attached to it except tax benefits. People in India are investment oriented and are willing to invest in those products which have scope to multiply their money. Thus the government in India has a big job at hand of familiarizing health insurance policy and its benefits to the Indian masses.
A health insurance policy should be selected depending upon your requirements. Your medicare policy should fulfill if not all than most of your healthcare requirements. Every individual depending upon his/her age has different health care requirements. For instance individuals' below age group 35 years should buy a medical policy which covers hospitalization expenses in case of sickness, disease or accident. However, a health insurance policy for individuals above the age 35 years should have critical illness rider attached to it. This is simply because older individuals have greater chances of being diagnosed with a critical illness in comparison to younger individuals.
Treatment for critical illness without a health insurance policy can leave you and your family in severe financial crisis. Medical insurance policies does not provide coverage for critical illness unless a critical illness rider is attached to it or a separate critical illness policy is purchased. Though a critical illness rider when attached to your policy will increase your monthly premium yet it is more cost effective than purchasing a separate critical illness policy.
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