Indian health insurance plans have become considerably inclusive and comprehensive with customisable options that cater to the diverse medical needs of individuals, families, and organisations.

The sector has progressed in the past two decades in terms of awareness and diversity of plans available in the market. Concentrated efforts by the regulator as well as insurance firms for better customer inclusivity and experience have boosted health insurance reach in our country.

However, certain traditional perceptions of Health Insurance still prevail in India, which curtail the true essence of this highly beneficial long-term investment. Some of these are:

Reactive Rather than Proactive Approach: Purchase of plans has been driven by knee-jerk reactions, particularly propelled by the recent pandemic. Consumers tend to rely on recommendations without necessarily doing their due diligence by comparing multiple choices for features and benefits. In such situations, the selected policy could turn out to be insufficient in terms of prolonged coverage.

Personalised Plans: Health Insurance should no longer be viewed as a one-size-fits-all product. Insurance companies offer a wide variety of plans to meet the needs of different consumer segments and age brackets, with various customisable add-on covers and top-up options to suit particular requirements. A family could conveniently maintain multiple plans from different insurance firms to meet their diverse medical needs.

More Considerate: It is a myth that people with pre-existing diseases will be outright rejected by health insurance companies. Today, insurers extend coverage to such applicants too; albeit subject to some additional terms such as co-payment.

Over and Above Hospitalisation: Health Insurance coverage is not limited to in-patient hospitalisation-related expenditure alone. Instead, it offers a host of advantages that go beyond hospital admissions, such as Out Patient Department (OPD) cover, day-care procedures, and Domiciliary or at-home care.

Long-term Beneficial Features: Features such as no-claim bonus and renewability benefits, or discounts for 2 or 3-year validity of policy tend to be overlooked when purchasing a health insurance plan. These aspects benefit consumers, especially in the long run, as it offers more value for money.

Health along with Health Insurance: Aside from enabling access to better treatment in-network facilities, insurers also encourage maintenance of good health by providing free check-ups to keep track of vitals and wellness benefits.

Understanding the wider scope of health insurance and weighing alternatives to arrive at the best fit for a health insurance plan will certainly help empower the consumer.

The author is Co-Founder & Promoter, SANA

DISCLAIMER: Views expressed are the author’s own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.