Friday, October 11, 2013

Changing Trends Of Health Insurance In India

Well established fact that the increasing cost in health care has been a source of constant concern for Indians. According to a survey by the WHO, it is projected that the rising cost of diagnosis and treatment will push millions of Indians below the poverty line. Another survey says that Indians on an average end up spending around 70 percent of their income on medicines and health care.

Because of several factors like low-standard of living that is prevalent in majority of the places, Indians have to shell out a lot while undergoing medical treatment or diagnosis. The other problem is that we still suffer from diseases in absence of good quality medicines and health care facilities.

Around 40 percent of India's population has to borrow money from outside the family to meet health care expenses and related costs. In another study it was shown that more than 15 percent families had been driven below the poverty line following this trend. Despite the best measures, health care remains neglected.

Health insurance refers to the coverage of medical expenses and offers numerous benefits that succor you in times of dire need. Life is uncertain and insurance plays a great role in securing it and making it safe for you. It saves you from huge financial loses that are incurred while tackling any medical emergency, accident, dismemberment and any eventuality. The contract between the buyer and the seller is annually renewable.

There are many companies in India that have further broadened the provision of health insurance benefits to its customers. The health care industry in India is booming and generating a lot of revenue. The industry is worth 70 billion dollars in the present scenario and the growth is projected to be manifold in the coming decade. The industry has grown considerably from a boom seen in the late 90's that perpetrated it.

Max Bupa is widely known for providing health insurance benefits. There is a plethora of health insurance benefits that is provided by the company. You can opt for an Individual health insurance policy to safeguard yourself. If you have a family, you may alternatively opt for a Family Floater policy. The further classifications include Mediclaim and Critical Illness policies. 

A mediclaim policy offers coverage to the insured party if he/she is hospitalized due to any reason. A critical illness policy comes into play when the insured party is diagnosed with a pre-defined critical illness. Also, the insured has an option to have a combination of mediclaim and critical illness policies to further broaden the insurance cover. Thus, we can see that health care is one of the most booming sectors in the country and the advantages are for you to peruse. So, it is always good to be medically insured so that you are ready to combat any emergency that might arise.

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