In India, one of the primary causes of poverty was low expenditure on building medical infrastructure. According to a report, 70 percent of Indians bore the cost of medical expenditure out of their pocket.
Many government schemes such as Ayushman Bharat, Awaz Health Insurance Scheme, and Aam Aadmi Bima Yojana cover India’s poor and marginalized communities. However, they might not be enough, and you need the best health insurance plan when things go south.
Your family is vulnerable to the increase in the cost of medical treatment due to inflation, increasing cost of raw materials, advancements in technology, and so on. You have to insure them against any future medical expenses that could arise. Therefore, you need to buy the right medical policy or best family health insurance plans in india to secure your family’s future.
There are many reasons why you need to buy health insurance apart from government health insurance policies:
Reasons to Buy Health Insurance
Low Sum Assured
The policies introduced by the Government of India are a step in the right direction as they help the poor and the marginalized community in India. But they offer a low sum assured with the maximum coverage offered in the Ayushman Bharat scheme for rupees 5 lacs. This might not be enough in today’s time as medical treatments are getting expensive. Therefore, it is always advisable to have an additional cover.
The government health insurance policies usually offer cover expenses incurred in government hospitals and a few others in their network. This could be a major issue if you are suffering from a critical illness that requires you to go to a specialist in a private hospital. Therefore, you must buy the best health insurance plan that provides you with adequate cover in such a situation and has a good network of hospitals.
One has to incur many expenses while undergoing medical treatment, such as pre and post-hospitalization expenses, ambulance charges, doctor’s charges, hospital room rent, etc. All of them might not be covered under the government health insurance schemes. You can pick a plan that covers all these medical expenses with additional insurance.
Government health insurance plans offer limited coverage. You are not covered against accidents, dismemberment, disability, critical illness, etc. Once you choose a good health insurance plan, you can improve the coverage with an add-on policy to protect you from these medical expenses. In case of the policyholder’s death, the sum assured will be transferred to the nominee when you buy a defined benefit plan or a life insurance plan.
Another benefit of buying additional insurance and a government health insurance plan is that you can claim the premium as a deduction. Under Section 80D of the Income Tax Act, 1961, the premium paid for health insurance policies can be claimed as a deduction while calculating your net taxable income. This is an added benefit of purchasing insurance as it acts as a tax-saving tool.
These are a few points that might help you understand the importance of a good insurance policy. The government health insurance schemes are not enough to cover the rising cost of medical expenses. Therefore, it is essential to have the right insurance policy with a high sum assured to protect you in your times of need.
You can look at various plans in the market and compare them with the competition. It will help you to pick the best health insurance plan from a reliable insurance provider as per your need.