Although it is still underdeveloped, the Indian health insurance market is close to providing the greatest level of protection for the general public. Unquestionably, the urgency brought on by the pandemic has been a key driver of this expansion.
Here are some of the benefits of health insurance that are helping the Indian health insurance market be more growth-friendly.
- OPD Coverage For Insurance Purposes
In addition to hospitalisation, a sizable chunk of the ordinary Indian’s medical expenses come from the outpatient department, or OPD, fees. Healthcare costs, including diagnostic tests, doctor visits, and checkups, may be rather high. Despite the fact that this facet of health insurance was not previously covered, more recent policies now include coverage for it. More crucially, these plans include virtual and in-person doctor consultations coverage.
- Additional Maternity Benefits
Being a parent is a feeling unlike any other. But in addition to being happy, it may also be expensive, which is why maternity coverage is a crucial component of health insurance. Maternity benefits protect you against astronomical costs during pregnancy, testing, scans, and delivery, as well as afterwards, with coverage for newborn care.
- Pre-Existing Conditions Being Covered
There are several myths about this component of health insurance, from non-coverage to restrictions. Pre-existing disease coverage becomes an essential component of health insurance in a nation where diseases like diabetes and hypertension affect people of all ages. As a result, many of these illnesses are now covered by insurance straight out of the gate. While some of them may have a longer waiting period, coverage begins as soon as it is over. It is ideal to purchase a policy with the necessary characteristics far ahead so that you can pass the waiting period.
- Home Health Care Insurance
The Covid outbreak paved the door for a number of ground-breaking insurance policies that ensured maximum coverage. Domiciliary or homecare treatment coverage under health insurance was one of the IRDAI’s actions. There were countless instances of people choosing home care over hospital care during the fatal second wave of the pandemic.
- Including Coverage For Mental Health*
In India, discussions about mental health have long taken place in secret. The epidemic served as a catalyst in this case as well, breaking the taboo and bringing the subject to light. By adopting a mandate to incorporate mental health coverage under health insurance policies, the IRDAI furthered its support for the cause.
A health insurance calculator is a convenient tool you may utilise online to check the amount of coverage required based on your needs. ^
Health insurance has expanded its scope significantly, becoming more inclusive by removing pre-existing condition exclusions, offering subsidies for low-income individuals, and covering a broader range of services such as mental health and telehealth. These changes reflect a commitment to making healthcare more equitable and accessible, recognising that health is a fundamental right for all.
Claims are subject to terms and conditions set forth under general health insurance policy Standard T&C Apply
Visit the official website of IRDAI for further details.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.