Navigating high premiums: A closer look at health insurance challenges

Health insurance is a major requirement in life. It is a passport for good health. It allows you to seek the best treatment when you are sick or injured. A health insurance plan protects your health and your wealth. This is why everyone needs a good health plan from Zurich Kotak General Insurance. But does everyone have a plan? Unfortunately, not everyone is well-prepared for uncertainty. Health insurance penetration is still quite low in India with a vast majority of the people opting to stay without medical coverage.

Health insurance challenges – A look at the concerning factors

When you buy a mediclaim policy, you have to pay the health insurance premium. The premium is the fee the insurance provider charges to keep your health protected. A lot of people stay away from health insurance as they feel the premium charged in India for health insurance is too high. Here’s a detailed look:

Too expensive

A recent research carried out by Pristyn Care, a leading Gurugram Hospital, found that three people out of ten hold their health insurance purchase because of the cost factor. They find medical insurance to be expensive and unaffordable. The premium barriers include pre-existing disorders, geographic locations, age, etc. This is one of the most unfortunate challenges that the health insurance industry faces today.

Dependency on group insurance

Most employed people in India receive employer-provided group health insurance coverage. Satisfied with this, they do not invest in an individual policy, which proves to be a bad decision. Complete dependency on group health insurance is not advisable at all, as the coverage may be lost the moment the person retires or is fired.

Limited awareness

The next challenge is limited awareness. Many people, especially those in rural areas are not well-versed in health insurance and its benefits. They are not very sure about the government health insurance schemes either. This prevents them from getting health insurance, and the country’s health coverage falls further down. India is, in fact, among the lowest ranks when it comes to health insurance coverage.

Health conditions

It is difficult to get health insurance when you have pre-existing health conditions. This is another reason why many people in this country don't have health insurance. This is due to a faulty healthcare system, a lack of infrastructure and a shortage of medical staff. The common, poor people suffer because of this and are often left without health insurance, which only adds to their troubles.

As you can see, there are some real challenges and problems affecting the health insurance sector in India.

Conclusion

To combat the various health insurance challenges, the Insurance Regulatory and Development Authority (IRDAI) has implemented many policies and schemes. The effective IRDAI strategies have made a difference, but there is still a long way to go to bring health insurance into every Indian home.

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