Health Insurance needs Revision

Hello friends,

I am doing good, and I hope that you are having a good time with your near and dear ones.

There are multiple types of insurance available for us but I think the importance of health insurance is more. I don't mean to say that insurance is not important every insurance is important but health insurance is a bit more important because it helps us deal with medical expenses. Then the search on the medical expenses after the pandemic. No matter how much you earn and how much money you have in your savings with just one hospitalization things can be different.

img src

---

Health issues up after the Pandemic

We never know when we need to visit the hospital because of the health issues and after the pandemic people are getting a lot of health issues. Post-COVID many people are facing health shoes and because of that visiting hospitals is more frequent. Now with medical insurance or we can call it health insurance we can cover those expenses. There is some limit that we get with the plan but at least up to the limit, we can be relaxed that the expenses will be borne by the insurance company.

In India, we have many companies offering health insurance including private and government. They offer different plans with different benefits but The kind of benefits they are offering is not sufficient. This is the time when they need to revise the benefits which is an exercise that should be done to add more eligible health problems. There is an increase in health insurance premiums after the pandemic and even my insurance company increased the premium by over 25%. This is a big increase but there is no other option because most of the companies did the same. If somehow I am OK with the charge that has been increased by these insurance companies. They also need to think about adding more diseases to the list so that people don't need to worry when they are in the hospital. t of inclusion should be longer than the exclusion and this is why people struggle with the claim process later,

Mis-Selling

While there is a need to add more diseases to the list and should be part of the inclusion also there should be more transparency by these insurance companies. Most companies try to sell products anyhow but when it comes to claims the way they deal with the customer is completely different. Companies just do not want to process the claim smoothly and they find different ways to reject the claim which is not the right thing.

Premium increase

Many surveys and data share that the demand for health insurance has gone up after the pandemic and it is also shared that the price of health insurance has increased. Still, in India, things are not up to the mark because many people don't want to buy health insurance which is not right. If more people starts buying insurance it will make things better. Insurance companies earn money when the claim ratio is low but if it goes high then they will have to pay more money which reduce their profits. If more people buy the health insurance for them and their families it will help these insurance companies to manage their revenue part. This will also improve the overall claim settlement ratio.

We also need other insurance like term plans or life insurance but I'll be talking about this topic in another post later. Today I wanted to talk about health insurance only because I think it is very common and people should have this product but insurance companies also need to revise it according to people needs.

Thank you
Peace @mukund123