Common Reasons Why People Skip Health Insurance Plans in India

Health insurance has become the need of the hour. But not many people in India will agree to this and question-’Why?’, instead. There is not one or two, but many reasons why one should own health insurance plans in India. The major one being the skyrocketing cost of healthcare treatments. 

Illnesses are not all class-conscious and can affect anybody. And if an individual is suffering from any illness and also don’t own a health insurance plan, then his/her suffering doubles. Apart from taking care of his health, he will also have to manage finances. This may dig a deep hole in one’s pocket and lead to greater stress. For which, getting an adequate cover becomes extremely important in today’s times. 

Now even with so many benefits and much awareness even from the Indian government, people tend to miss buying health insurance plans in India. 

Let us look at the common reasons why people shirk from buying health insurance plans.  

1.Lack of awareness of health insurance plans

Unlike motor insurance, health insurance is not mandatory in India. Which is why not many people bother about it as they are not legally bound to seek coverage under one. A majority of people skipping health insurance plans in India believe that it is pointless buying them as they are not going to give them any return. But this is just a mere misconception. One realises the importance of health insurance plans only when they burn a big hole in their pockets in the absence of a good health insurance plan for themselves and their loved ones. 

2. Myths about affordability 

Many people believe that they will not be able to afford health insurance plans as they’ll have to pay health insurance premiums on a regular basis. But this is not true. There are many health insurance plans in the market that fit your pockets. Some of the insurers offering affordable health insurance plans include IFFCO Tokio, Universal Sompo, Star Health, Max Bupa, etc.

Also, the new regulations as per the IRDAI (Insurance Regulatory and Development Authority of India) has allowed month, quarterly and yearly payments of health insurance payments making it really easy and affordable for the customers to buy best health insurance plans. 

3. Claims do not get approved

Another common fear of people in India is that claim requests do no get approved. They believe that health insurance companies do not pay for claims when the policyholders need their help. But this also is a false belief. 

There are health insurance companies with good Claim Settlement Ratios such as Bajaj Allianz, IFFCO Tokio, Religare, Max Bupa, and Apollo Munich. 

To be sure on the claim settlement part, customers can connect with the support staff at Insurancedekho who will check for you and refer you top health insurance companies with good CSR (Claim Settlement Ratio). 

4. The illusion of not being prone to diseases 

We often overestimate our abilities believing that we can never fail. But as we all know the surroundings in which we are living today, are not really conducive to living a healthy lifestyle. Also, the sedentary lifestyles we follow now days makes us more prone to illnesses. So, if you are fit today doesn’t assure that you will be fit tomorrow as well. And hence, to increase chances of survival in case you get affected by lifestyle diseases or be financially secured in such times, one can completely rely on health insurance.  

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Conclusion

Many people continue to suffer without an adequate health insurance plan in India. Due to some common reasons listed above, they ignore its vital aspects. But shying away from buying health insurance plans is not something that will benefit you in any way. Instead, debunking these myths, doing proper research, and buying health insurance plan timely is sure to protect you and your loved ones against deadly diseases in future.