Health Insurance in India: Cost explained in detail
Breaking Down Health Care Expenses in India
At least 30% of the Indian population, or 40 crore individuals in India, are deprived of any financial protection for health.
Status of diseases in India
An unhealthy diet, lack of physical activity and use of tobacco and alcohol are the major causes of many diseases.
Deaths because of non-communicable or lifestyle diseases (NCDs) have surged from around 38 per cent in 1990 to 62 per cent in 2016.
Obesity has grown from 19 per cent to 23 per cent between National Family Health Survey (NFHS)-4 and National Family Health Survey (NFHS)-5 in urban and rural areas. This raises the risk of Cardiovascular diseases (CVD), diabetes, and hypertension.
Healthcare Expenses in India
The health care expenses in India generally consist of expenditures for doctors, hospitalisations, medicines, health insurance, medical tests, medical aids, etc and health enhancement services.
Healthcare expenses are growing at a rate higher than medical inflation, and it drives everyone to have health insurance coverage, which not only helps you to save your emergency funds and save of a lifetime in case any medical emergency occurs to you or your near and dear ones but also supports you to deal with rising medical costs.
Out of Pocket Expenditure
Out-of-pocket expenditure is the money paid directly by households when getting health care. This happens when services are neither offered free of cost through a government health facility nor is the individual covered under any private or public insurance. Patients and their families bear eighty per cent of health care expenses as out-of-pocket payments.
Solution to manage health care expenses
You can avoid large medical bills, which can cause financial hardship and even medical bankruptcy, just by purchasing high-quality health insurance.
Health Insurance
Health insurance is an agreement between a policyholder and the insurance company that covers medical expenses that might occur due to accident, illness, or injury.
If you purchase a health insurance policy, the insurance company will bear a few or all medical expenses, against which an insured is obliged to pay a certain amount called a premium. Only 35% of Indians are covered by health insurance.
Why Health Insurance?
- Health insurance provides financial protection against health shocks.
- It helps you to get higher-level medical treatment without worrying about high medical costs.
- Offers specialised coverage for critical illnesses.
- Covers road emergency ambulance expenses.
- Comes at an affordable premium for youngsters.
- Provides a cashless claim benefit, which allows you to take care of your health instead of worrying about hefty medical bills.
- Protect your savings during medical emergencies.
- It protects your savings during medical emergencies.
- It gives benefits under Section 80D.
Risk of not buying health insurance
Loss of Savings: Out-of-pocket expenditure can wipe out a person’s savings.
Big Healthcare Expenses : The absence of health insurance coverage and any unintended hospitalisation from an accident or illness can result in big healthcare bills.
More prone to debt : When you have significant medical bills, it can lead to the necessities, as mentioned earlier, and even borrowing money on loans or from family and friends to pay them.
Missing Quality Care : When you don’t have a sound financial background, you may skip some aspects of healthcare, delay the treatment, or select lower-cost medical treatment.
Increased Anxiety : The absence of financial protection can create a lot of stress and anxiety. Lack of health insurance keeps you vulnerable to catastrophic health expenditures from adverse health events.
Why must we know the health insurance ranking in health insurance ranking in IndiaIndia?
Knowing the health insurance rankings in India is important as it helps people select the best plan for their requirements, securing financial protection and access to quality medical care. Health insurance Cost in India increase every year. So, you may be thinking, how do I buy health insurancehow do I buy health insurance, analysing the cheap medical insurance cheap medical insurance plansplans that satisfy your needs? One can evaluate coverage, services, and premiums to pick the most suitable plan for them. Knowing Health insurance ranking in IndiaHealth insurance ranking in India will help you assess an insurance provider's reliability and financial stability. Our Star Health come under the top 10 health insurance companies in India.
Why Star Health Insurance?
The Star Health Insurance policies provide multiple insured choices ranging from INR 50,000 to INR 2 cr. The policies are created for each age group and are directed at senior citizens, females, and youngsters.
They offer a variety of new-age benefits like telemedicine services, e-medical opinion, wellness programs, and rewards, which can be further employed to avail discounts on renewals, among others. The majority of the policies have a co-payment of 10% to 20% if any individual is entering above 60 years old.
Best Part of Star Health Insurance
- Sum Insured: up to INR 2 crore
- Cashless Network Hospitals: 12,000+
- Total agents: More than 5.3 lakh
- Total claim settled: More than INR 60 lakh.
- Benefits: Restoration Benefit, Maternity Coverage, Coverage for Day Care and Modern Treatments.
- Lifelong Renewability: Yes
Health insurance is the best pathway to receive quality and efficient healthcare services during medical exigencies. However, less consumer awareness about the benefits of health insurance and health insurance products blocks its penetration.
Knowing how many network hospitals are there under a health insurance company is one of the factors that will help determine which health insurance company is the best. Our Star Health Insurance has 14,000+ network hospitals.
Star Health Insurance provides a varied range of affordable Health Insurance policies that suit your financial budget and needs. These plans cover the medical costs of the majority of health ailments and diseases.
HELP CENTRE
Confused? We’ve got the answers
<p>We’re Star Health. We offer the coverage that’s designed to help keep you healthy. It's the care that comes to you, and stays with you.</p>
FAQ
What is the average health insurance cost in India?
<p>As per the IRDAI Annual Report for 2020-2021, individuals aged 26-45 years paid an average annual premium of INR 8,022 for their health insurance policy. Conversely, those above 60 spent an average yearly premium of INR 33,914. </p>
What is the rising cost of medical treatment in India?
<p>The escalation of prices in the medical industry is often attributed to medical inflation, which refers to the rise in both the unit and utilisation costs of healthcare services.</p>
What is the medical inflation rate in India in 2023?
<p>Medical inflation refers to the situation where the costs of healthcare services rise gradually, both in terms of average and per-unit expenses. The current medical inflation rate in India is 14%.</p>
What is OPD coverage?
<p>OPD coverage meaning in the health insurance sector, refers to the coverage for treatment under the Outpatient Department. OPD benefits in medical insurance offer coverage for health care expenses incurred without the need for hospitalization, providing financial relief for regular care and supporting preventive measures.</p><p>OPD claim means a claim filed with a health insurance provider for health care expenses incurred in the Outpatient Department (OPD) of a hospital. OPD insurance coverage of medical expenses for treatments that do not require an overnight hospital stay.</p>
What is the importance of the health insurance premium chart?
<p>A health insurance premium chart helps calculate health insurance costs based on factors such as age, sum insured, and policy types. The health insurance premium calculator excelled for many people who had calculated before they bought health insurance.</p>
How to claim medical insurance for cashless claims?
<p>In case of cashless claims, you must visit a network hospital with your insurance card, and the hospital will manage the claim with the insurer. Knowing how to claim health insurance will help you during a medical emergency. For the reimbursement process, you must collect all original bills, prescriptions, reports, and a discharge summary. Finally, you must submit them to your insurer along with a filled claim form. Knowing how to claim insurance will help you even when your friend or relative is in a medical emergency.</p>
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The information provided on this page is for general informational purposes only. Availability and terms of health insurance plans may vary based on geographic location and other factors. Consult a licensed insurance agent or professional for specific advice. T&C Apply.