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Importance Of Health Insurance For Low And Middle Income Groups

Posted On : 17 October 2023, 6 Months Ago. Health-Insurance
Health Insurance For Low and Middle Income Groups

Health concerns are on the rise along with the prices of health care services. So, health insurance for low and middle-income groups is no longer just a choice; it has become indispensable, a much-needed reprieve to keep one's family safe and sound amidst rising expenditure.

 

Health insurance can be of different types depending on particular health concerns requiring specific services, and the number of members you want to insure. While family and senior citizen health insurance plans can be great for the family at large, individuals can win with plans that cater to his/her specific needs.

 

Expensive health care and certain diseases can be covered with critical and disease-specific health insurance services. Some insurances even cover daily hospital expenses.

 

Here are Some Important Reasons Why Buying Health Insurance Is a Must, Especially for Those In the Low and Middle-Income Bracket:

 

1. Rising Health Concerns

The pandemic has brought with it its own perils. With rapidly changing lifestyle with focus shifting to indoor activities and stress levels rising, inactivity and anxiety have become the foremost reasons for rising health concerns among the young and old alike.

 

Today everyone, irrespective of age, family health history, and societal class, runs the risk of getting affected by some disease or the other. So, a health insurance plan becomes indispensable for every individual.

 

2. Worries About Savings

Being a member of a low- or middle-income family may be difficult, and it can be even more difficult when faced with an unforeseen disaster (such as an unexpected hospitalisation). A well-chosen and tailored health insurance plan can come to your aid.

 

In Health Insurance for India's Missing Middle, a book published by NITI Ayog, contributors write, “Health insurance is a mechanism of pooling the high level of OOPE (Out of the pocket Expense) in India to provide greater financial protection against health shocks, improve efficiency in the organisation and delivery of healthcare for better health outcomes. Increased health insurance coverage will reduce catastrophic and impoverishing health expenditure by imposing a ceiling on the maximum health expenditure incurred by an individual or household.

 

3. Hospitalisation Coverage

Sudden illness, as disheartening as it is for the family and near ones, brings with it concerns about medical bills that can lead to a lot of anxiety. Having health insurance cover takes care of the hospitalisation charges in these times of difficulty.

 

Apart from hospitalisation charges, health insurance plans also cover pre- and post-hospitalisation charges, including diagnostic tests, continuing treatments, expensive medication and more. Having health insurance thus relieves the worry of providing lump sum cash before admission to a hospital, as most insurances provide the benefit of cashless hospitalisation.

 

4. Covers Entire Family

A single health insurance plan can provide cover for the entire family, if customised accordingly. A family floater insurance is always the best choice as it provides the benefit of low premium rates while insuring your family under a single sum insured.

 

5. Tax Benefits

Health insurance plans, great as they are for your family's medical needs, also come with other perks. Under Section 80D of the Income Tax Act, health insurances provide great tax benefits.

 

Plans for health insurance include additional benefits in addition to being wonderful for your family's medical requirements. The Income Tax Act's Section 80D may provide tax advantages for group health insurance, for example, in addition to guaranteeing your team's complete coverage. This dual benefit not only encourages employee well-being but also aids in your company's resource optimization.

 

6. Add-Ons Available

You can access additional perks like maternity cover, critical illness cover, etc with regular health insurance with just a little higher premium. Having accident insurance is usually a good idea. If you are seeking cover for treatment of specific illness, health insurance plans provide customisation, as per your need.

 

Conclusion

Now that you have enough good reasons to buy ahealth insurance plan, why wait? Sign up for a health insurance cover at Niva Bupa and get its benefits easy and hassle-free.

 

Visit the Niva Bupa website and choose from a list of health insurance plans, as per your needs and requirements. There are plans for the individual, couple, large families, and ones that cover different specific needs with a healthcare solution for everyone.

 

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Secure your health with comprehensive insurance plans from Nivabupa

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