Is Health Insurance Affordable in India?

Health insurance or medical insurance are commonly used termed, which refers to a provision that helps you safeguarding your finances in case of a medical emergency. It is essential to opt for health insurance for you and your family for an all-round protection against rising medical expenses. Health insurance premium is quite affordable and easy on pocket as compared to other foreign countries.

Let’s look at the table to understand how medical insurance work in India

As per the American medical association, it’s clearly depicted in the table to prove that both minor as well as severe ailments can be treated at a much lower cost in India as compared to the USA.

Procedures

US ($)

India ($)

Heart Bypass

$144,000

$5,200

Angioplasty

$57,000

$3,300

Heart Valve Replacement

$170,000

$5,500

Dental Implant

$2,800

$1,000

Gastric Bypass

$32,972

$5,000

Retina

N/A

$850

IVF Treatment

N/A

$3,250

Factors that affect the premium amount in India

Just like we proved with the above table that health insurance premium in India is cheap as compared to the other countries. Similarly, it is also important to understand what makes the health insurance premium affordable. There are several factors that affect the premium calculation. Let’s take a look at the below mentioned point to understand the premium calculation factor.

  1. 1. Age: The sooner you enrol yourself for a health insurance, the better chances of getting lower premiums for a wider health cover.
  2. 2. Investing early is the key: Opting for health insurance at an early stage of life will help in covering diseases occurring at a later stage of life, as most health insurance plans come with a waiting period.
  3. 3. Cumulative bonus – To get a good affordable medical insurance, it’s imperative to ensure no claims during your policy tenure. This helps you in getting rewards in the form of discounts on renewal policy premium.
  4. 4. Family cover- Securing your family’s health is as important as safeguarding your own health, hence always opt for a family floater this will give you additional discounts.
  5. 5. Top up plans: There are several top up plans which enhances your base policy or indemnity plan, getting a top up means securing a much higher sum insured at a very low premium. This acts as a key in making affordable medical insurance a possibility in India.

To understand which medical insurance is best in India? Always compare different policies and see which plan offers wider coverage and benefits, however premium should not be the only factor for short listing a health insurance company. There are several other things to look at. The above factors, when taken in to due consideration helps in reducing premium instantly.

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