What is Micro Health Insurance and Why is it Important?

Posted on: May 5, 2022 | | Written by:

What is Micro Health Insurance and Why is it Important?

It is a fact that in a developing country like India, a major portion of the population still has limited access to proper healthcare. So, there is a specific type of insurance known as micro-insurance, designed specifically for those with a low income or a lack of savings, to help and try and bring parity for access to better healthcare. It is important to have a health insurance for family members, especially when the entire world is facing a pandemic like Covid-19. Here’s what you need to know about micro health insurance.

Features of micro health insurance

1. The sum insured is usually a limited amount. Itmayrange between Rs 1 lakh and Rs 5 lakh.

2. The idea of micro health insurance is basedon the concept of providing affordable insurance to the poor, therefore premiums are cheap, and the focus is on providing high-quality healthcare at a low cost.

3. Micro insurance, usually, provides one-year coverage for its plans.

4. There may also be the option of obtaining the full insurance on a family floater basis, which will cover all family members.

5. Since the coverage amount is limited, mostly no pre-medical checkups are required when purchasing the plan.

6. There is a maximum age limit of 65 years.

Benefits of micro health insurance

1. Pre-hospitalization charges are covered by the micro health insurance.

2. Usually, there is a documentation requirement for claiming insurance even after you have purchased it. However, in case of micro health insurance policy, one does not have to go through the additional hassle of such a time-consuming procedure and facilitates the release of post-hospitalization payments.

3. Treatment of childrenis also covered by the micro health insurance.

4. The insurance policies ensure that the cost of an ambulance is paid by the system.

5. Majority of health insurance policies haveawide network of hospitals and clinics that assist the policyholder in the event of an emergency.

Conclusion

A lot of individuals have benefited from micro health insurance, and it has shown to be a successful venture in our country. People are becoming more and more responsible for their own and their families' health as a result of increased social awareness of various ailments. Various NGO (Non-Governmental Organizations) are also helping in this regard. While there has been significant change and awareness about buying a health insurance, there’s still a long way to go if we want each and every person to have access to proper healthcare facilities.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

Do Health Insurance Plans Cover Lifestyle Diseases?

A Complete Guide to Increase Your Health Insurance Coverage

What is Lifelong Renewability of Health Insurance?