The health insurance sector is complex and growing. And yet, many shirk from taking health insurance policies for many reasons. Some of the reasons for taking health insurance policies are as follows:
- Low awareness about health insurance
According to experts, awareness about health insurance products and services in India leave a lot to be desired. As opposed to life insurance policies which are widely publicised, health insurance policies, more often than not, do not benefit from the same level of awareness. Know more about health insurance in India.
- Lackadaisical approach to health
Also, experts point out the lackadaisical attitude of several salaried professionals towards their overall health which translates to lesser focus on buying health insurance policies.
Many consider do not consider health insurance policies to be their main priority and therefore, are reluctant to pay the premium for any such policy.
Most people tend to think twice before investing in health insurance companies since they assume that such policies do not have any returns. However, several policies offer a no-claim bonus if the policyholder does not make a claim within the policy term.
- Dependence on group policies
In many cases, most working professionals rely on the insurance policies provided by their employers. However, in this day and age, job security is not a given. Most companies have their lean periods which coupled with recession and other macroeconomic factors, may result in layoffs on a large scale and consequently, remove the possibility of coverage by employers. It is, therefore, important to opt for family floater health insurance policies which provide more protection sans dependence on employers. Read why employer health insurance is not enough?
- Underestimating medical inflation
According to latest reports, India is going through double-digit medical inflation, which effectively means that both pre and post hospitalization expenses are on the rise and may prove to be too burdensome. Many do not opt for health insurance policies without an accurate understanding of the escalating prices of drugs and treatment.
- Inadequate knowledge about claim process and exclusions
Most consumers do not take the trouble to read the offer document carefully and have a clear picture of what it entails in terms of list of diseases which are included, exclusions and the claims process itself. Health insurance policies offer several benefits such as cashless hospitalization services and coverage of pre and post hospitalization expenses, maternity coverage and new born baby cover among others. However, more often than not, customers do not examine the clauses to make effective uses of their policies.