Health Insurance in Visakhapatnam

Introduction

Most of India’s population is dependent on household income or life savings for meeting healthcare expense needs. The primary reason for this is that people in the country do not prefer to buy a mediclaim policy because these do not offer any maturity benefit. Additionally, there is very little awareness among people about the importance of health insurance. The number of insured people in the country is far lower than the average around the world.

Health problems are rising, especially in urban cities like Vishakhapatnam. As the city is home to a large number of young individuals, it is also witnessing a drastic change in lifestyles combined with increasing pollution levels. To add to the injury, healthcare costs in the city have been on a steep rise with every passing year. This makes medical insurance essential for meeting expenses related to any sudden or unplanned medical requirements.

Why buy health cover in Vishakhapatnam?

People of Vishakhapatnam can consider the following important reasons why a health insurance cover is a must these days:

• Lifestyle changes: A health insurance cover in Vishakhapatnam is essential as it is fast witnessing a drastic shift in the lifestyles of its residents. This has given rise to several health ailments. With increasing stress levels due to work schedules, poor health habits and rising pollution in the city, there is a heightened risk of catching health problems early on in life.
• Rising medical expenses: Due to urbanization, Vishakhapatnam is facing a surge in medical costs especially in private medical setups. This can drain the personal savings of people while tackling health emergencies. Thus, if an individual has a medical emergency, there are chances of spending up life savings depending on the net cost of treatment.
• Income tax savings: Health insurance premiums paid every year can be availed as tax deductions as per Section 80D of the Indian Income Tax Act. Those within the age of 60 years can avail of a deduction of a maximum of Rs. 25,000 for the insurance premium paid. One can also claim additional Rs. 50,000 as a tax deduction for health insurance bought for parents above the age of 60 years.
• Pre and post hospitalisation expense cover: The OPD cost or out-patient cost mainly inflate due to the associated diagnostic tests that are advised by medical professionals. To cover the exorbitant costs, it is important to buy health insurance cover these days. Medical policies can provide for the hospitalisation costs and also OPD diagnostic test costs that are to be done as prescribed by doctors. The cover could differ across policies depending on the terms for pre and post hospitalisation cover.
• Other Advantages: Additional benefits of health covers include ambulance fees, day-care surgeries, yearly health check-ups, vaccination costs in some cases are also covered by some insurers.

How to choose a good health insurance cover?

Buying a health insurance policy can be one of the smartest financial decisions one can make in today’s times. If you have decided to purchase a health insurance policy, you may also want to know how to go about selecting a good health insurance cover. Some of the important aspects that you must look for while selecting a health cover are:

• Complete protection against most critical illnesses
• The flexibility of choice with regards to health cover
• No change in premiums throughout the policy term even in case of changes to the health condition
• Long policy tenure that covers a maximum number of years
• Exhaustive hospital network for better access to medical treatment

Additional Read – Digital health insurance claim

Should I buy a Mediclaim plan or a Critical Illness Insurance plan?

A Mediclaim plan either reimburses total hospitalisation expenses or will pay for the hospital bills through a cashless facility. In case you have taken a Critical Illness Insurance cover, you can get a lump-sum payout upon detection of a critical illness. You don't need to be hospitalised in such cases. If you are unable to continue working due to the illness, the amount can be used as a substitute for regular monthly income. The money can also be used to cover expenses such as doctor fees, medical expenses, medical tests or other expenses arising during the period of the illness.

Thus, you will need both – a Mediclaim plan for meeting your hospitalization expenses and a Critical Illness cover to provide for loss of income and other expenses arising because of an illness.

Does your health insurance plan cover all your requirements?

The ongoing Covid-19 pandemic has led to a significant focus on research and development across the globe with the objective to curtail the effect of the virus. However, despite several efforts involved in the process, the timeline for the virus to completely go away seems far and stretched.

Additional Read – Health insurance for Covid-19

Amid a crisis like the current, an all-inclusive health insurance cover is very critical for people across all age groups. In India, healthcare cost is on a steep rise and the longer the recovery period from an ailment, the higher the cost of treatment. Coronavirus treatment is known to be prolonged in many cases since patients need to be admitted to an ICU and/or on ventilation depending on the severity. While availing of such treatment in a private hospital, the cost can easily burn off one’s savings.

This is why the smart choice is to have financial preparedness to stay protected from the pandemic. A health insurance plan with the right sum insured is a must. Many insurers in India offer comprehensive health insurance covers that even include Covid-19 treatment. Through health insurance cover, hospitalization and inpatient treatment for COVID-19 can also be covered. It is important that an individual opts for comprehensive coverage and checks for exclusions before buying a health policy.

Additional Read – How to choose the best health insurance?

EndNote

There are several reasons why people in Vishakhapatnam need to have health insurance cover. People who have a dependent family must ensure to buy family health insurance for covering the medical needs of themselves along with their family. Through a yearly premium payment towards health insurance, one can ensure the safety of themselves and their loved ones without compromising on personal financial goals.

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