Health Insurance Companies And The Improvements To Be Made

By Author: Aman Bhatia
Total Articles: 19
Comment this article

In the country, like India, all people do not have accessibility to quality medical care. The majority of people here either have to compromise with the quality treatment or have to bear financial stress in order to pay off medical expenses. On other hand, due to the change in lifestyle and increase in number of health problems, people are becoming victim to one or the other disorder. The high cost factor associated with these treatments brings in various issues for the family of victim. The family members have to look for the various options to raise money at the last hour, when their loved one falls sick or meets a sudden mishap, like an accident. These problems can be overcome only with the help of medical insurance products that offer people the needed financial coverage in times of medical emergencies.

However, the major problem is that a majority of people here are not insured. They don’t invest money in these products and thus, face difficulties in seeking medical treatment. Light thrown on healthcare statistics brought to light that there is an immense difference of around $57 billion that is paid toward healthcare ...
... by people from their pockets. It shows that there is a tremendous scope of improvement for the growth of health insurance companies in India.

On other hands, rising medical care expenses is expected to intensify problems for people, if they do not invest in these products. Thus, there is a need to take the needed actions at the earliest. The uninsured people should be encouraged and taught about the importance of these products in our life. There is a need to spread the awareness such that people can find these products useful. Government, health insurance companies and medical care experts should all collectively participate in spreading this awareness, as this is the only viable means to seek the best medical care without reducing bank balances. At one end, there is need to spread awareness, while at other end, there is a need to win over people’s trust and offer them the best products and the best services.

The portability feature is one of the features that have shown a good improvement in this field. This facility allows insured individuals to change their provider at the time of policy renewal, along with accrued benefits. It has not only improved the quality of services offered by insurers, but has also led to cooperation in information sharing between insurers. Likewise, there are many other facilities that have been initiated by IRDA to make medical care accessible for one and all.

Similarly, every organization should come ahead and work to improve the healthcare in India. Medical care experts should educate people about the probability of increase in medical expenses and easy means to tackle these expenses. Awareness campaigns should also be started to help people in learning about growing need of health insurance. Providers should also come forth in spreading awareness and designing products to help the Indian people in getting best coverage.

The products designer should carry out research and identify health needs of the masses. It is only then that uninsured people could be pushed to buy these products. Another important area to be looked into is the understanding of the plan. There are a large number of people who do not take pains in knowing about the plan’s overage and understanding the related terms. These people should know about the working of the plans and the terms, like waiting period and copayment that could deprive them of the coverage later.

Claim procedure should be clearly defined so that it reduces the chances of claim rejection. Policy wordings should be free of jargons to keep people away from coverage related confusions. Working in this direction, Apollo MunichApollo Munich Health has helped a lot in improving the condition of healthcare and health insurance in India. The company has brought in best-in-class products and has offered best services to enhance the accessibility of Indian people towards medical care.