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Is sufficient Middle class people have Health Insurance plan?
In today’s period of time the health issues are increasing day by day and it has become a daily routine to visit a doctor on a daily basis or even the small illness. But it is also true that to visit a doctor on a daily basis for the remedy of the illness like cold and cough the middle class people couldn’t do their both ends meet. Most Indians are not basic prepared for their medical emergencies. Among the big population some has medical cover by the group health insurance schemes offered by the employers. But that is not enough.
A study reviewed by BigDecisions.com shows that about 95% among the middle-class Indians don’t have the sufficient health insurance cover for the basic procedures and aliments. The most under insured people are about 60-62% in the 25-35 and 35-40 age groups. But the higher are around 69% in the above 45 age group. So basically most of us are under0-insured and a little bit prepared for bare they expenses during the medical emergencies.
The reason
This low coverage is not for the high price in the insurance premium, as the rate of the premium has decreased by 3-4%b in the past five years. The one reason may be that the people who have bought the cover earlier haven’t revised it. Or it may be that the employer who has sponsored the coverage, the coverage has declined. The study also points out that the health cost of India is increasing in double-digit inflation and the costs will catch up with other developed countries. And the full-time employees of the company have a thought that the coverage they have received under the company’s group scheme is enough. And for this they have ended up paying massive medical bills when they have experienced the medical emergency.
Though the statistics has shown that 22% of India’s population is insured, it is because the majority of the different govt. schemes. But the reality is only 5% are insured. And among them some are under insured. And as the minimum expense of the medical procedure is 3Lakhs in the private hospitals and it rises higher as of different treatments. That’s why a certain people who are upper middle section go for the best treatment and others remains satisfied in the basic treatments.
The way
To after knowing this entire people must get insured as soon as possible. For insuring them they first know their requirements as the time is moving faster and the medical procedures are also getting more expensive day by day. And they have to figure out the exact amount they can be comfortable and the also to keep in mind the age, gender, number of family members and the residential city. It is also mandatory to check the amount of the cover once in three years whenever the family member s changes. Also they can buy some top-up covers that is provided by their employer and that are generally cheaper from the general medical insurance policies and will increase the amount coverage.
One should buy a rainy day fund which could be the cover for the financial commitments for at least six months. The investment can be done in liquid funds or bank deposits for any emergency. And it is interesting news that after buying a health insurance, one can get a tax exemption up to twenty-five thousand. And it is a factor in the cost as the person has to pay lesser for the insurance.
