Market Research Report for Health Care states that Change in lifestyles and luxuries come with the cost and in corporate driven career world, this cost is health. One of the most controversial and debatable topic of the world is healthcare policies and practices. Health insurance is a type of coverage that pays for insured person’s medical and surgical expenses which saves them from huge financial loss. It has been observed that Health Insurance has grown immensely over a decade. Insurance act 1938 even holds a separate special amendment for health insurance different from life and non-life insurance. The most basic and important principle of insurance is UTMOST GOOD FAITH which states that insurer and insured must possess full faith on each other and should disclose all relevant information related to insurance prior to the agreement.
Increase in office hours and unhealthy food intake has made health prime concern for all age groups as it leads to health complications ranging from obesity to cardiac attack. Therefore health insurance has become the basic need of the hour to be away from such unexpected attacks and extravagant expenses attached to it. Older citizens are more prone to chronological illness and diabetes. There are few things to be kept in mind while buying Health insurance for better services:
Market Research: thorough market research is prerequisite to get best health insurance plan that would fulfill all the requirements of insured.
Coverage Option: In every health insurance there is provision of what would be covered and what not. Therefore beforehand information is beneficial while choosing plan.
Enlisted Specialist: There is a list of specialist enlisted by insurance company, one must always keep them in consideration and ensure there is an alternate medical specialist listed.
Terms and Condition: It’s very important to read all the terms and condition and check all the medical test mentioned to be taken before the insurance plan is signed.
Insured must not hesitate to contact insurer in case of any doubt to avoid any scope of miscommunication and misunderstanding after the agreement is duly signed.
Over the years uninsured citizen rate has decreased in developing and developed countries providing great competitive opportunities to health insurers. Raising option of awareness and altering them to give the best alternative to cater patient needs. According to Health Care Industry Research Report Developing countries like India by 2020 would see a great increase in healthcare industries and thus IRDAI has formed same rules and regulation for government and private health insurance company to ensure safety of client. Government insurance providers are open for negotiation and offer services at discounted rates still people are more inclined towards private sector insurance provider as they have benefit of restoration and offers full coverage on medical expenses. In developed countries such as The United States of America humana, profit insurance provider organization has a great market share than any private provider or AARP. In Europe EHIC is the market leader. The common objective of every health insurance company whether government or private comes down to providing cost- effective and satisfying services to their client.
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Ankur Gupta, Head Marketing & Communications