Health insurance provides risk coverage against expenditure caused by any unforeseen medical emergencies. In current time of high medical inflation rates, failing to hold adequate amount of health insurance cover can prove to be a major personal financial disaster. This could lead to either poor health care because of non- affordability or spiral an individual into financial distress due to high medical bills.
Medical inflation has so far outpaced overall inflation in the last few years. The oft- quoted figure for healthcare inflation in India is 15% a year compared to overall inflation of 6-7 per cent in the past few years.
A health insurance report published by the IRDA (Insurance Regulatory and Development Authority) of India published in 2011 says the average claim in case of major diseases was Rs 1,34,550 in 2009-10 compared to Rs 98,101 in 2007-08, a compounded annual growth rate of 17 per cent.
That was in 2009-10. What was the cost of major medical treatments/procedures in India in 2012 -13?
There is a popular saying about Health insurance “Buy health insurance when you don’t want it, because you may not get it when you want it”.