Health care insurance is an agreement between the insured and the insurance provider to protect or cover for health-related emergencies that we consider ‘accidental or sudden’ . The insured person is anticipated to pay off a certain premium value on a regular basis to avail the benfits of insurance coverage. Premium payments are fixed not based upon one’s earnings but on an assessment of financial risk condition and insurance policy coverage advantages.
One can choose for a monthly or annual plan of health care insurance coverage at the time of buying the polcy.
Health insurance policies are specifically made to pay out your medical expenditures. An insurance coverage can be bought for both - an individual or a group.
The idea of health insurance protection plan was established way back in seventeenth century. ‘Accident Insurance’ was the very first kind of health insurance available in late nineteenth century. Accident insurance coverage, initially launched in America, was provided by Franklin Health Insurance Company, Massachusetts ( founded in 1850). Before the growth and development of the idea of health care insurance coverage, people used to pay for their medical expenses on their own. In the course of the middle to late twentieth century, conventional ‘disability insurance’ evolved into modern ‘health insurance’ courses.
Health Care Insurance Coverage schemes
Central Government of India possesses its own health insurance scheme since 1954 , which is known as Central Government Health Scheme ( CGHS ) . It aims at offering comprehensive health coverage insurance for Central Government employees.
Some of the advantages provided in this scheme are outpatient amenities, protective as well as promotive care in dispensaries . This plan is specifically funded through Central Government funds with premiums starting from Rs 15 to Rs 150 per month depending upon an individual's salary scale.
Year 1999 recorded a whole new beginning for the health insurance in India. With passing of Insurance Regulatory Development Authority Bill ( IRDA ), the opportunities were thrown offered to the private players. A few of them are Reliance General Insurance, Bajaj Allianz, ICICI Lombard, Royal Sundaram Group and Cholamandalam General Insurance. In addition to these non-public players, there are insurance policy provided by NGOs that are also known as community-based health care insurance plan.
Community-based health insurance plan are mostly targeted at the low-grade population who reside in community. Making money is not their objective but to offer the benefits of the health care insurance services.
Health Care Insurance statistics
About 85m people of India are insured under health insurance plan,which means barely 10% of the overall population. Included in this only 10.8 m persons are insured under insurance companies, the remaining are protected under government and company schemes. Health insurance in India has contributed 9.6% to General Insurance market. There are many factors that state the health care insurance market as loss making profile. A few of them are insufficient distribute of risk, insufficient underwriting recommendations or suggestions, not enough claims management, not enough distribution etc. In addition, insurance coverage for pre-existing disease problems is still a questionmark.
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