Evolution Of Health Insurance In India

Started in 1986 in India, health insurance has gone several changes. Are they for the better?

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Health insurance was launched in India in 1986. While some might say that health insurance is not as popular as life insurance, it is slowly gaining popularity among the masses. Not just in India but across the world, people are realising the importance of health insurance. A few thousands spent on health insurance once a year can help you save lakhs of rupees in case you are diagnosed with an illness or have met with an accident. Health insurance too has undergone several changes over the past few decades. The first health insurance policies in India were mediclaim policies, which only paid for hospital treatment. At the time, there were several limits imposed by the health insurance provider. Today, health insurance policies work in your favour rather than that of the health insurance provider. Advantages such as coverage of mental illnesses, outpatient treatment, health insurance customisation help individuals get the best out of their health insurance.

How Has Health Insurance Changed Over the Years?

Today, health insurance pays more than hospitalisation expenses. In fact, your health insurance cover may be used to not only pay for treatment of illnesses or injuries, but also maintain good health. “How is it possible?” you may ask. Several health insurance policies offer rewards for taking up wellness-related activities. These rewards can be in the form of discounts on health insurance premium, free medical check-ups and so on.

Health insurance is fully customisable too. You only pay for benefits you need. For instance, if you increase the waiting period for a specific illness, you will earn a discount from your health insurance provider.

Moreover, features such as room rent capping, co-pay and deductible let you decide your health insurance premium. This also makes health insurance affordable.


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