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Introduction of Health Insurance in India


		Introduction of Health Insurance
		Need of Health Insurance
		What Health Insurance Policy Covers in India
		What Health Insurance Policy in India Does not Cover
		List of 145 Day Surgeries
		Salient Points of Various Products of Insurance Company's

NEED OF HEALTH INSURANCE

Health insurance means risk coverage to provide financial shelter in the event of Medical treatment incurred out of a sickness or injury.
According to Money Digest February 2003.
1 in 3 Person
Will develop some life threatening cancer.
1 in 4 Person
Will contact heart disease before they retire.
1 in 20 Person
Risk the chance of having stroke before the age of seventy

According to World Bank Report

Some relevant studies reveal :
85 % of the working population in India DO NOT have Rs. 5,00,000 as instant cash.
14 % have Rs. 5,00,000 instantly BUT will subsequently will face a financial crunch
Only 1% can afford to spend Rs. 5,00,000 instantly and easily.
99 % of Indians will face financial crunch in case of any critical illness. Hence the need for Health Insurance.

Let us look at what it costs in a good/ reputed hospital for treatment of

Angioplasty	Rs. 2,00,000 to Rs. 3,00,000
Open heart surgery	Rs. 2,50,000 to Rs. 4,50,000
Liver Transplant	Rs. 30,00,000
Kidney Transplant	Rs. 18,00,000 to Rs. 30,00,000
Hernia surgery	Rs. 30,000 to Rs. 60,000

Cancer-Chemotherapy - Rs. 7000 to Rs. 10000 per visit and number of visits may be 4 to 20 means that cost can be as high as Rs. 2,40,000. It is only that Health insurance policy taken by a person can take care of hospitalization costs of this magnitude.

Who does not need Health insurance:

A person who is covered by his employer or is governed under some corporate rules for payment/reimbursement of Hospitalization costs need not go in for Health Insurance.
A person who has no financial liquidity issue and who can make immediate payment of hospital bills of the order of Rs. 1,00,000 or 2,00,000 or even Rs. 5,00,000 need not go in for health insurance. In this case he is indirectly doing self-insurance which in simple terms means that he will be making the payment himself as and when the need arises.
It means that all others should go in for Health insurance so that, as when they need hospitalization Health Insurance will take care of the same.
It means that by buying this Insurance one is buying peace of mind for the day, when one may need hospitalization

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