It takes an agent several days, even weeks, to convince a customer to buy health insurance. Yet, 10 minutes at the billing counter of a hospital were enough to persuade Avinash Sharma (see picture).
When the Delhi-based professional visited a friend, who had undergone a minor surgery in a private hospital last month, he was shocked to see the bill at the time of discharge.
"A simple operation and one night's hospitalisation cost him Rs 1.4 lakh. The cover from his employer covered only Rs 50,000 of the cost," he says.
We are not surprised. Healthcare costs are rising at a fast clip. According to a survey by insurance consultancy firm, Towers Watson India, healthcare costs in India increased by 13.25% in 2011.
The rate of increase in 2012 is estimated to be roughly at the same level. The culprits: introduction of new medical technologies, over-prescription by doctors, and a general rise in medicine costs.
Says Antony Jacob, CEO of Apollo Munich Health Insurance: "The treatment protocol for angioplasty today is vastly different from that followed five years ago. Many of these advanced medical technologies and procedures cost more."
Sharma is now looking for a health insurance policy for his family. However, the vast array of choices before him is confusing.
There are individual policies and family floater plans, policies that restore the limit after the claim and plans that cover critical illnesses or offer cash benefits on hospitalisation. How does one pick a suitable plan from this clutter?
The answer is that your needs should define the type of policy you buy. Each type of health insurance policy fulfils a certain need (see graphic).
The choice depends on the buyer's age, family size and structure, and existing insurance cover.
Reference: http://goo.gl/Q000n4
When the Delhi-based professional visited a friend, who had undergone a minor surgery in a private hospital last month, he was shocked to see the bill at the time of discharge.
"A simple operation and one night's hospitalisation cost him Rs 1.4 lakh. The cover from his employer covered only Rs 50,000 of the cost," he says.
We are not surprised. Healthcare costs are rising at a fast clip. According to a survey by insurance consultancy firm, Towers Watson India, healthcare costs in India increased by 13.25% in 2011.
The rate of increase in 2012 is estimated to be roughly at the same level. The culprits: introduction of new medical technologies, over-prescription by doctors, and a general rise in medicine costs.
Says Antony Jacob, CEO of Apollo Munich Health Insurance: "The treatment protocol for angioplasty today is vastly different from that followed five years ago. Many of these advanced medical technologies and procedures cost more."
Sharma is now looking for a health insurance policy for his family. However, the vast array of choices before him is confusing.
There are individual policies and family floater plans, policies that restore the limit after the claim and plans that cover critical illnesses or offer cash benefits on hospitalisation. How does one pick a suitable plan from this clutter?
The answer is that your needs should define the type of policy you buy. Each type of health insurance policy fulfils a certain need (see graphic).
The choice depends on the buyer's age, family size and structure, and existing insurance cover.
Reference: http://goo.gl/Q000n4
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