While health-related issues are on the rise, there is also no respite from the escalating healthcare costs. Individuals with low incomes find it difficult to provide financial coverage to their families during medical emergencies.
However, it is possible to obtain health insurance for low-income families, provided you are well-informed about the different schemes and policies available within your budget.
Read on to find out why low-income families need insurance coverage and how to navigate this landscape confidently.
Health Insurance for Low-Income Families - Why is it Necessary?If you have a limited income, it is only obvious that you are hesitant when it comes to opting for an insurance policy for healthcare. However, ignoring health issues can lead to significant financial losses and loss of health in the long run.Therefore, it is necessary to opt for insurance for low-income adults because of the following reasons:
Safeguards Hard-Earned Money
Whether you require an immediate surgical intervention or a day-care procedure, a significant amount is lost while paying the bills. This amount is compensated for if you invest in an insurance policy.
Helps Combat Medical Inflation
The present scenario is such that it is getting difficult to keep up with the rising levels of medical inflation, and your savings are not enough to match the medical expenses for treating health issues. However, opting to pay periodic premiums towards an insurance policy can help you avail of medical assistance without being bothered about the expenses.
Provides Hospitalisation Expense Coverage
Most trusted insurers cover hospitalisation costs, making it financially viable for you to seek emergency medical intervention for you and your loved ones.
Apart from these, opting for an insurance policy for healthcare also helps you avail tax benefits under Income Tax Act (Section 80D), obtain cashless treatment facility, save more through add-ons and get access to different plan options to fit into your budget requirements.
How to Get Access to the Best Health Insurance for Low-Income Families?
While the landscape of this insurance policy may be a complex one, with proper guidance, it is possible to avail medicare for low-income families.
Assessing Medical Requirements
Before you start researching insurance policies, you should get a better understanding of the medical requirements unique to your family. Consider factors like pre-existing conditions, age and the healthcare requirements that you anticipate. This assessment will help you find a policy that is tailored according to your family’s specific medical needs.
Keep a Balance between Cost and Coverage
Evaluate your family's healthcare priorities, and look for a policy that provides sufficient coverage without compromising on affordability. Selecting a policy without add-ons can help you keep a check on the cost of the policy.
Compare Deductibles and Premiums
Do not just look for insurance policies with low premiums. Calculate the deductibles associated with the policies. Opting for a policy with a bit high premium but a low deductible can be more cost-effective for your family in the long run.
Preventive Health Checkup is a Must
The coverage should include annual health checkups, as this is the key to staying away from major health issues that can lead to complicated treatments over time. Routine screenings, vaccinations and checkups can not only lower overall healthcare costs but also promote your family’s wellbeing.
Conduct Thorough Research
Without extensive research, you will not be able to find the most appropriate policy that meets your family’s requirements. Go online and visit trusted insurers’ websites to compare what each insurer is quoting as a premium rate. Consult your friends and professional experts (if required), and pay extra attention to claim settlement ratios, policy exclusions, add-ons and coverage limits.
These tips to buy health insurance at affordable rates will help you save financially and cater to the healthcare requirements of your family members as and when required.
Government Health Schemes for Low-Income Families
Individuals belonging to the low-income group, specifically those below the poverty line (BPL), simply cannot imagine affording specialised treatments for themselves or their family members. Moreover, it is a burden for the poor in our country to pay costly hospital bills, which adds to their suffering, both physically and financially.
To help such individuals and their families with proper medical care, the Government of India provides low-cost health insurance for low-income adults. In it, the Government has curated government health insurance schemes that protects you and your loved ones from being burdened by expensive healthcare.
Some important government health insurance schemes are listed below:
Rashtriya Swasthya Bima Yojana
This scheme specifically caters to those below the poverty line. It offers up to ₹30,000 as coverage to the policyholder, and it covers a host of ailments requiring hospitalisation. There is no waiting period to cover pre-existing conditions, and there is no age bar for opting for this scheme.
Ayushman Bharat
This is a prominent initiative by the Government to provide health insurance for low-income individuals at extremely affordable rates. In it, coverage is provided for the family of the policyholder, the sum of which extends up to ₹5 lakhs annually. ₹30 is charged as a premium annually and it covers pre-existing conditions without any waiting period.
Pradhan Mantri Suraksha Bima Yojana
It is designed to financially protect individuals between 18-70 years of age (with active bank account), from medical expenses related to death or disability due to accidents. The annual coverage is ₹2 lakhs for death or disability and ₹1 lakh for partial disability. The premium for this policy gets deducted from the bank account of the policyholder automatically.
Aam Admi Bima Yojana
This personal accident cover is specifically for individuals living in rural areas who have no ownership over any land. Forty-five occupational groups are covered under this scheme. The total premium is paid by the Government, and its coverage is limited to a single family member who is also the sole breadwinner.Compensation of ₹30,000 is provided in case of natural death, ₹75,000 in case of permanent disability or accidental death and ₹37,500 in case of partial permanent disability.Reliance General Insurance for Affordable Health InsuranceHealth is a subject that demands attention all the time, and our goal at Reliance General Insurance is for you and your loved ones to maintain good health without suffering financially. With our Reliance General health insurance plans for family, you can protect yourself from having to make sudden monetary arrangements due to a medical crisis in your family.Whether you are in need of immediate hospitalisation or are looking for medical treatment options abroad for complicated surgery, our extensive coverage will help keep you from becoming financially unstable.Additionally, our
health insurance policies, starting at only ₹243 per month, are thoughtfully designed so that you do not have to think twice before dealing with ever-increasing healthcare expenses. Moreover, our 100% claim settlement ratio ensures you get financial backup when you need it the most. Browse through our plans to find out which one of our health insurance plans best meets your healthcare needs.
Conclusion
Low-income families can protect their hard-earned savings with insurance coverage to pay for medical treatments. Therefore, whether or not you have sufficient financial resources, opting for a healthcare plan for you and your family is a must.
With all the options and guidelines mentioned above, it should not be difficult to protect your family from financial losses while ensuring that they have access to proper healthcare facilities without worrying about money.
Frequently Asked Questions
Are Government health insurance policies free of cost?
Government health insurance policies are not free of cost, but they are easily affordable. Generally, the premiums of such health insurance policies are partly paid by the Government and partly by the policyholder.
Is it necessary to produce documents to avail of government health schemes?
Yes, you are typically required to produce an ID proof to avail of such health insurance policies. However, specific documents may be required for specific policies, for which you must check with the respective Government authorities.
Is a regular health insurance policy affordable for low-income families?
Yes. Reliance General Insurance offers affordable health insurance plans that start at only ₹243 per month. Our health insurance plans help you meet your healthcare needs at a budget you can afford.