Mumbai is definitely one of the most thickly populated cities in India. With a population density of 19,652 people per square kilometers, Mumbai houses 12.4 million people within its borders. The reason for the increased population is rapid migration from neighboring states for the purpose of employment. This population influx has put a major burden only the infrastructure and services available in the city.
The National Building Code and National Urban Health Mission, mandates one health dispensary per 15,000 people. By this rate, Mumbai is supposed to have 830 health dispensaries, but it only houses 186. This lack of adequate public health infrastructure has caused a high dependency on private healthcare services. In fact, surveys reveal that 52% of the total households in the city use private healthcare services. What this means is that approximately 9.1% of the total annual income of these households is spent in hospital expenses, this comes up to Rs. 87,513 per household.
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The overall increase in hospital expenses is however not reflected in statistics of health insurance in Mumbai. Around 76% of the households in Mumbai do not have any form of health insurance and bear the costs of hospitalization using their savings. One of the key reasons why households, especially from low-income and middle-income backgrounds do not buy health insurance in Mumbai is because most health insurances only cover expenses incurred when the insured is hospitalized.
The statistics above prove that buying health insurance in Mumbai is a necessity. Given below are a few tips that can help you find the right health insurance in Mumbai.
- Fix a budget before you search
It is wise to fix a budget before you begin your search for the ideal plan relating tohealth insurance in Mumbai. Once you have filtered your search using your budget, you should compare the premium paid with that of the benefits offered. Choose a plan that falls within your budget and covers your needs and requirements. You can always increase your cover in time if the need arises.
- Cross check benefits of coverage with needs
The first question to ask yourself before buying health insurance in Mumbai is whether the prospective plans have the right coverage. This could include cover of pre and post hospitalization expenses, pre-existing health conditions, annual health check-ups, day care treatment expenses, etc. Consider your needs and compare them to the benefits being offered by prospective plans.
- Check modes of claim settlement
The mode of claim settlement is a key factor when it comes to health insurance in Mumbai. Think about how you would like to receive your claim amount when you are hospitalized. Would you prefer a reimbursement after you spend for hospital expenses out of your own savings? Or would you prefer a cashless settlement, where you will not have to worry about settling bills as the hospital will directly receive the amounts from the insurance provider?
- Check the hospital network
Every insurance provider has a network of hospitals it works with. Before you choose to buy health insurance in Mumbai from a particular provider, always look at the list of hospitals in their network. Check specifically whether the insurance provider has hospitals near your area in its list. Therefore, if you choose to go ahead with that provider, you won’t have to travel far from home to avail insurance benefits.
- Check the claim settlement ratio
The claim settlement ratio is an indicator of how many claims have been settled by the insurance company with regard to health insurance in Mumbai. Care Insurance, for instance, has a very high claim settlement ratio of 95.2%, making it a company one can trust. Always opt for an insurance provider who has a higher claim settlement ratio because it has already proved its worth and value to the insured.
Do keep these five tips in mind while shopping for health insurance in Mumbaior elsewhere.