​Heath Insurance Evolution  
The concept of Health Insurance was proposed in the year 1694 by Hugh the elder Chamberlen from Peter Chamberlen family. 19th Century saw the commencement of a new concept of “Accident Assurance”. This concept functioned pretty much like the modern day’s disability insurance. This payment model continued until the start of 20th century. During the middle to late 20th century, traditional disability insurance evolved in the form of the modern health insurance
 
Healthcare in India is in a state of enormous transition: increased income and health consciousness among the majority of the classes, price liberalization, reduction in bureaucracy and the introduction of private healthcare financing together are driving the change.
 
Health insurance is very well established in many countries, but in India it still remains an untapped market. Less than 15% of India’s 1.2 billion people are covered through health insurance.
 
According to World Bank report, health insurance coverage in India shall cross 630 million people or 50% of the population by 2015.
 
The report further says said that spending through health insurance mechanisms will continue to increase at an estimated overall compounded annual growth rate of 19% to Rs 38,000 crore by 2015.
 
India’s total health spending at 4.2% of GDP is way below most developed and some developing countries. Over 80% of healthcare spend is in the private sector. Currently, only around 16% of Indian population is covered under some or the other form of health insurance.
 
There are numerous reasons for not availing health insurance. For instance, lack of knowledge regarding the existing insurance products/services in the markets. In addition, there are numerous misconceptions about Insurance prevalent in the market.
 
With the opening up of insurance sector for private participation, numerous players have entered the healthcare segment, but in spite of the entry of private sector, penetration of insurance coverage in India is abysmally low.
 
Why Health Insurance?
In order to best the increasing rates of medical care, having a health insurance policy becomes very important. It has been often observed that medical emergencies not only wipe out your entire life savings, but also cause the stress of arranging for additional resources, if required. Not having adequate health insurance not just leads to a financial drain but also affects the entire family emotionally.
 
However, if you are covered under a family health insurance policy; no matter how unexpected the medical emergency is, financially you would not have to worry about the hefty medical bills. At the same time, you can concentrate on the recovery.
 
That's because you know that the insurance company will take care of the financial burden. By paying a small sum for health coverage, you ensure access to the best medical facility in the hour of need.
 
Importance of Family Health Insurance…
The importance of Family Health Insurance can never be undervalued for the following reasons:
 
• Provides security to human life which is of prime importance to any individual.
 
• Closely bonds Insurance Companies, Hospitals, Policyholders and TPAs together for the benefit of Indian masses.
 
• It is an answer to the solution of uncertainties and risks those are prevalent and ever-pervading in human life.
 
• Prevention and minimization of unforeseen losses.
 
• Provides access to quality healthcare.
 
• It is a means of savings and a safe investment option.
 
• Provides financial stability in life.
 
• It is a tax-saving instrument that significantly contributes in reduction of tax deductions.
 
• A family health insurance plan reduces tension and stress caused on account of hospitalization.
 
• it greatly contributes in leading a stress-free life.
 
The right time to buy a family health insurance...
There is no right time to buy a family health insurance.
You may not have a family or personal history of illness. But you never know when an accident or serious illness can wreak havoc in your otherwise happy and peaceful life.
 
By opting for a family floater option, you insure yourself and your family (spouse, two children and two parents) under a single policy at a reasonable cost. Many insurance companies today also provide health coverage for day care procedures - ensuring you go back home to your loved ones at the earliest.
 
Conclusion:
 
Yes, health coverage does cost money - but not having one can cost you several times more.
 
'Our health always seems much more valuable after we lose it'. Therefore, it is wise to be prepared for the worst beforehand. Save yourself from the financial burden of a medical emergency by covering yourself and your family under a family health insurance plan at the earliest.
Article by Monu Vikas Gupta