Medical Insurance: Why is it Important for low and Middle-Income Groups

Medical Insurance: Why is it Important for low and Middle-Income Groups

Health is undeniably the most valuable asset, and safeguarding it should be a top priority for every individual. However, in today's world, where the cost of medical treatments is soaring, getting quality healthcare can become an uphill battle, particularly for low and middle-income groups.

However, medical insurance serves as a lifeline, offering them a shield against the unpredictable burden of healthcare expenses. Shockingly, most of this population lacks access to this vital safety net. hus, this article explores why a medical insurance plan is necessary for low and middle-income groups.

What is Medical Insurance?

A Medical insurance plan is a type of insurance that covers a whole or a part of one's increasing medical expenses. You can create a finance structure for a sense of safety to prevent health risks and expenses. It covers expenses like injury, illness, consultation, and more.

What are the Features of Medical Insurance?

Here are some of the basic features that an ideal best mediclaim policy must have. These features will also help you identify which is the best medical insurance.

1. Pre-Existing Diseases

In the scenario of existing disease, the insurer would not give them any expense as they are not answerable to them from day 1. Insurers usually have a waiting period in which they are not liable for the effects of pre-existing disease. Therefore, an insurer should always choose a policy that doesn't have a waiting period and cover existing diseases.

2. Co-Payment

Co-payment is a clause in which a certain amount is fixed between the company and the insurance holder. This fixed amount is what the holder needs to pay at the time of a medical emergency. The rest will be paid by the company only. 

3. No Claim Bonus

In the years when one has been in great health, the insurer provides the insuree with a no-claim bonus. This can increase your next sum insured while renewing the medical insurance plans. Therefore, an insurance holder should always choose the policy that provides the highest bonus amount.

Why is it Important to Have Medical Insurance for Low and Middle Income Groups?

Medical insurance for family is really important for low and middle-income groups as it financially insures the policyholder and their loved ones from numerous unfortunate happenings. There are various other reasons why having medical insurance is wise. Some of them are:

1. Helps in Medical Inflation

Inflation is one of the times when affording even the necessary goods and services becomes difficult. Therefore, having adequate best health insurance plans will be the best option in such a scenario. It will immensely help in an unforeseen event, saving the insurance holder and their family from a financial setback.

2. Quality Healthcare

A healthcare plan can also be useful if an insurer has a limited income. It will ensure their timely and quality treatment, as they would not have to worry about the bills as the insurance company will take care of it. Thus, a nominal monthly fee will give access to immediate medical care.

3. Cashless Facility

An insurer can also easily opt for cashless hospitalisation in a planned medical procedure. This will secure them from the chaos of filing a reimbursement claim with the company. The company can settle all their bills, and they won't have to worry about anything.

4. Comprehensive Coverage

One of the other advantages that a healthcare policy will cover is that it will also take care of everything else. Apart from the hospitalisation fees, they will provide support with pre and post-check-ups, medicines, consultancy, etc.

5. Tax Benefits

Under section 80D of the Income Tax Act, an insurer can enjoy tax benefits on health premiums. So they will not feel burdened while paying a monthly nominal fee. 


A medical insurance plan is an important investment that safeguards during health emergencies. However, before checking which medical insurance is best, you must have a basic knowledge of these plans and compare numerous insurers to choose the most beneficial one.

If you are looking for a medical insurance plan, visit Niva Bupa, the best health insurance company in india. It provides every type of health policy for every requirement. They have a success rate of 91.6 claims and more than 1 crore trusted customers. So, to get a reliable health policy, consider Niva Bupa today.

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