1 in 2 health insurance avoiders perceive insurance to be a complex product to understand health insurance policies often resemble cryptic scrolls. The language is dense, the terms bewildering. Many struggle to find the right fit, a new study finds.

This study done by financial services platform, Navi, unravels the enigma behind the hesitancy observed among a significant portion of the population. Additionally, it sheds light on the digital silent revolution, elucidating its transformative impact on the landscape of health insurance in the country.

Also Read: Affordable Health Insurance Sees High Demand, Employer Policies Not Sufficient: Report

The sample size of the survey was 800 people.

Key findings of the study;

The Reluctance Factors: Key barriers to buying health insurance.

The “Forever Young” Fallacy (26%)

According to the data shared by Navi, 1 of 3 health insurance avoiders feel that insurance is not necessary if you are healthy – What they don’t know is Road accidents are not related to staying fit that a HI will cover

The myth persists: health insurance is for the elderly or the ailing. Why bother when you’re fit?

Life’s curveballs, such as unfortunate road accidents unrelated to fitness, do not discriminate. Buy early to get rid of the waiting period in time and enjoy lesser premiums.

ROI Dilemma: Beyond Investment (25%)

The study added that 1 in 4 health insurance avoiders don’t buy insurance as they feel there are no returns if not used or claimed.

“Why pay for something I might not use?” skeptics ask. Health insurance isn’t a stock market gamble; it’s peace of mind. without health insurance, when reality strikes, end up losing more than what one might have saved.

Balancing Cost and Access (18%)

1 in 5 health insurance avoiders don’t buy insurance due to the perception of premiums being expensive.

The premium puzzle vexes me. Cheaper alternatives take charge (Govt hospitals / local clinics/home remedies), while insurance costs loom. Again one has to pay a huge cost when things don’t work out.

What Ignites Action? When things get serious

1. Real-Life Stories (63%)

Experience speaks louder. Witnessing a friend’s medical crisis or counting losses due to lack of insurance triggers action.

2. Social Media Influence (58%)

– YouTube tops the list followed by Facebook and Instagram

Influencers break barriers. SM’s digital gurus demystify policies, crunch numbers, and speak your language. They’re the compass guiding you to financial safety.

3. Ailments and Alarms (55%)

Health scares or when symptoms knock, people knock on the doors of health insurance – but this results in paying higher premiums or added waiting periods.

The views and investment tips by experts in this report are their own and not those of the website or its management. Readers are advised to check with certified experts before making any investment decisions.

2024-04-12T05:40:39Z dg43tfdfdgfd