Saturday, August 13, 2022

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insurance of health | Why buy health insurance?

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Health insurance policies are designed to protect you from huge expenses arising out of sudden medical treatment or medical emergency.

As per the health insurance policy, you can first pay for your hospitalization expenses and later the insurance company can pay you for those expenses in the form of reimbursement. After you submit your claim, the insurance company will provide the reimbursement amount in your bank account.

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There are even different types of health insurance policies which have cashless facility. As per cashless policies, you do not have to pay anything. Once your hospital bill is received, the insurance company will make the payment directly to the hospital.

Also read…the public health |What is Public Health?

basic health plan

This health insurance policy helps you pay for your expenses by providing you a fixed cover amount. Through this cover amount, insurance companies; Help you pay for your hospitalization expenses in case of accidents, day care procedures, surgical treatment or serious treatment. Many features, limits and insurance amounts will vary according to the insurance company.

Super Top-up Health Insurance Policy

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Like top-up in mobile recharge, it adds extra coverage to your existing health policy. The goal of this policy is to charge you a lower premium without compromising on your health coverage amount.

hospitalization policy

A hospitalization policy is a health insurance policy that covers the hospitalization and treatment expenses of an individual. But it depends on the insurance amount provided by the insurance company. Hence, these plans are also known as loss indemnity policies.

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family floater plan

Family floater health insurance plan covers the entire family in one health insurance plan. This policy works keeping in mind that not all family members will suffer at the same time. Family floater plan covers hospitalization related expenses that can be incurred before and after hospitalization. Most of the health insurance companies in India have a large network of hospitals to offer family insurance, which helps the insured in case of emergency.

senior citizen policies

As the name suggests, Senior Citizen insurance of health is for the older people in the family. These policies cover health problems arising during old age. As per the IRDAI guidelines, every insurer has to provide cover till the age of 65 years.

maternity insurance policies

Maternity insurance policy provides coverage for maternity and other additional expenses. These policies cover exorbitant medical treatment expenses before, during and after pregnancy. Like other health insurance plans, maternity insurance providers usually have a wide range of network of hospitals.

Hospital Daily Cash Insurance Policies

Hospital Daily Cash Insurance policies provide some cash for each day of hospitalization.

critical illness plans
Critical illness insurance of health are profit based policies where, on diagnosis of the critical conditions covered, the insurance company pays the entire benefit amount in one go. These plans are generally exclusive, covering critical situations. Some of these plans include heart attack, cancer, stroke, etc.

Why buy health insurance?

Importance of health insurance

Investing in a health-insurance policy is extremely important for several reasons. These are-

Medical treatment is a financial burden on the family
Without insurance, people may get less medical care due to lack of funds
They are prone to high risk as they do not have access to regular medical checkups.
It protects a single family through unexpected, unforeseen, emergency health related economic situations.

What do health insurance policies cover?

The health-insurance policies offered in India provide cover for the following essential health benefits:

Hospitalized patient – Medical expenses related to hospitalization due to illness or accident for a time period of more than 24 hours.

Pre-hospitalization – Medical expenses incurred during the days preceding hospitalization due to illness.

Post-hospitalization – Medical expenses that are incurred for a certain period of time after discharge from the hospital.

Day-care procedures – Medical expenses for treatment that do not require 24-hour hospitalization due to technological advancements.

Home Treatment – Covers expenses for treatment done at home that would require hospitalization.

Emergency Ambulance – Cost related to using an ambulance service to get to the hospital.

AYUSH Benefits – Treatment done using Ayurveda, Unani, Siddha and Homeopathy.

Health insurance policies don’t cover?

Pre-existing medical conditions – Pre-existing medical conditions are conditions that you may already be suffering from while applying for insurance. In all likelihood, pre-existing medical conditions are not covered under medical insurance plans. However, health insurance providers have started providing coverage for pre-existing medical conditions after the waiting time period ranges between two to four years.

Cosmetic surgery – Cosmetic surgery is one of the most common health insurance exclusions. However, cosmetic or plastic surgeries performed after accidents are covered by many health-insurance plans. Also, joint replacement and dental treatment are generally not covered by insurance of health policies.

Injury caused during suicide attempt – The insured is not covered in case of intentional self harm.

Therapy – insurance of health policies do not cover therapies such as acupuncture, naturopathy, magnetic therapy and alternative forms of therapy.

How can you choose the best health-insurance policy for your family?
There are several parameters to consider before investing in a health-insurance policy. some of them are-

your budget
budget of the family needs to be considered, based on which it invests in a insurance of health policy that covers all the risks related to the health of the insured and that of their family members.

Another consideration factor that one should consider is whether a health-insurance policy offers co-payment facility or not. A standard feature, co-payment is defined as a fixed percentage of each claim amount to be paid by the insured.

Number of family members covered
While investing in a health-insurance policy, one should always consider the number of family members who can benefit from this policy. Most insurance providers cover up to 4 to 6 family members under a family floater health insurance policy in India.

claim settlement process
The claim settlement process is a complex process that prevents an individual from investing in a insurance of health policy. In today’s day and age, all the insurance providers offer easy, hassle free claim settlement process which makes it convenient for the insured.

Addition of new family member
The addition of a new family member is a moment of joy. So, when investing in a insurance of health policy, you should also consider the terms of the policy if you want to add and insure a new family member under your insurance policy.

Compare Health Insurance Plans
Before investing in a health-insurance policy, one must compare policies from the best insurance providers and choose the one that best suits one’s needs.

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