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Health insurance is a protection that will take care of your financial condition in case of a medical emergency. Health insurance covers medical expenses you may incur due to accident, illness or injury. Technically, this is a contract between you and your insurance company. This means that the insurance company will pay part or all of your medical expenses according to a specific fee (premium) that you pay. Typically, insurance companies pay medical expenses in two ways:
Take advantage of cashless treatment where you don’t have to pay. The insurance company pays the hospital directly. You can cover your medical expenses first and then seek reimbursement from the insurance
company. Why do you need health insurance?
Most people hesitate to buy health insurance until it is too late. Although awareness and willingness to purchase health insurance has increased, the issue is still not considered a top priority. There is still a big gap between intention and actual purchase.
Emergency medical help can arrive at any time. If you are young, the risk of getting sick is very small but not zero and accidents can happen. The medical costs associated with situations like these can leave a big hole in your pocket. A good health insurance plan can protect you from a financial hit to your savings and provide a much-needed cushion to cover the costs of doctor’s visits, tests, etc.
medications and other procedures. Health care costs are rising at a rate faster than medical inflation; Health insurance can help you get the treatment you need without having to cut corners due to lack of funds. Furthermore, paid contributions are tax deductible up to certain limits!
Overview of health insurance:
It allows you to access high-quality medical care without worrying about high costs. Add a cushion against the shock of medical inflation. Protect your savings in case of a medical emergency.
Provides tax benefits. Most importantly, it allows you to take care of your health and that of your loved ones, instead of worrying about huge medical bills.When should you buy insurance:
now or later?…
As soon as possible. Let’s look at buying health insurance at different stages of life:
In the 1920s
Best age to buy a policy. You may be in good health and have few responsibilities and financial pressures. Investing in a health insurance plan at a younger age certainly has its advantages, such as higher coverage with lower premiums, no need to undergo medical examinations, etc. Importantly, in India, you are guaranteed to renew your insurance policy even if you file a claim, so when you reach the age where you are likely to have to pay those medical expenses, you will overcome all waiting periods required to make a claim. And every no-claims year, and there will be many, additional coverage will be added to your policy for free!
In the 1930s
This is the calm phase. You will most likely get married, plan to start a family, invest in a house, etc. Additionally, lifestyle diseases are increasingly affecting young people. Buying a policy at this stage will require consideration of all of these aspects. Be prepared for higher insurance premiums and a higher risk of being sued.
From 40 to 60
The period when your financial responsibility will likely reach its peak. You will need a higher sum insured, which will result in higher premiums. If you are a victim of diabetes, hypertension, etc., expect a longer waiting period. You will also need to consider additional benefits to give you the additional protection you need. Before obtaining a policy, you should also prepare to undergo medical examinations. Normally, for people over 50 years old, a medical examination is mandatory.
Elderly residents
You will need a large amount of insurance with huge insurance costs. A period of life where you expect long-term treatment for serious illnesses, hospitalization, etc. Choose a health insurance policy for the elderly. Browse, compare and choose the best. Policies often include a co-pay clause at this stage, meaning you will have to pay part of the cost of treatment.
Types of health insurance policies available
In general, you can choose from two types of health insurance plans – individual plans and family plans. Both policies can be described in a few words: the variable family plan is «one plan for everyone» and the individual plan is «different options for different people.» different». Your choice will depend entirely on factors such as age, your child’s age, medical history, and budget. It is important to fully understand both types and make an informed decision that is best for you and your family.
Personal insurance
An individual health insurance policy issued to one person. This means that the sum insured belongs entirely to the insured. For example, if you are an insured person and need to be hospitalized, the insurance company will cover your expenses up to the insured amount. The remaining amount will be used for the remaining term of the contract.
Floating family roof
This plan covers your entire family under one comprehensive policy. Unlike individual health insurance, variable insurance requires all insured persons to share the sum insured. For example, if you buy an insurance plan for yourself, spouse and children with a sum assured of INR 4 lakh, the insurance company will cover all three of you for that amount, regardless of who is sleeping. institute. When calculating bonuses, only the age of the oldest member of the family is taken into account. If you are a new parent with young children, this may benefit you.
You can take care of your loved ones at a very affordable price. Miss:
If you want to insure your elderly parents, instead of buying a family insurance policy, choose separate insurance plans for you and your parents as this will be cheaper. With a multifamily plan, premiums are often tied to the oldest member of the family, so if your parents are on the same plan, premiums for all of you will likely be higher. Additionally, if a family member becomes ill and may require a significant portion of the premium, an individual policy may be a wiser choice.
Things to keep in mind when choosing a health insurance package
Here are some important parameters to consider when choosing a health insurance plan. Be sure to invest in a health insurance plan that is comprehensive and best suited for you and your family.
Completeness of coverage
Choose your coverage amount or «Sustainable Amount» based on today’s health service costs, inflation rates, and current needs. Each year when you renew, you should reassess the coverage needed.
Reward
The amount of premium you pay depends on many factors, such as the coverage you choose (sum insured), age, medical history, type of plan you choose, etc. When evaluating your options, look for an insurance company that offers you most of the features and benefits you’re looking for, at the best possible price. While bonuses should be considered, it should not be the primary factor in your decision. Find out what’s
included and what’s not
When choosing a policy, make sure to check what it covers and under what conditions a claim cannot be made. Being transparent will save you the hassle and pain of having your claim denied later.
Limits on rental of premises
The room rental limit determines the maximum room rental amount allowed by your health policy. Different insurance companies have their own rules and restrictions regarding rentals, which will be clearly stated in your policy. Before purchasing health insurance, make sure you understand how room rental limits work and make an informed choice. Take this into account depending on the type of room and hospital you
want to go to. Hospital network
Check the list of hospitals with cashless payment policies. Try to choose a policy that has a wide hospital network. If you travel frequently, check
out the global hospital network. Additional fees
This clause allows you to reduce the premium when purchasing a health insurance policy by offering to pay a fixed percentage of the total claims made during the policy term. If you decide to pay more, you can choose the
percentage you want to pay at first. Waiting time
This is the period during which complaints will not be accepted. Different policies have different waiting periods. For claims related to pre-existing conditions, waiting times will be longer. Look for a policy with the shortest waiting period possible.
Fatal disease
The occurrence of serious diseases such as heart attack, stroke, cancer, etc. Growing up. The cost of treating these life-threatening diseases is also very high. It is wise to choose a health insurance plan that will cover these costs if they arise. It is available at an additional cost, so evaluate your needs and buy it if you can afford it.
No Claims Bonus (NCB)
This is a reward you receive from the insurance company for not making any claims during the insurance year. Bonus can be given in the form of a discount on the next year’s premium or in the form of a higher sum insured for the same premium. Choose wisely!
Day care process
Some medical procedures, such as cataracts, are performed on the same day and do not require hospitalization. So it’s worth knowing whether such treatment is included in your plan.
Alternative treatments
AYUSH (Ayurveda, Yoga, Unani, Siddha and Homeopathy) treatments are gaining increasing importance and becoming the preferred treatment method for many people. Most health insurance plans today provide coverage for such alternative treatments. If you prefer AYUSH over allopathic medicine, make sure your policy covers the same.
Reputation of the insurance company
Consider factors like claim resolution rate, solvency ratio, customer service, product mix, etc. What your policy does not cover:
Exclusions…
Here are some common exceptions to the health care rules. However, before you make a choice, check and understand the exceptions as they vary by policy.
Beauty care
Dental procedures
Some pre-existing conditions
Congenital disease
Non-prescription medication
Trauma caused by war, terrorism and suicide
How to buy a policy
In today’s digital age, the easiest way is to go online and buy a policy:
Get detailed information about the different health policies available depending on your requirements. Explore and compare policies at a time and place that’s convenient for you
100% homemade process. Even if you need an agent, you can take advantage of the services in a few online clicks
It may be super fast to buy online policies, if you are looking for a basic health insurance-during this time, you have been starving, time is the right money. No need for paper or physical signature.
Conclusion
You may have heard that health is wealth, but considering the unpredictability of life, in addition to good habits and lifestyle, you also need some wealth or money to ensure good health. Health insurance can make it much easier to access that money when you need it most.
