All You Need To Know About Health Insurance

Health insurance is a safety net that guarantees your financial well-being in the event of a medical emergency. Medical insurance covers medical expenses that may arise as a result of an accident, illness or injury.

Technically, it's a contract between you and your health insurance company. This means that your insurance company will cover some or all of your medical expenses in exchange for a certain fee (premium) that you pay. In general, there are two ways your insurance company will cover your medical expenses.

Enjoy cashless treatment where you don't have to pay anything. Your health insurance company will pay the hospital directly. You can pay your medical bills first and then claim reimbursement from your insurance company later.

Why you need health insurance

Most people don't want to buy health insurance until it's too late. Although there is growing awareness and willingness to have health insurance, it is still not seen as a priority. There is still a large lag between intent and actual purchases. A medical emergency can knock at any time. While you are young, the chances of getting sick are small, but not zero, and you may get into an accident. The medical costs associated with such situations can put a heavy strain on your pocket. We provide the cushioning needed to meet the cost of the procedure.

Healthcare costs are rising faster than healthcare inflation. Health insurance can help you get the care you need without compromising on lack of funds. Plus, the premiums you pay are tax deductible up to a certain limit!

In short, health insurance:

• You can receive high-quality treatment without worrying about high medical expenses.
• Adds cushioning against the impact of medical inflation.
• Protect your savings in a medical emergency.
• Offer tax incentives.

Most importantly, you can protect yourself and your loved ones' health instead of worrying about huge medical bills. When to buy policies:

now or later?

The sooner the better. Let's take a look at how to buy health insurance for different stages of life.

1. in your twenties

The best age to buy a policy. You may be able to stay healthy with limited financial responsibility and pressure. has the advantage of For example, lower insurance premiums, lower insurance premiums, no need for medical tests, etc. Most importantly, in India, even if you make a claim, you are guaranteed to renew your policy. Therefore, the waiting period to make a claim is complete before you reach the age at which such medical costs may occur. And with each claim-free year, additional coverage is added to your policy for free!

2. in your thirties

This is the adjustment stage. They probably have plans to get married, have a family, invest in their own home, and so on. In addition, there are diseases of civilization that are increasingly affecting young populations.All these aspects should be considered when purchasing insurance at this stage. Expect higher premiums and higher damage potential.

3. 40s to 60s

A stage where your financial responsibility is likely to peak. You will need a higher insurance amount, which will lead to higher premiums. People with diabetes, high blood pressure, etc. are expected to wait longer. Ancillary services should also be considered to ensure they provide the extra protection you need. Also, be prepared for a health check before getting your policy. Usually, people over the age of 50 need a medical examination.

4. senior citizen

A large insured with a large premium is required. A time when long-term treatment is required due to serious illness or hospitalization. Determine health policies for older adults. Explore, compare and choose the best one. At this stage, the policy usually includes out-of-pocket conditions. This means that you will have to pay part of your medical bills.

Types of health insurance available

Basically, there are two types of health insurance plans to choose from: individual plans and family plans. Both guidelines are easy to explain.

Family Floater covers as "one plan to cover them all" and Individual as "different people's different strokes". Your choice depends entirely on factors such as your age, age of children, medical history, and budget. It's important to fully understand both types and make wise decisions that are best for you and your family.

Individual compensation

Personal health insurance is issued in an individual's name. This means that the insured amount is paid in full to the insured. For example, if you need hospitalization as a policyholder, your insurance company will cover the cost up to the sum insured. The remaining amount is available for the remainder of the contract term. family float cover

This plan covers the whole family under one comprehensive policy. In contrast to individual health insurance, all insured persons share the insured amount with the floater.

For example, if you, your spouse, and your child are covered by his plan for INR 4,000, all three will be within that amount, regardless of who is being treated in hospital. covered by the insurance company. Only the age of the oldest family member is taken into account when calculating premiums. If you are a young parent with young children, this could work in your favor. You can rest assured that your loved ones are at a reasonable price.

Notice:

If you want to cover your aging parents, choose separate plans for you and your parents instead of purchasing a Family Floater. premiums can be higher for everyone if both parents are on the same plan.

Also, if you have a sick family member who is likely to claim a significant portion of your policy amount, a single policy may be a more sensible option.

Points to consider when choosing health insurance

Here are some important parameters to consider when choosing health insurance. Remember to invest in comprehensive and optimal health insurance for you and your family.

Coverage

Choose your coverage or 'insured amount' considering today's medical costs, inflation and current needs. Each year, reassess your required coverage at renewal.

Bonus

The premium you pay depends on several factors, including the amount of coverage (insured amount) you choose, your age, medical history, and the type of plan you choose. When evaluating your options, look for an insurer that offers most of the features and benefits you are looking for at the best possible price. Premium consideration is important, but it should not be the primary determining factor.

Know what's included and what's not

When choosing a policy, remember to check what it includes and under what conditions claims cannot be made. Reduce pain.

Lower limit of room charge

The room rental cap indicates the maximum room rental coverage allowed by your health insurance. Various health insurance companies have their own rules regarding room rentals and caps, which are clearly stated on your insurance policy. Before you take out health insurance, make sure you understand how room rental limits work and make an informed decision. Consider this factor depending on the room type and the type of hospital you want to go to.

Hospital network

Check the list of hospitals available under the policy offering cashless facilities. Try to choose a policy that has a wide network of hospitals. If you travel a lot, also check our network of hospitals around the world.

Additional payment

This provision allows you to reduce your premiums by offering to pay a percentage of the total claims made during the policy year when you purchase health insurance. If you choose to pay a co-payment, you can choose a percentage to commit at the start.

Waiting period

This is the period during which no complaints are accepted. Different policies have different waiting periods. For claims related to previous illness, the waiting period will be extended. Look for policies with the lowest latency possible.

Serious illness

The incidence of serious illnesses such as heart attack, stroke and cancer is increasing. The cost of treatment for these life-threatening diseases is also very high. We recommend that you choose a health insurance plan in case you incur these costs. It costs extra, so please consider it and purchase it if you can afford it.

No Claim Bonus (NCB)

This is the compensation you receive from your insurance company for not making a claim during the policy year. The bonus can be given as a discount on the next year's premium or increase the amount insured for the same premium. Choose carefully!

Day care procedures

Certain medical procedures, such as cataracts, can be completed in one day and do not require hospitalization. Therefore, it is important to know if such treatment is included in your plan.

Alternative treatment

AYUSH treatments (Ayurveda, Yoga, Unani, Siddhas, Homeopathy) are gaining importance and becoming the preferred treatment for many. Most health insurance companies now offer coverage for such alternative treatments. If you prefer AYUSH over symptomatic treatment, make sure your policy covers the same.

 

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