Insurance that pays for medical expenditures if you get sick is called health insurance. These costs may be linked to the price of medicines, hospitalization, or the cost of a doctor’s visit.
Health Insurance Types:
There are Mediclaim plans that pay on the basis of medical bills submitted with the original receipts. The most basic sort of health insurance plan is a Mediclaim or hospitalization plan. Up to a certain point, most of these policies cover the entire family. After being hospitalized, they’ll pay for your care.
Accident And Health Insurance:
Life-threatening diseases are covered by Critical Illness Insurance. These illnesses may necessitate a change in lifestyle or possibly a longer course of treatment. The insurance policy allows you the freedom to use the money any way you see fit, even for things like a change in lifestyle or new medications.
It’s also a way to supplement your income if you’re unable to work because of an illness. Because the reimbursement is based on Critical Illness Cover Chosen, not on actual hospital bills, hospitalization plans are different from other types of health insurance.
These policies pay money when an illness is diagnosed without the need for initial medical expenditures.
Is there a particular reason you require health insurance at this time?
Although no one anticipates being ill or being injured, a life-threatening illness can strike at any time and without warning. When the treatment costs exceed your savings, it might put a serious strain on them. Despite the fact that these prices are now quite expensive, they are set to rise even further in the future. As a result, you may have to choose between paying your home loan on time and providing your child with a high-quality education.
Most patients take 17-19 bottles throughout the course of a year, depending on their weight. If you include the cost of hospitalization, medical consultations, chemotherapy, and other related expenses, your final bill may be in excess of Rs. 25 lakhs.
When you are young and healthy, it is advantageous to purchase a health insurance policy. The vast majority of well-informed individuals have taken the essential steps to protect their well-being as soon as possible. There’s nothing worse than having all of your hard-earned money go to waste because of a disease.
Health insurance is a living benefit that comes in handy if you ever find yourself in a situation where you really need the money.
Nobody wants their hopes and goals dashed because of a sickness, especially if they could have been financially safeguarded. As you get older, your insurance premiums go up, but you also run the risk of being turned down for coverage because of health issues.
Why Is It Important To Have Health Insurance?
The decision to purchase a health insurance policy has been made; the next step is determining the best health insurance plan to meet your needs.
One of the best investments someone can make is obtaining health insurance, according to anyone who has it.
An Excellent Health Insurance Plan Should Include The Following Advantages:
- The ability to pick and choose your health insurance plan
- A comprehensive system of hospitals that makes medical care readily available
- There will be no rise in rates if your health changes during the period of the coverage.
- A long-term policy that will protect you in to your senior years
- Provides defense against a wide range of serious ailments
What is better, Critical Illness Insurance or Mediclaim?
If you are diagnosed with a critical illness and have a Critical Illness Insurance plan in place, you will get a lump-sum payment. Either your hospitalization expenses will be reimbursed completely by a Mediclaim plan or the hospital bills will be settled in a cashless fashion.
If your disease prevents you from working, you can utilize the money to cover your monthly expenses. Your doctor’s visit charges will be covered as well as the cost of drugs and any other medical testing that may be necessary.
As a result, you require both Mediclaim and Critical Illness Insurance to cover your hospitalization costs as well as any lost wages or other expenses you may incur as a result of an illness.
Common Health Insurance Terminology
Knowing what the policy’s phrases mean and what they do for you is also critical. Having health insurance isn’t sufficient in and of itself.
To Begin, Here Are A Few Terms You Should Be Familiar With:
When you buy health insurance, you pay a premium to the insurance company.
Premiums are heavily influenced by your chosen sum insured as well as other variables including your age, health, and physical fitness at the time of purchase.
With the help of an online health insurance premium calculator, you can quickly calculate the premium for the plan you want.
The deductible is a predetermined sum that the insured must pay out-of-pocket before the insurance company will pay any benefits.
Over and above this sum, the insurance company is responsible.
Expenses Accessed Prior to and After Hospitalization
Most health insurance plans cover the costs you incur prior to being hospitalized for treatment, as well as any subsequent treatment you receive after being discharged.
It’s important to double-check how long the coverage will cover you before signing up for it. Medications, consultations, investigations, and other costs associated with the disease for which you were hospitalized are included.
The Amount Covered, To put it another way, this is the level of protection available. This is the most an insured person can receive in benefits in a single insurance year if there is a claim.
Assume you purchase a policy for Rs. 5 lakhs in insurance coverage.
If you only utilize 2 lakhs of the cover when you file a claim, the remaining 3 lakhs are still available to you for the remainder of the policy duration.
Certain surgical procedures no longer necessitate a 24-hour hospital stay because of advances in medicine.
These operations are referred to as day-care procedures, and health insurance policies now cover a large number of them, which is a nice perk.
Check out the long list of daycare procedures for which you may be eligible for reimbursement through your health insurance.
Ambulance Fees
Most health insurance policies include ambulance fees as an extra benefit. Depending on the coverage, the degree of protection varies.
In the event of an emergency, the ambulance service reimburses you for the costs of transporting the patient from home to the hospital or between hospitals.