Making Health Plan Selection Simple for You
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"The Importance of Health Insurance"
Health insurance is a crucial financial protection plan that helps cover medical expenses such as hospitalization, doctor visits, surgeries, and prescription medications. It reduces the burden of unexpected healthcare costs by providing access to quality medical care and financial support. Health insurance plans can be customized to suit individual and family needs, ensuring comprehensive coverage for a wide range of health concerns and promoting long-term well-being.
Why do you need Health Insurance
1. Financial Protection Against Medical Expenses
Health insurance offers essential financial security against high medical costs including hospitalisation, surgeries, medications, and diagnostic tests. Medical emergencies can arise unexpectedly, and the expenses involved may deplete your savings or force you into debt. With health insurance, these costs are largely covered by the insurer, allowing you to focus on recovery without financial stress. It acts as a shield that protects your hard-earned savings from being wiped out by health-related expenditures.
2. Access to Quality Healthcare
When you have health insurance, you gain easier access to quality healthcare services. Insurance plans often provide cashless treatment options at network hospitals which means you do not have to pay large sums upfront. This allows you to choose reputable hospitals and experienced doctors without compromising on treatment quality due to financial concerns. In turn, timely medical attention improves health outcomes and ensures you receive appropriate care when needed.
3. Protection for Your Entire Family
A comprehensive health insurance plan safeguards not just you but your entire family. Family floater plans cover your spouse, children, and even elderly parents under a single policy, providing peace of mind knowing that everyone has access to medical care in emergencies. This collective coverage helps manage medical expenses of your dependents efficiently and reduces the financial burden on your household during health crises.
4. Rising Healthcare Costs and Critical Illness Coverage
Medical costs continue to rise due to advancements in technology and inflation, often increasing at double the general inflation rate. Health insurance helps combat this financial strain by covering hospitalisation expenses and critical illness treatments such as cancer, heart disease, organ transplants, and more. Policies with critical illness coverage offer additional protection by covering expensive therapies and surgeries, ensuring you have the financial backing to fight serious health conditions without worry.
Health Insurance Plans
Health Insurance Claim
There are two ways where you can make a claim under health insurance policy:
- Cashless
- Reimbursement basis
Cashless basis:
- You must only seek treatment at a network hospital of the Third-Party Administrator (TPA) who is servicing your policy.
- You have to seek authorization for availing the treatment on a cashless basis as per procedures laid down and in the prescribed form.
- Please read the policy document as soon as you receive it to familiarize yourself with the process rather than wait for a claim to arise.
Reimbursement Basis:
- Read the clause relating to claims in your policy document as soon as you receive it to ensure that you understand the procedure and the documents required for making a claim on reimbursement basis.
- When a claim arises, you should inform the insurance company as per procedures required. Usually, it requires informing the insurance company at the earliest.
- After hospitalization, you have to ensure that you obtain and keep ready documents such as claim form, discharge summary, prescriptions and bills that you should submit for a claim.
Frequently Asked Questions {FAQ'S}
Why should I buy health insurance?
Buying health insurance protects your savings by covering medical expenses incurred during emergencies.
Does health insurance cover pre-existing conditions?
Most plans do not cover pre-existing illnesses immediately. Coverage typically begins after a waiting period, which varies by insurer.
What are inclusions and exclusions in a health insurance policy?
Inclusions are covered conditions, such as hospitalization costs, ambulance charges, etc., while exclusions are what’s not covered, such as certain treatments, pre-existing conditions during the waiting period, or specific diseases.
Can I include my family in my health insurance?
Yes, family health insurance plans cover self, spouse, children, parents, and sometimes other dependents.
How is the premium calculated?
The premium depends on age, medical history, sum insured, type of plan, and sometimes a mandatory health check-up.
Are there limits on the number of claims I can make per year?
Generally, the number of claims is unlimited as long as the total amount does not exceed the sum insured.
