Health insurance is a cover that protects you from the medical expenses caused by illness, accidents or injuries. It is a type of indemnity bond in which the insurer commits to bear all costs incurred due to hospitalization, OPD charges, medical examination, doctor’s fees, medicines and any other bills concerning the insured. A growing number of people are considering health insurance. According to the National Family Health Survey conducted for the fiscal year 2021, around 41 per cent of people are covered under health insurance or at least one person from each family has bought a health plan.
Health insurance policy, by law, is a guarantee that the insurance company provides to the policy holder, to provide financial support to the insured needed during medical exigencies, in return of the fixed consideration called premium.
Let us go through the significance of health insurance:
There are different types of health insurance policies available. Before choosing which is suitable for you, one should know about all the key features about them:
As you can see there are so many different types of plans when you want to buy a health insurance plan. There are so many companies offering such plans. The rising costs of medical services have made it mandatory for each one of us to buy health insurance for ourselves and our family members. Planning for the unforeseen future will keep your life going leaving you stress-free and tension free.
Yes. You will need a personal health insurance plan because your employee health insurance only covers medical expenses while you are employed with the company; after you leave, your policy term ends. In light of medical inflation, it is critical to have a personal health insurance plan that you customise to your own medical needs, as opposed to a corporate health plan that is tailored for all employees.
A pre-existing disease (PED) is a condition, illness, or injury that occurs at the time you purchase health insurance, and these PEDs are usually excluded from coverage for a period of time. Diabetes, hypertension, thyroid disease, asthma, and other conditions may be involved.
Cashless hospitalisation is a method in which an insured person does not have to pay any medical expenses out of pocket in the event of a hospitalisation or operation, and the entire bill is covered by us. However, certain deductibles or non-medical charges may be due at the time of release.
When you plan to have surgery, there are certain pre-hospitalization expenses such as diagnosis costs, consultations, and so on. Similarly, there may be similar expenses after discharge to monitor the health of the insured patient; these expenses are referred to as pre and post hospitalisation expenses.
Yes, medical testing may be required before purchasing health insurance. Furthermore, some health insurance policies only need it if you have a pre-existing condition or are above the age of 40.
You can add family members to your insurance when you buy it or when you renew it.
You can include your child after 90 days of birth, up to the age of 21.
You'll pay a smaller premium and receive more benefits. Because the likelihood of having a pre-existing ailment is low, waiting periods may not affect you. Also, common illnesses like the flu and accidents can strike at any age, so it's crucial to be protected even when you're young.
Yes. Because each plan operates differently and offers different benefits, you can always have more than one health insurance plan based on your needs and coverage requirements.
The waiting period is the time period during which you are unable to file a claim with us to get some or all health insurance coverage for a specific condition. This implies you have to wait a certain amount of time before filing a claim.
If you feel your policy is not advantageous during this free look period, you have the opportunity to cancel it without penalty. The free look period might range from 10-15 days to considerably longer depending on the plan supplied.
Network hospitals, also known as cashless hospitals, are affiliated with us and provide cashless hospitalisation benefits; however, if you are admitted to a non-network hospital, you must pay the bills first and then file a claim for reimbursement.