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What is Health Insurance?
We all have come across the phrase “Health is wealth”. So, how do we protect our greatest asset? The answer to this question is a health insurance plan, which covers the medical payments of the insured caused due to an accident or disease.
- Health insurance is a contract that commits the insurer to cover the policyholder's medical costs.
- Also known as medical insurance, it provides coverage for hospitalization, ambulance charges and much more.
- The policyholder must pay a set amount on a regular basis, known as a premium, to get the health insurance plan's coverage benefits.
Why Should You Opt for a Health Insurance Plan?
To financially protect yourself and your dear ones against critical medical conditions it is essential to buy a health insurance plan. Here are the top reasons why you should buy a health insurance plan:
Protection of savings
Medical insurance covers your medical expenses and aid in saving your hard-earned money.
Handling Medical Emergencies
Diseases like cancer can put anyone under financial constraints if you do not have medical insurance.
Combat Lifestyle diseases
It makes the long-term treatment of lifestyle diseases like diabetes and asthma easier.
What does a Health Insurance Plan Cover?
In today's age purchasing a suitable health insurance plan can be helpful, especially in the time of medical emergencies. A health insurance policy may cover expenses including maternity coverage and preventive health check-ups. Some other expenses that come under health insurance coverage are as follows
- Hospitalization charges incurred during disease or injury.
- Pre-hospitalization expenses including the charges required for blood tests and X-Rays.
- Most medical insurance companies cover ambulance charges in their health insurance plans.
Health Insurance Policy: Key Terms
Pre-existing diseases
Health issues which the insurer suffers from before the purchase of the policy are known as pre-existing diseases. Health insurance plans do not cover the expenses of these diseases.
Network hospitals
A medical insurance company has tie-ups with certain hospitals called network hospitals. If a plan does not have this feature, the insurer needs to pay the hospitalization expenses first, which would be reimbursed later on.
Sub-limits on room Rent
Certain health insurance companies have this feature. This feature indicates that there is a maximum sum that an insurance provider must pay out in the event of a claim.
Co-payment
Co-payment refers to a scenario in which the insurance company and the insurer work together to split the cost in the event that a claim is made.
Factors You Should Keep In Mind Before Choosing an Insurance Policy
While choosing your medical insurance plan you need to pay attention to a couple of factors. KaroBargain has listed all of these factors below one by one:
Insurance Claim Procedure
Prior to purchasing a health plan, it is important to take into account how many claims have been resolved by the medical insurance provider. Getting financially protected against unforeseen illnesses is the sole goal of purchasing an insurance plan. The insured benefits if the claim settlement process goes smoothly.
Family Members to be Covered
You need to take into account the family members you wish to include in the insurance benefits. You can opt for family floater medical insurance policies that cover you, your lawfully married spouse, your kids, your parents, and your grandparents. Additionally, you should consider your age, current health issues, and family medical history. You must also let your insurance provider know if any members of your family have a pre-existing medical condition.
Add-on Benefits
For more comprehensive coverage, you can add-on extra benefits to your health insurance plan. By adding a premium to your policy at the time of purchase, you can deliberately select them.
Network Hospitals
Receiving care at network hospitals is particularly handy because they let insured patients receive care without paying cash. This is why you ought to look into the quantity of network hospitals connected to a given insurance provider. KaroBargain advises you to pick an insurance company with the greatest number of network hospitals.
Premium
Purchasing an insurance plan has the goal of reducing financial strain in the event of a future medical emergency. To continue your coverage for a longer period of time without experiencing financial strain right now, you must choose a plan with a premium that is affordable. KaroBargain doesn't recommend you choose a medical insurance policy with a low price as you may not get enough coverage in case of an emergency.
See Type of Policy
Carefully assess your requirements to determine the kind of health insurance that would be most beneficial for providing coverage for you and your family. You can choose from a variety of market-available policies, including family floaters, senior citizen plans, critical illness plans, maternity insurance, and many others, after determining your needs.
Exclusions
Under your health insurance coverage, exclusions are the situations for which you cannot file a claim. Therefore, you should select the health insurance plan with the fewer exclusions. Treatment needed because of self-harm, treatment needed because of involvement in adventure sports, etc. are some frequent exclusions under health insurance plans.
FAQ
Can a minor purchase medical insurance?
Yes, a minor may acquire a health insurance plan. A health insurance plan can be bought for a child. A separate kid health insurance plan that begins providing coverage from day one is available.
What are pre and post-hospitalization expenses?
Pre-hospitalization costs are the costs incurred for medical testing such as X-rays, CT scans, consultation fees, etc. before a person is admitted to the hospital. Post-hospitalization costs, on the other hand, are costs a person incurs after being released from the hospital; these costs include medication follow-ups, medications, diagnostic testing, etc.
How can I include my family in my current health insurance plan?
When your health insurance is renewed, you can add family members; however, with the exception of a newborn, you cannot add family members during the term of the policy. The cost of the health insurance coverage may go up if you add a family member to your current one.
Can EMI be used to pay for health insurance?
Yes. The premium for a specific health insurance plan may be paid through EMIs, for which you will have to make a specified monthly payment. It is a suggested choice because it relieves the pressure of having to pay a hefty premium all at once.
What does a health insurance free-look period entail?
The policyholder is given a free look time under a health insurance policy that might range from 15 to 30 days, depending on the insurance company. If a person is unhappy with the terms and circumstances of their health insurance coverage during the free-look period, they may cancel it.
Do I need to get a different health insurance policy in order to have high coverage?
To gain high coverage and additional assistance with paying medical bills, you might purchase a second health insurance plan. The advantages of having supplemental health insurance can be enhanced and you can get greater coverage, but managing two policies at once can be challenging. Furthermore, it may be costly.
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