Everything About Health Insurance

Healthy and prosperous lifestyle is what everyone dreams of. However, with the increase in medical costs and treatment its becoming difficult for an individual to cope up with medical emergencies. Here comes the need of Health Insurance which can take care of all your financial worries due to medical emergencies.

What is Health Insurance?

Health Insurance is an insurance cover that pays for medical illness or injury or any other medical emergencies. There is a legal agreement between the insurance company and the individual in the form of health  policy. Insurance Companies give claims in two ways:

  1. Cashless claim process
  2. Reimbursement claim process

Health Insurance policy helps you to get the best healthcare treatment without worrying about the huge costs, and what you have to do? you have to just pay  your premium which is calculated by the company according to financial status and age (this may vary with different companies).  Premium paid on Health insurance is tax deductible under section 80D of the Income Tax Act.You can pay your premium in 3  ways:

  1. Monthly
  2. Quarterly
  3. Yearly

A good  insurance policy would usually cover expenses made towards doctor consultation fees, costs towards medical tests, ambulance charges, hospitalization costs and even post-hospitalization recovery costs to a certain extent.

Types of Health Insurance

Availability of different types of Health insurance in the market can make it difficult or  confused to select a plan. so we should know about available plans before so that it can be easy for us to select the best plan.

Types of health insurance are:

  1. Individual Health Insurance : This plan offers insurance to an individual however other members can be added like spouse, children by  paying extra premium.
  2. Family Floater Health Insurance : This plan offers insurance to all the family members, including spouse, children, parents, and other dependent members at a single premium.
  3. Senior Citizen Health insurance Plan : This plan offers insurance to senior citizens and premium is usually higher.
  4. Critical Illness Insurance : This plan covers life-threatening diseases such as cancer of specified severity, kidney failure, stroke, paralysis, etc.
  5. Group Health Insurance : This plan is usually provided by an employer or a company to its employees. Policy terminates as one leaves the organization.
  6. Personal Accident plan : This plan covers hospitalization expenses in the event of an accident.
  7. Hospitalization cash benefit plan : The medical plan offers a lump sum amount for each day of your hospitalization.

Choose the right policy

While choosing a health cover , some of the important points that an Individual should look before purchasing any plans are:

  1. Always compare 2-3 preferred insurers
  2. Minimum Entry Age and Renew ability clause
  3. Sum Assured
  4. Claim Ratio
  5. Inclusions and Exclusions
  6. No Claim Bonus
  7. Room Rent Capping

Eligibility Criteria

Before taking a policy eligibility criteria are decided and one must know about this. So what are the eligibility criteria of the health insurance:

  1. The minimum age of entry is 20 years 
  2. Disclose all your pre-existing medical history to insurer 
  3. Medical check up is required for people above the age of 45 years

It is, therefore usually advised that one should get health insurance when young so that the premium would be less.

Documents Required to buy a Policy

There are few documents that you need to provide such as:

  1. Age proof 
  2. Identity proof
  3. Address proof
  4. Passport Size Photo
  5. Medical check up reports

All the documents which you provide to the company should be correct and clear. Any fault in documents and information can lead to legal conditions and also claims can be rejected. 

Health Insurance Policies in India

  1. Max Bupa Health Insurance
  2. HDFC Ergo Health Insurance
  3. Bharti Axa Health Insurance
  4. SBI Health Insurance
  5. L&T Health Insurance
  6. Bajaj Allianz Health Insurance
  7. Apollo Munich Health Insurance
  8. National Health Insurance

health insurance

Now you know everything about health insurance so think and act smartly for your medical expenses without any worries. And remember, every member of the family, irrespective of the age, needs health insurance cover to secure your financial stability in the future.

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