Tuesday, 20 October 2020

What is Health Insurance Policy? Know Everything

What is Health Insurance?

Health insurance covers the expenditure of medical and surgical incurred by the insured. It covers essential health benefits critical to protecting your health and treating illness and accidents. Health insurance is basically a legal agreement between the buyer of the policy and the health insurance provider. Health insurance not only covers all the hospitalization expenditures but also covers all the expenditures such as pre-hospitalization and post-hospitalization which includes ambulance costs and related expenses. It is a detailed insurance policy. 

What are the benefits of Health Insurance and why you need to get Health Insurance??

Health Insurance provides financial support and reduces uncertainties also provides benefits against any certain or uncertain loss. Other benefits are as follows

Cashless Treatment: When you maintain insurance, you become eligible for cashless treatments. Every health insurance has a set of hospitals under it. This means if a person gets admitted in any of these hospitals which are covered by his health insurance plan, then he does not have to pay for any of the expenses. Simply the policy number of the admitted person will work towards a cashless treatment at the hospital.
What is Health Insurance Policy? Know Everything

Hospital Expenses: A comprehensive health insurance also covers hospitalization expenses depending on the type of insurance policy that you have purchased. This means that you do not have to bear any of these expenditures also health insurance companies provide their customers with a free medical check-up.

Transportation Expense: Health Insurance covers for ambulance expenses incurred on the transportation of insured.

Savings Ideas: Health Insurance regulates the habit of regular and disciplined savings, which is important to profitable long term monetary planning. Submit your premiums timely and celebrate the benefits of health insurance.

Security: Security is defined as being free from any risk or loss or accident. The most important benefit of health insurance is security, It gives health security against any health diseases.

Protection: Protection refers to maintaining something safe or precautions about any unknown event. Health insurance provides the protective benefit of health which keeps you and your family secure constantly.

Social Burden: Health Insurance reduces the social burden of an uncompensated accident of health.

Tax Benefits: A tax benefit is an acceptable reduction or credit on a tax return planned to decrease a taxpayer's responsibility while generally benefiting specific types of marketable activity. Health insurance plans also offer tax benefits as per Income Tax Laws.

Health Insurance covers other medical expenses are Dental treatment, Ayurvedic treatment, Homeopathy treatment, Cabin or room rent, Food service, Medicines expenses, Organ donor expenses, Choose doctor facility, Achieve improved facilities, Daily hospital allowance etc.

What are the types of Health Insurance??

There are different types of health insurance policies that are available in India. These policies cover all the expenses in any kind of medical emergency. They are as follows:

Individual Health Insurance: An individual health insurance provides coverage to one person against various disorders with cashless hospitalization and various features. Under this policy, the whole sum insured covers only one individual. It offers lifetime renewals. The biggest advantage of an individual health insurance is every individual has their own sum insured.

Surgical and Critical Illness Plan: This plan provides coverage against critical diseases or illnesses such as cancer, heart attack etc. In this policy, the submitted huge amount can create a financial backup for a long time. This insurance policy is generally bought for a longer period also survival period.

Family Floater Health Insurance: The entire family is insured under this insurance policy. The family floater plan offers lower cost and protects you and your family. This plan can be a better option for both financial and health. The biggest advantage of a family floater plan is that the health insurance premium is cost beneficial, as the premium is a one time premium for all family members.

Senior Citizen Health Insurance: All the health-related issues in old age are covered under this policy. It covers the pre-existing illness, offers quick reimbursement of settlement, pre and post hospitalisation expenses and also covers care methods.

Who needs Health Insurance??

For Everybody. No matter your age, gender, everybody needs health insurance. Health insurance will cover you if you become sick or suffer an injury or emergency situations and medical expenditures.

What are the disadvantages of Health Insurance??

There are some disadvantages of health insurance are as follows 

Cost: The main disadvantage of having health insurance is the cost. Costs may be so high. This can be quite challenging for those who have low incomes or are self-employed. It is quite unjustified.

Claim Service: If you pay them money and you never get sick, never get examined, then you will lose money. The insurance company keeps that money and spends nothing on you. But if you get sick, get examined, the insurance company will pay for those things to you also claim services are taking too much time.

Inequality: When health insurance is privatized the insurance companies are always thinking about their profit. This means that if you are willing to pay, you can get priority and better treatment. In the public system, everyone is treated equally.

Coverage: Most health insurance policies do not offer coverage for all types of diseases and conditions.

Formality: Lengthy legal formalities and procedures in terms or condition of accidents, critical diseases.

What are the best Health Insurance companies in India??

Here are ten Health Insurance Companies operating in India:

1) HDFC ERGO Health Insurance Limited

2) Apollo Munich Health Insurance Company Limited

3) Manipal Cigna Health Insurance Company Limited

4) Bharti AXA GI - Health Insurance Company Limited

5) The New India Assurance Company Limited

6) ICICI Lombard General Insurance Company Limited 

7) Royal Sundaram - Health Insurance

8) Star Health & Allied Insurance Company Limited 

9) Max Bupa Health Insurance Company Limited 

10) Religare Health Insurance Company Limited 


Every insurance plans have some positive and negative sides like the same Health Insurance plan has positive and negative impacts. I am going to share my few opinions with you. Firstly, before purchasing of any policy, you have to check all the terms and conditions for your policy very carefully and also compares with other company's policy plans as well,  because you are going to invest your valuable money and it is a matter of your future. You have to be a little choosy while you are selecting any policy, you should think about the future outcome and take decision accordingly.

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