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What is health insurance plan? – Importance of Health Insurance Plan
In a health insurance plan, the insured gets financial help in the cases of his emergency under the insurance purchased from the insurance company of his choice. This insurance company gives coverage to the insured during the course of therapy. Under a health insurance plan, the insured gets the benefit of cashless medical or refund payments.
What is health insurance plan?
Importance of health insurance plan
The circumstance of doing or getting the treatment done is not known. Having a health insurance plan has become imperative due to the deadly risks involved in today’s lifestyle. After that, diseases in India are also more due to many factors. Inflation is also being seen in the cost of medical treatment due to increasing day by day desire for hospital and medical services; And this scene is usually seen in private hospitals. An emergency medical emergency without an insurance plan can put a strain on your pocket.
best health insurance plans in india
best health insurance plans in india
Types of Health Insurance Plans in India
To buy a health insurance plan that is able to meet your every requirement, we have to compare different types of insurance plans and this comparison is also very important.
In the following lines, we have listed some of the types of health insurance that can meet your needs:
individual health insurance plan
In this plan, the insured gets the benefit of cashless hospitalization expenses, refund payment, compensation on pre and post hospitalization expenses, cover for domiciliary treatment, etc. Individual health plans are available with add-on cover and payment of low premiums.
Why should you buy a health insurance plan?
The cost of medical treatment in our country is increasing day by day. In India, the defeat of medical inflation has reached 15% for the past few years. If you buy a health insurance plan, then you will not have to worry about medical bills, hospital expenses, etc., in case of your critical illness or accidental injuries.
Unfortunately, only 20% of the total population of India buys a health insurance plan cover. After that, only 18% of people in urban areas and 14% of people in rural areas have coverage of such an insurance scheme. Let us see why it is important to buy a health insurance plan in India:
Major benefits of health insurance plans
Comprehensive health insurance plans come with features that can assist an individual in managing expenses related to emergency medical conditions as well as conduct preventive health care check-ups.
The major benefits of health insurance plans are presented in the following lines:
Yes, the insurance plan you have purchased covers the cost of medical treatment for COVID-19. India is one of the worst affected countries in the world today and the outbreak of covid-19 is increasing here, due to which all the insured are stuck in a dilemma. There is just one question in their mind that will their current health insurance plan cover Covid-19 as well?
health insurance coverage
The coverage offered in a health insurance plan depends on the insurer and the type of plan. An ideal policy is customizable and able to meet all your needs.
Excluded from health insurance
Coverage is provided by each insurance company as per its terms and conditions but there are some situations where no policy will give you coverage.
Some common exclusions are presented in the following lines:
To get the right theory, you have to consider some factors like:
Take a look at the following factors to get the exact theory:
Caps and sub-limits
Cap and sub-limits are the prescribed limits on the expenses covered by various policies. If a health policy has co-pays, sub-limits and other caps, it would mean that you would get a policy-declared coverage for various expenses. Sometimes this cap reduces the amount of premium you pay. However, this impacts on the benefits to come going forward. To get the most out of your insurance plan, be sure to think of a sub-limit.
To get the right theory, you have to consider some factors like:
Take a look at the following factors to get the exact theory:
Caps and sub-limits
Cap and sub-limits are the prescribed limits on the expenses covered by various policies. If a health policy has co-pays, sub-limits and other caps, it would mean that you would get a policy-declared coverage for various expenses. Sometimes this cap reduces the amount of premium you pay. However, this impacts on the benefits to come going forward. To get the most out of your insurance plan, be sure to think of a sub-limit.
Which health insurance plan should you buy
Which health insurance plan should you buy
health insurance eligibility criteria
The health insurance eligibility criteria depends upon the age of the insured, pre-existing disease, current medical condition, etc. For this, the insurer can also conduct a health check-up for you to know whether you are currently suffering from any disease or not. Most of the mediclaim policies follow the following eligibility criteria:
Age Criteria- Adults Entry Age: 18 to 65 years (70 and above, depending on the plan of the insurer). Children’s entry age: 90 days to 18 years and up to 25 years in some plans.
Why to Compare Health Insurance Plans
It is very important to compare the cost of health insurance as per your requirement online. However, finding the best plan out of so many good health insurance plans is a bit confusing as each and every health insurance product comes with different benefits.
How to Compare Health Insurance Plans?
With over 25 insurance companies and over 200 health insurance products in the Indian health insurance market, comparing health insurance plans and finding the best quote is no easy task. Some tips are listed below to help you make an informed decision:
Benefits of comparing health insurance plans online
Due to our day-to-day busyness, we find it difficult to compare insurance plans by visiting an insurance office or branch.
But, thankfully, Policybazaar understands this difficulty and confusion of the customers and hence, has come up with a platform where you can easily compare plans online.
In the following lines, we have listed the advantages of buying health insurance online:
Arogya Sanjeevani Policy: One Health Insurance for All
Arogya Sanjeevani Policy is a standard health insurance plan in India. Arogya Sanjeevani Policy is a basic plan and can be used by people who do not have any health insurance plan, it is generally good for people from small towns.
How to transfer health insurance plan?
If you are having trouble with your insurer’s rules or anything else, then you can get your insurance policy ported to another insurer. IRDA provides you the facility of insurance portability without any loss. Earlier, if one wanted to port their insurance, they had to forfeit certain benefits such as pre-existing disease coverage.
Some myths about health insurance
It is imperative to check the facts and then buy a health insurance policy before relying on the information. Below are mentioned some popular myths that most people believe about medical policies:
I am in good health so I do not need health insurance
You will definitely be health conscious, but you do not even know when and from where, which diseases will attack you. With the change of season comes the arrival of many diseases like malaria, dengue and moreover, the risk of accident remains in the life of every person. Nowadays hospital expenses are also increasing. Even if you are hospitalized for just two days, your bill comes up to Rs 60,000 to Rs 1 lakh (the cost depends on the type of illness).
It is necessary to pay premiums regularly to continue with your insurance plan. Have you ever thought of calculating premium? There are some factors that affect the premium amount such as your family’s health record, your own health history, etc.
Based on this, you may feel like calculating your premium amount to see how much you will have to pay. You can calculate this with the help of health insurance premium calculator. Premium Calculator is an online tool that calculates premium based on the information you have provided. In policybazaar.com you can calculate health insurance premium comfortably.
Inflation is visible in the medical sector these days. The biggest advantage of health insurance is that it covers your health related expenses. It keeps you and your family members financially free in case of any accident or serious illness. Let us see what factors affect the amount of your insurance premium:
health insurance claim process
Health insurance plans also come with additional benefits such as cashless treatment and reimbursement of expenses that the insurer provides. The insured can make a claim to receive the sum assured. Below are the two claims process:
reimbursement of expenses
In a health insurance plan, the insured gets the facility of reimbursement of expenses. Various medical expenses like hospital bed charges, medicine, lab tests, surgeon’s fees, etc., are reimbursed by the insurer to the insured. The insured has to pay hospitalization expenses but gets the same amount back later.
Documents required for health insurance claim reimbursement
According to the proof of hospitalization, the insured has to claim the following documents
1. Discharge card given by Twork Hospital
2. Inpatient hospitalization bill with official signature
3. Doctor’s prescription and medical store bill
Buy health insurance plan online from Policybazaar
If you buy the policy from the right place then it will be easy for you. policybazaar. com is a good platform to choose the right health insurance plan. Policybazaar makes comparing and buying insurance plans easier than in days before. Insurance customers get all the information in one place and can also compare the cost of insurance in the Indian market.
Policybazaar helps you find the best one among the different types of insurance you need. After, time and after sales services are now available to the customers online.