What is health insurance? Why is it important? Does my health insurance cover the overall medical costs? These are the important questions to be answered from the perspective of potential and existing health insurance buyers. It is great if you already have a health insurance policy as it is very much required today. Why is this so?
People are leading a very modern lifestyle today. They are therefore, prone to common lifestyle diseases like obesity, type 2 diabetes, heart problems, cancer, high blood pressure and many others. Such diseases will cost you lakhs of rupees. The point here is that not all people can afford to pay high medical expenses. A health insurance policy helps get rid of unexpected health issues.
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Health insurance serves as a financial guard and pays for the medical expenses if you fall sick. It may be defined as insurance against the unforeseen health care or medical expenses of an individual. The ultimate objective of a health insurance policy is to ensure that the policy buyers have enough funds to take care of medical emergencies.
See Also: Health Insurance Benefits
Health insurance policies cover almost all categories of medical costs, which include hospitalization expenses, organ donor expenses, ambulance or transportation expenses, domiciliary treatments, daycare treatment and others.
Health insurance is for individuals and families. Individuals can avail separate health insurance policies, whereas families can avail family floater health insurance policies. A family floater policy covers every family member under a single health insurance plan.
Let’s understand how this works with an example. Suppose you have a family floater policy with a sum assured of Rs 3 Lakh. It means that the medical expenses can be claimed up to Rs 3 Lakh a year for your entire family. The expenses beyond this sum assured must be paid separately. The following are the top 4 health insurance companies offering regular health insurance policies in India:
See Also: How to Buy Health Insurance Policy?
Regular health insurance policies reimburse the medical and surgical bills up to the given sum assured. On the other hand, top-up health insurance policies cover medical expenses beyond this limit. Suppose you have a regular health insurance policy with a sum assured of Rs 5 Lakh, if you want to enhance this cover by another Rs 5 lakhs; you have two choices:
1) Buying a separate health insurance plan
2) Upgrading the existing plan.
Both options are expensive. Instead of spending so much, go for a top-up health insurance policy in addition to your regular plan. This will meet your requirements.
Insurance companies offer health insurance policies exclusively for critical or life-threatening diseases. Premiums for critical illness policies differ from company to company based on features and benefits. Critical Illness Plan is an insurance plan in which an insured is provided a lump sum amount when she or he is diagnosed with a critical illness. Bajaj Allianz Life Insurance Company Limited offers its critical illness plan for a term of 1 year.
|
Age |
|||
Sum assured |
21-25 |
26-35 |
36-40 |
41-45 |
Rs 1 lakh |
200 |
300 |
550 |
800 |
Rs 3 lakh |
600 |
900 |
1,650 |
2,400 |
Rs 5 lakh |
1,000 |
1,500 |
2,750 |
4,000 |
Rs 10 lakh |
2,000 |
3,000 |
5,500 |
8,000 |
Cancer cases are increasing in India. In 2016, there were about 14 Lakh cancer cases. By 2020, the number of cancer patients is expected to be 17 Lakh as per a recent study.
A cancer insurance policy is necessary because cancer can affect anybody and the treatment cost of cancer is really high.
See Also: Family Health Insurance Plan
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