Health Insurance is an Insurance Policy under which the insurer pays the insured’s hospital bills, when the insured is hospitalized. The insured pays premiums to keep the policy active. The extent of cover depends on the premiums paid and the kind of plan opted. Most Health Insurance plans have a waiting period. Waiting period is the time in which your insurance claim will not be honored by the insurer. Waiting period is generally one month from the start date of the policy.
Availing a Health Insurance is a must for all individuals. Healthcare is getting expensive each day. If something untoward happens that leads to hospitalization, then you will end up spending all your savings on hospital bills, if you don’t have a health insurance plan. You can avoid this by simply availing a health insurance plan. Health Insurance is not a luxury as many think. It is rather a necessity in the modern world of uncertainty.
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In the year 2000, Insurance Regulatory and Development Authority (IRDA) liberalized and allowed private companies to enter the insurance sector. Private companies came up with many innovative insurance policies, which saw good results. There are many health insurance schemes, but you need to assess your requirement closely, before starting one. Below mentioned are the different types of Health Insurance in India:
In India, the individuals under the age of 45 years are not mandated to undergo medical tests before availing a Health Insurance. Individuals having any pre-existing disease including diabetes and/or hypertension should disclose it to the insurer. If any health complication arises due to pre-existing disease, then your insurer might not pay your bills, if you have not informed your insurer about it.
To avoid this, you need to inform your insurer about any pre-existing disease that you have contracted. You will still be insured, but at higher premiums. The premiums for individuals having pre-existing disease would be high as the risk involved is high.
Just like any other policy, you need to furnish certain documents to avail Health Insurance. You need to produce a document for identity proof, medical reports (if any) and address proof along with your latest photograph.
List of documents accepted as identity proof;
List of documents accepted as address proof:
Health Insurance can be claimed in two ways:
i) Cashless Hospitalization: If you avail healthcare facilities at a network hospital, then all your expenses will be taken care of by the insurer. If you want other facilities, then those expenses are to be borne out of pocket.
ii) Reimbursement: Due to emergency, if you cannot avail healthcare facilities at a hospital under your policy’s network then, you need to pay all your hospital bills up front and then make a claim. Your insurer would ask for all your medical bills and reimburse for those that were covered under the policy.
The Central Government of India these days is stressing a lot on the importance of availing a Health Insurance Policy. The Indian Government has launched various medical insurance schemes to help the poor avail healthcare facilities and make it accessible for individuals belonging to different classes, regardless of income. Below mentioned are the popular Healthcare schemes launched by the Government of India:
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