How Satish Protected Himself with Rs 150 a Month?

One fine day Satish who was 26 years old, and residing in the city of Belgaum with his friends, fell sick. He consulted a doctor. The doctor advised him to undergo certain medical tests. After a day, Satish returned home with the medical reports.

The doctor went through the reports and told him that he was suffering from Dengue. He required urgent hospitalization. Satish landed in hospital and spent Rs 40,000 on medical treatment. He would have landed in financial ruin but fortunately, he had a health insurance plan with sum assured of Rs 1 Lakh. He was paying a premium of just Rs 150 a month for the health insurance plan. He was reimbursed for medical expenses with this health insurance plan.

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How Satish Protected Himself with Rs 150 a Month?

Health Insurance for All

Health insurance is necessary as medical treatment has become very expensive with rise in medical inflation. Many people don’t avail health insurance; believing they won’t fall ill.  According to experts, health insurance must be availed when you are young and healthy. Why is this so? If you are diagnosed with a chronic illness, getting health insurance is not easy. Even though you get a health insurance policy, the insurer asks you to serve a waiting period. Fortunately, Satish had purchased the health insurance policy when he was healthy.

See Also: History of Health Insurance in India

Overview of Individual Health Insurance

Health insurance is offered to both families and individuals. If you buy a family floater health insurance plan, the whole family is covered. In case of family health insurance plans, the premium is computed based on the age of the eldest member of the family. On the other hand, individual health insurance policies cover only the insured individual but not the whole family. In Satish’s case, he had an individual health insurance plan. This saved him from a financial emergency.

Tips for Health Insurance Buyers

• Buy health insurance as early as possible so that you can pay a lower premium for a higher cover.
• Check the sublimit and exclusions in the health insurance plan. Check to what extent hospital room rent is covered. Are surgeries covered in health insurance plan?
• Waiting period (Applicable in case of pre-existing conditions)
• Make sure to increase your insurance cover in sync with your health needs.
• Family floater health insurance plan is a good option.
• Check maximum renewal age
• Opt for an insurer with high claim settlement ratio
• Go for minimum waiting period for pre-existing illness
• Choose coverage smartly
• Consider network hospitals under the health insurance plan.
• Never forget to compare premiums
• Check online reviews before availing health insurance plan
• Add riders for enhanced cover
• Senior citizens would have to opt for co-payment.

See Also: Types of Health Insurance Plans in India

Why Health Insurance Plan?

• You stand protected from high medical expenses.
• The premiums are very affordable
• Claim process is hassle free
• Less chances of claim rejection if you opt for insurers with high claim settlement ratio.
• You get cashless cover on opting for a network hospital. The insurer settles the medical bills with the hospital. You don’t pay a single rupee from your pocket.

See Also: Family Health Insurance Plan

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