In today’s World taking care of health, takes a backseat to the competing demands of work and family. Our environment and lifestyle also affects our health. The number of diseases affecting the population is on the rise due to various factors like hectic work schedules, unhealthy food habits, air pollution and a fast paced lifestyle. Consequently the health care systems in India are undergoing significant changes. The rapid advancement in technology has contributed to the rise in health care costs.
The advent of health insurance policies have completely changed the way health care costs are paid. While employed persons are still reasonably sure of having access to health care and treatment, the poor and the unemployed are left behind. As health care and treatment are getting costlier by the day, you need to look for low cost health insurance plans to avail quality healthcare on a budget.
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Health insurance policy is an agreement where an insurer guarantees to provide compensation on medical expenditure to the insured. Generally, the leading insurers have tie-ups with major hospitals called network hospitals, so that the insured can avail cashless treatment. In case the insured opts for hospitals with no tie-ups, the medical bills can be used to claim reimbursements on expenses incurred.
1. Availing a health insurance policy will keep you free of stress in case of an emergency hospitalization. Hospitalization can burn a hole in your pocket and derail finances. It is during these emergencies a health insurance policy proves to be handy. Therefore, it is necessary for you to seek a low premium health insurance plan to enjoy required healthcare. In India people search for low cost health insurance plans, so that they can pay minimum premium and get maximum coverage, especially the breadwinner of the family.
2. Buying a health insurance policy not only offers greater coverage, but also helps plan finances in a better way. Having a medical cover reduces the chances of borrowing during emergencies and allows you to focus on long term investments. Keeping in mind the ever soaring health care costs in India, buying a health insurance plan will help avoid high medical bills during emergencies.
3. Having a medical cover will also ensure tax benefits in which you can claim the premium paid as deduction against taxable income under Section 80D of the income tax act. It is advisable to buy a health insurance policy as soon as possible and enjoy tax benefits.
4. Availing a health insurance policy at a young age means paying a lower health insurance premium along with the benefits of holistic coverage. In India major aliments like heart attack, stroke, cancer, and kidney failure are on the rise. Availing a policy at an early age gives greater security in employment and even after retirement.
1. Cashless treatment: a health insurance policy ensures cashless treatment as the insurer collaborates with different hospitals called network hospitals.
2. Transportation charges: the policy also covers the charges of transportation in case of a medical emergency.
3. Hospitalization charges: the insurer covers all pre and post hospitalization expenses of the insured.
4. No claim bonus (NCB): An insured enjoys a higher sum assured as a bonus, if he does not use the health insurance plan in the previous year.
5. Medical checkup charges: Some insurance policies offer the option of covering preventive health check up charges.
There are certain parameters like eligibility, coverage, affordability, sub-limits and exclusions on which you can pick out the best health insurance policy in India. However, most of the insurers offer similar types of insurance plans. Listed below are some important points to consider before purchasing a health insurance policy:
1. Sum assured restoration benefit: this is an option where companies offer sum assured restoration benefit.
2. Exclusions: there are certain treatments where your policy doesn’t support you. Some of the commonly excluded treatments are dental surgery, joint replacement, cosmetic surgery and injuries sustained from war, strike, protest and terrorism.
3. Free check-ups: An insurance company provides the option of free health check-ups once in a while.
4. Renewal policy: this is a feature that allows renewal at the end of the policy term.
5. No claim bonus: refers to the amount that the insured receives for every claim free year.
6. Portability: an option where an insured can switch the policy to a new insurer, offering better plans and benefits.
7. Claim settlement ratio: One of the most important things to look for. Make sure to opt for a insurer with a higher claim settlement ratio.
The best way to avoid unexpected and exorbitant medical bills is to avail a good health insurance plan. The amount of coverage on any health insurance policy depends on the type of policy purchased. A lot of insurers in India provide low cost health insurance plans. To choose the best insurance policy, you have to compare the products offered by leading insurers online. To compare the different health insurance plans, you must visit websites. There are various online aggregators that will direct your query to the relevant pages.
You have to submit the duly filled form, with basic information. Once the form gets submitted, it will process the most suitable plans for you along with free quotes. Once you get the quotes, it will be easier for you to compare the health insurance plans based on other benefits like renewal, exclusions, deductibles, discounts and other benefits.
Time and tide waits for none. Therefore, if you have still not availed a health insurance policy, go for it now. There’s no denying that a high medical bill, can make a hole in your pocket.
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