What is health insurance?
Health insurance is insurance that provides coverage for the medical and surgical expenses of the policy holder, when he/she is hospitalized within the policy period. The best health insurance policies offer cashless treatment across a huge network of hospitals and hassle-free claims settlement. The health insurance plans are specifically designed to make life simple during a stressful medical emergency situation.
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SEE ALSO: How To Choose The Right Health Insurance Plan?
Online Health insurance: Compare Best Health Insurance Policy
Importance of health insurance plan:
Outlined below are the key reasons to avail a health insurance plan:
- Provides Protection: health insurance plan is a comprehensive plan that covers cost of hospitalization, medical bills, medical check-ups and medical tests.
- Protection against rising healthcare cost: Rising cost of health care treatment can be a cause of worry. Health Insurers also offer the cashless facility that helps reduce out of pocket expenses in case of hospitalization.
- Financial protection against emergencies: during emergencies, cashless treatment helps get adequate and timely treatment without having to worry on arranging the money.
- Productive utilization of money: By paying premiums towards health insurance, we are making effective use of money. Health insurance comes to our rescue in times of emergency helping us avail best healthcare facilities.
Types of Health Insurance Policies:
Listed below are the types of Health Insurance policies available in India:
- Hospitalization Plans: Hospitalization plans are those plans through which an individual can reimburse hospitalization and medical costs. The coverage offered by these plans depends on sum insured. These plans are also known as indemnity plans. (Plans which protect against risk).
- Family floater Plans: Family health insurance plans provide insurance to all the members of the family under a single health insurance plan. These plans cover hospital-related expenses, which can be pre and post hospitalization. These plans work on the concept that all the members of a family will not fall sick at the same time.
- Senior Citizens Plans: the senior citizen health insurance plans are for the older members of the family. These plans provide insurance cover for health issues arising out of old age. As per IRDAI guidelines, each insurer must provide cover up to the age of 65 years.
- Critical illness plan: These plans are specifically designed to provide health cover for critical illnesses and pay for diagnosis. Some of the diseases covered under this policy are ailments like cancer and heart attack, kidney diseases and so on.
- Maternity Plans: These policies take care of both pre and post-natal care, and delivery of baby i.e. normal or caesarean deliveries. Like other health insurance plans, the maternity insurance providers usually have a wide range of network hospitals and also take care of ambulance expenses.
SEE ALSO: Health Insurance Premium Calculator
Documents required for health insurance plan:
Availing a health insurance policy requires minimal paperwork and documentation. The list is as follows:
- Proof of age
- Proof of identity
- Proof of address
- Proof of income
- Medical check-up
- Passport sized photographs
Features of Health Insurance:
Listed below are some key features of health insurance policies in India:
- The insurers give an option to convert individual policies as well as transfer them.
- Upon maturity, the policy holder can opt for renewal of the policy either with the same insurer or a different insurer.
- Most of the insurers in India provide health cover for pre-existing diseases, provided the policy holder informs the insurer on his existing condition.
- Porting of policy should be completed by the two insurers, both old and new, under guidelines and timelines prescribed by IRDA.
- To avail the benefits of the health insurance plan, the insured must undergo hospitalization for a period of 24 hours. Some surgical procedures take lesser time. Consequently, there are some insurance providers who have started providing cover for outpatient and day care expenses.
SEE ALSO: How To Choose Health Insurance Plans For Parents?
Benefits of Health Insurance Plan:
There are various types of health insurance policies in India that help get medical cover for accidents, critical illness or emergency hospitalization. Health insurance policy is very essential to keep finances stable and cope with the rising cost of healthcare. The benefits of buying health insurance plans online are listed below:
- Complete transparency
- Simple and quick process
- Online issuance of policy
- Correct advice and guidelines provided to assist people choose the best for themselves.
- 24*7 customer care service
- Assistance in claim reimbursement.
How to Compare Health Insurance Plans in India?
There are certain features and parameters that you must consider before finalizing a health insurance policy. Comparing policies online helps the user choose the correct plan according to their requirements and budget. Follow the steps below to compare health insurance plans online:
- Visit the online portal of an insurance aggregator.
- You get the list of the top insurers in India.
- Enter the details required on the comparison tool.
- You will immediately get a list of suitable health insurance policies with features and benefits.
- Go through the insurance premium coverage, limitations, sum assured, inclusions, and exclusions of each policy.
- Choose a health insurance policy that meets your individual/family needs.
- Request for a quote on your chosen health insurance policy.
- If you are satisfied with the cost of the insurance, you can purchase the plan online.
Things to keep in mind while availing the Health Insurance Plan:
Listed below are some of the things that you must keep in mind before investing in health insurance policy:
- Claim settlement ratio: Opt for an Insurer who has a good reputation in claim settlement. The smoother and more efficient the claims process, the better will be your experience with the policy.
- Features and benefits: Check whether your plan has the features you need.
- Cashless claims and network hospitals: Make sure the policy covers large number of network hospitals across India, where you get cashless treatments.
- Exclusions: make sure to check the waiting period and exclusions in your health insurance plan. This helps make wise choices.
- Ease of buying and renewal: the policy must not involve extensive terms and conditions and should be easy to understand. The policy must have lifelong renewability.
- Customer support: It’s important that your policy is backed by excellent customer support – offered through phone, mail and mobile app to address queries and grievances.
Health Insurance Claim Process:
There are two ways to claim health insurance.
- Cashless claim: Insurers have tie-ups with leading network hospitals, where they provide cashless facility to the insured. The insured will not have to worry about hospital bills because the payments are made directly from the insurer to the hospital. When the insured is hospitalized and receives treatment from these hospitals, bills are forwarded to the health insurance company. The insurer then verifies the claim and settles the payment by clearing the dues on behalf of the insured.
- Reimbursement claim: a reimbursement claim is raised when the insured is admitted to a hospital where no cashless facility is available, and he pays the cost of treatment and hospitalization. The insured must submit original medical bills of the hospital along with duly filled claim form for reimbursement. The insurer analyses the claim and according to the scope of the policy, reimburses up to the sum insured.
Top Health Insurance Companies in India:
Listed below are some of the top health insurance companies in India, that cater to the diverse need of the policyholder and provide extensive coverage, huge number of network hospitals, hassle free claim settlement along with a host of other benefits:
- Bajaj Allianz health insurance
- Apollo Munich health insurance
- SBI health insurance
- Star health insurance
- ICICI Lombard health insurance
- HDFC ERGO health insurance
- Oriental health insurance
- United health insurance
- National health insurance
- New India assurance health insurance
How to buy Online Health insurance?
Buying online health insurance policy is easy, requires minimum documentation and is hassle free. If you want to buy health insurance plan online, follow the steps given below:
- Visit the web portal of any health insurance aggregator.
- Enter the basic requirement details as per preference.
- Compare plans across insurers and choose the one that suits your needs.
- Consider the ratings and customer reviews before finalising the health insurance plan.
- Choose the plan that fulfils your criteria.
- Complete online proposal form by mentioning your details.
- Upload the necessary documents and make payment towards the plan.
- As soon as the process is completed, health insurance coverage starts.
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