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The A - Z of Health Insurance Research Team | Posted On Monday, August 19,2019, 03:08 PM

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The A - Z of Health Insurance



What is Health Insurance?

Health insurance refers to a type of insurance policy; where the insurer agrees to pay for the medical expenses in case of hospitalization. The insurance company charges a premium to keep the policy in force.

The premiums depend on the type of policy and the riders availed. The insurance companies have tie-ups with leading network hospitals; that provide the facility of cashless reimbursement. In case the policyholder avails treatment outside network hospitals; he will still be compensated through the reimbursement claims. The policyholder can also save taxes by purchasing a health insurance policy and enjoy tax deduction under Section 80D.

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The A - Z of Health Insurance

Why It is Necessary to Buy a Health Insurance Plan?

Buying a health insurance plan for self or family is of utmost importance due to rising medical costs. A sudden medical emergency can burn a hole in your pocket and paying high medical bills by breaking your FDs can ruin finances. The situation is even grimmer if the main breadwinner is hospitalized. To avoid such instances, you must avail health insurance that helps stay prepped for medical emergencies.

You can remain stress-free by purchasing health insurance with adequate coverage. There are family floater health insurance policies that even help insure all your family members; under a single plan. A good health insurance policy covers hospitalization expenses, ambulance charges, cost of diagnosis and medical tests, pre and post-hospitalization costs, cost of daycare and domiciliary treatment.

See Also: Types of Health Insurance Plans in India

Benefits of Health Insurance Policy:

Listed below are some of the main benefits of a health insurance policy:

Cashless Treatment: You can avail cashless treatment as the insurer has tie-ups with network hospitals. It helps settle medical bills instantly and avail the best treatment and medical facilities.

Pre and Post Hospitalization Coverage: The insurer pays for post-hospitalization and pre-hospitalization on the prescription of a medical practitioner.

Transportation Charges: There are sub-limits towards ambulance charges.

No Claim Bonus: This is a bonus for each claim-free year. (Discount on premium or higher sum assured).

Medical Check-Up: Insurers may offer free health check-ups.

Room Rent: Insurers also cover the room rent charges depending on the premium paid.

Riders: You can avail add-ons (riders) for extra coverage.

See Also: 4 Insurance Plans You Must Have

Documents for Health Insurance Policy:

There are a few documents which must be submitted to purchase the health insurance policy:

  • Proof of Age: Birth certificate, driving license.
  • Proof of Identity:  Driving license, passport, Aadhaar card, PAN card, Voter ID card.
  • Proof of Address: Electricity bill, mobile bill, water bill, passport or driving license.
  • Pre-Policy Medical Check-Up: You must undergo a medical check-up before purchasing health insurance plans so that insurers know your health status.
  • Passport size photographs

See Also: Advantages Of Buying A Health Insurance Plan

Types of Health Insurance Plan:

Individual Health Insurance Plans: These policies insure a single member i.e. the policyholder and pay for medical expenses and hospitalization charges in case of a medical emergency.

Family Floater Health Insurance Plans: Under this health insurance plan; family members are covered against multiple health conditions with a single insurance policy. The sum insured can be availed by any of the insured members within a year.

Critical Illness Health Insurance Plan: These plans insure against critical illness like kidney failure, heart ailments, organ transplants and so on. Get high insurance cover at affordable premiums.

Senior Citizen Health Insurance Plans: These insurance policies are designed to offer health cover to senior citizens or for individuals above 60 years of age; for ailments or health issues related to old age.

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