Health insurance is an arrangement between the insurer and the policy holder, where the insurance company agrees to offer assured coverage to meet medical expenses, in case the policy holder is diagnosed with illness/disease or meets with an accident, which leads to hospitalization. The health insurance companies provide coverage for pre and post hospitalization, day care hospitalization and have tie-ups with leading hospitals to provide cashless treatment to the insured. In case the insured avails health care facilities at hospitals where there is no cashless facility, then they are reimbursed the cost of hospitalization.
A good health insurance policy is a must have, if you want to ensure quality medical treatment. Presently, the cost of availing quality health care facilities is sky high. Hospitalization or a critical illness can derail personal finances and might lead to families falling in huge debt. Therefore, buying a good health insurance plan is essential to make sure you get excellent health care facilities during an emergency. It helps the family of the insured maintain stability and avoid strain as health insurance is a comprehensive plan that covers the cost of hospitalisation, surgeries, treatments and medicines as well as ambulance charges.
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Looking at the average cost of medical procedures, you must realize how important health insurance is and the need for it. Health insurance can be availed from a number of insurers at affordable premiums. Medical emergencies come without knocking, so it’s best to be prepared.
It is important to do your research before buying a health insurance policy. Due to a competitive market, most of the insurers offer a similar type of insurance plan. However there are some important points that you must consider before purchasing a health insurance policy:
A person, who wishes to buy a health insurance policy with extended cover, must select the kind of health insurance policy he intends to purchase, like individual or family floater plan. Entry age for adults is 18 to 65 years. The minimum age from which children can be covered under health insurance is from 90 days to 18 years. Coverage cost increases as you grow older based on medical history. Health insurance policies are usually renewable for a lifetime, but this may be subject to medical screening beyond a certain age.
In order to avail a health insurance policy, there is some paperwork that needs to be done. There are few documents that you need to provide as proof as per the guidelines of the insurance company. They are as follows:
Individual health insurance: the individual health insurance policies are designed to provide coverage for a single person. The policy generally covers a specific set of risks that is pre defined in the terms and conditions of the policy. The Premium on these policies depends on a variety of factors like age, previous medical conditions and location of the policy holder.
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