Health Insurance

Health Insurance

Health Insurance:

The Covid-19 Pandemic has taught us all the importance of health insurance. People end up with no savings in case of medical emergency if they do no have a Health Insurance Policy. The cost of medicines and medical treatments is increasing at an alarming rate and therefore it is imperative that one should have Health insurance. A medical emergency can strike at any point of time and therefore even the NRI’s should have a Health Insurance. NRI’s often have a health cover in their country of residence, however if they regularly visit India then it is advisable that they have a health insurance policy in India to secure themselves from any medical emergencies. A health insurance policy extends coverage against medical expenses incurred owing to accidents, illness or injury. An individual can avail such a policy against monthly or annual premium payments, for a specified tenure.During this policy period, if an insured meet with an accident or is diagnosed with a severe ailment, the expenses incurred for treatment purposes are borne by the insurance company.

Can NRI take life insurance?

NRIs can also take life insurance if the terms and conditions of the insurance company are fulfilled.

Various Types Of Health Insurance:

Why do you need health Insurance?

  • Health insurance is essential for everyone to meet the rising cost of hospitalization every year.
  • Health insurance protects you from financial instability that could be created due to medical emergencies.
  • The shift in our lifestyle, e.g.hectic work schedules, wrong eating habits, quality of food, and rising levels of pollution have increased the risk of us developing health problems.
  • Income tax benefit: Payments made towards health insurance premiums are also eligible for tax deductions under section 80D of the Indian Income Tax Act.
  • Pre hospitalization and post hospitalization expenses are also covered in health insurance

A Best health/medical insurance plan should have the following features

  • Cashless Medical Treatment
  • Inpatient Treatment
  • Day Care Treatment
  • Maternity Expenses
  • Domiciliary Treatment
  • Pre and Post Hospitalization Expenses
  • Emergency Ambulance Expenses
  • No Claim Bonus
  • Medical Check-up
  • AYUSH treatment
  • Daily Hospital Cash
  • Restore Benefit
  • Without any Co-pay
  • Without any Room rent and ICU rent capping

INDIVIDUAL HEALTH INSURANCE

  • Individual health insurance is an insurance plan that offers medical coverage to a person on an individual insurance policy. It refers to the type of health insurance plan that needs to be purchased separately for each family member.
  • However, the premium and coverage of an individual health insurance policy cannot be shared amongst your family members.

FLOATER HEALTH INSURANCE

  • In this type of insurance plan can cover more than one family member in a single policy. In which one sum insured have to be choose while taking the policy and that sum insured can be used by all family members.
  • This means that all members of the family can claim up to the sum insured, which is the sum insured chosen. The premium for this type of policy is much less than the individual policy and all the family members are covered in one insurance policy.
  • Example: If Sum Insured has taken 10 lakhs and if the policy covers his wife and his two children then up to Rs.10 lakh can be claimed between all the insured members in such a policy and also any individual insured member can claim up to Rs.10 lakhs

GROUP HEALTH INSURANCE

  • Group Health Insurance is a type of plan that provides insurance coverage to a group of members, usually a group of employees of a company or members of an organization. These plans are usually offered for business groups, organizations, employers to their employees, housing societies etc., and the amount of premium is borne by the organization itself.
  • Group Health Insurance is also referred to as Corporate Health Insurance.
  • The primary benefit provided by employers under a Group Health Insurance policy is that the employees often get an option to include their family members namely spouse, children, and in some cases parents too.

PERSONAL ACCIDENT INSURANCE

  • There are many unpredictable events / happenings in life, such events bring many changes in your life which takes you somewhere. One such incident is an accident.
  • The name of the accident seems to be something that can happen to anyone and anywhere. Accidents can lead to the death or serious injury of a person which causes great financial difficulties for the family.
  • Such an accident is not even thought of by the family and such trouble requires a lot of money and the family is not ready for it. In the event of such an accident, if the insurance for the accident is taken out, the insurance company stands as a financial source and protects against such financial difficulties.
  •  The following benefits / features are offered in Personal Accident Insurance.
  •  Death Benefit
  •  Transportation of Mortal Remains Expenses
  •  Funeral Expenses
  •  Permanent Total Disability Benefit
  •  Permanent Partial Disability Benefit
  •  Loss of Income/Temporary Disability Benefit
  •  Accidental Hospitalization Expenses
  •  Day Care Treatment Expenses
  •  Hospital Daily Cash Benefit
  •  Pre & Post Hospitalization Expenses
  •  Fracture Care Benefit
  •  Coma Due to Accidental Bodily Injury - Benefit
  •  Children’s Education Benefit
  •  Emergency Road and Air Ambulance Benefit
  •  EMI Benefit
  •  Travel Expenses
  •  Loan Protector

CRITICAL ILLNESS INSURANCE

  • There was a time when life cover was enough, your main fear was probably of dying prematurely and leaving your family to cope without a breadwinner.
  • However due to the advancement in Medical technology Many life-threatening illnesses such as heart attack, cancer can now be cured. You would agree that the requirement of financial support would be very critical in such situations.
  • In its efforts to provide a customer centric solution is offering an insurance policy to cover to some of these critical illnesses. This is the reason why Critical Illness Insurance policies have been developed.
  • Critical Illness insurance is a benefit policy which covers major CriticalIllnesses. A lump sum amount would be paid on first time diagnosis of oneof the listed critical illness.

LONG TERM HEALTH INSURANCE

  • Health insurance can be given for more than one year. As such, health insurance can run for two or three years at a time. The main advantage of taking this type of insurance for long term is that the insurance company offers a discount for taking insurance for two and three years.
  • Another major benefit of this long-term insurance is that health insurance premiums may increase in the future.
  • Therefore, if you have taken out a long term policy for 3 years today, the increase in the future premium of Health Insurance will not have any effect on the increased premium on the policy taken for that three years term.

SUPER TOP-UP INSURANCE

  • The premium for this type of insurance plan is very low in which small premium can take big sum insured.
  • When taking out this type of insurance policy you have to choose the sum insured and the deductible amount. Super top-up health plan can be the ultimate backup in case you exhaust all your insurance coverage.
  • Super top-up plan covers the total hospital bills up to the limit specified in the plan above the deductible amount. Once the deductible is paid, the super top-up policy becomes active for subsequent claims.

PET DOG INSURANCE:

  • This insurance can be bought by any individual named in the Policy Schedule who owns a pet dog and would like to have protection against various expenses that can be incurred in order to treat the dog in event of any accident or illness. Pet god insurance give your dog the best medical care while protecting your bank account from unexpected, and expensive, veterinary bills.

TRAVEL INSURANCE:

  • Travel coverage is a kind of insurance that covers the expenses and losses associated with travelling. It is beneficial protection for the ones journeying domestically or abroad.
  • The coverage that most people are aware of is trip cancellation, which provides reimbursement for unused, non-refundable, prepaid trip costs if you need to cancel your trip for a covered reason, such as sickness, job loss, flight cancellations due to adverse weather and more. Travel insurance can also include lesser known elements including travel delay, lost, damaged and delayed baggage, medical and emergency evacuation coverage.
FAQs

The health insurance is a type of insurance that covers your medical expenses. A health insurance policy is a contract between an insurer and an individual/group in which the insurer agrees to provide specified health insurance cover at a particular “premium”.

The commonest form of health insurance policies in India covers the expenses incurred on Hospitalization, though a variety of products are now available which offer a range of health covers, depending on the need and choice of the insured. The health insurer usually provides either direct payment to the hospital (cashless facility) or reimburses the expenses associated with illnesses and injuries or disburses a fixed benefit on occurrence of an illness. The type and amount of health care costs that will be covered by the health plan are specified in advance.

All of us should buy health insurance and for all members of our family, according to our needs. Buying health insurance protects us from the sudden, unexpected costs of hospitalization (or other covered health events, like critical illnesses) which would otherwise make a major dent into household savings or even lead to indebtedness. Each of us is exposed to various health hazards and a medical emergency can strike anyone of us without any prior warning. Healthcare is increasingly expensive, with technological advances, new procedures, and more effective medicines that have also driven up the costs of healthcare. While these high treatment expenses may be beyond the reach of many, taking the security of health insurance is much more affordable.

Insurance companies have tie-up arrangements with several hospitals all over the country as part of their network. Under a health insurance policy offering cashless facility, a policyholder can take treatment in any of the network hospitals without having to pay the hospital bills as the payment is made to the hospital directly by the Third Party Administrator, on behalf of the insurance company. However, expenses beyond the limits or sub-limits allowed by the insurance policy or expenses not covered under the policy have to be settled by you directly with the hospital. Cashless facility, however, is not available if you take treatment in a hospital that is not in the network.