Health Insurance

Health insurance or medical insurance is an agreement wherein an insurance company agrees to compensate the insured for the medical and surgical expenses incurred during the policy tenure. The medical expenses may incur if the insured falls ill, or meets an accident that leads to hospitalisation of the insured. To be eligible to avail coverage benefits under the policy, the policyholder is required to pay a specific amount periodically, known as premium. Health insurance premium is decided by an insurance company and policyholders are required to pay the same on a monthly, quarterly, half-yearly, or yearly basis, without any lapse, to avoid losing the renewal benefits.

With rising healthcare expenses, access to the required and quality medical treatment can be financially draining. So, to protect yourself and your family against these expenses, you must get everyone insured under a reliable health insurance plan in time. Here are top reasons why you should consider buying health insurance today:

1. To Protect your savings
2. To deal with Medical Inflation
3. Lifestyle Changes

Key Features of Health Insurance Plans :

Following are the key features of medical health insurance plans. It is recommended to compare these features with similar health insurance plans before shortlisting one :

Sub-Limits on Room Rent - Some insurance companies come with a feature of sub-limits on room rent. This means that there is a maximum amount that an insurance company shall pay in case of a claim. Generally, this limit is up to 1% of the sum insured and a maximum of 2% in case of ICU expenses. But there are several general insurance companies that offer health insurance plans without any sub-limit on room rent. Hence, it is recommended to go for such plans.

Pre-Existing Diseases - Pre-existing diseases are those which you already have been suffering from before buying a medical insurance policy. This is why health insurance plans come with a waiting period instead of offering cover since day 1. During this waiting period, no claims are admissible. Hence, you should choose a health insurance policy with a minimum waiting period.

Co-Payment - Co-payment is when the insurance company and policyholder share the cost in case a claim arises. A co-payment can be decided in percentage or in amount. So, to take care of your savings, you must choose a health insurance policy that comes without any co-payment.

Network Hospital - Network hospitals are the hospitals that have tie-ups with health insurance companies where the insured can avail treatment without paying anything at the hospital. The benefit of availing cashless treatment comes with this feature. If a policy does not offer this feature, then you will be required to pay the expenses incurred at the hospital, from your own pocket, and the insurance company will reimburse you for the same later.