A health insurance policy is an agreement between an insurance company and a policy holder. In this agreement, the policy provider offers financial assistance for medical expenses to the policy holder in return of a premium. The policy holder can get reimbursement for medical treatments, hospital bills, surgical bills, etc or choose the cashless claim feature. The cashless claim feature allows the policy holder to avail treatment on a network hospital without worrying about the payments. The insurance company and the network hospital have an association through which they settle the bills of the policyholders. You can compare multiple health insurance plans online. Buying medical insurance online helps you to choose the one which best fits your requirements.
Why is Health Insurance Important?
A health emergency will not knock on your door before entering your life. Especially with physical fitness featuring low on our priority list, diseases are becoming more common. Medical treatments especially in private hospitals can lead to inflated bills. And if you find yourself in such a situation, it can completely drain your savings if you don’t plan ahead. A health insurance plan will offer you a cushion in times of medical emergencies. It provides you and your family with financial assistance that will cover you and your family’s urgent medical needs. Apart from this, buying a health insurance policy can also offer you tax benefits under Section 80D of the Income Tax Act. 1961.
Individual health insurance plans offer financial cover against medical expenses for an individual. The insured alone gets all the benefits of the plan. It is best for individuals whose family members are already insured or who is at a higher health risk. An Individual health insurance is for a single person and cannot float within the family. This type of medical insurance plan covers hospitalisations, surgeries, room rent, physician’s fee and tests. However, the insured has to pay a certain amount as co-payment for some healthcare services. There are no restrictions on the maximum age for the renewal of the policy.
Family Health Insurance Plans
A Family Health Insurance Plan or a Family Floater health Insurance plan is a single sum of money offered to the entire family as coverage. The sum is divided amongst the family members equally in case multiple members fall sick. A single premium is to be paid in a year to avail this insurance. A single claim or multiple claims can be made within a year under this plan. It is more cost-effective than taking individual health insurance plans for each member of the family. However, addition of senior citizen members into this plan may increase the yearly premium.
Key Benefits of Health Insurance Policy in India
When the medical bills pile up, your savings drain quickly out of your pocket. A regular health check-up may also cost you more than you can afford. This doesn’t mean that you cannot have access to the best treatments available for you and your family. A health insurance policy comes to your aid is such a scenario. If you need medical care at home after your stay at the hospital, the health insurance will cover that too.
1. medical checkup facility
You should get a full health check-up once a year to nip any oncoming diseases in a month. Most of us ignore this fact because we don’t have the resources. A health insurance plan offers you the facility of regular health check-ups. These check-ups can be inclusive or you can have it as an add-on with your medical insurance plan.
Does a Health Insurance Policy Cover Coronavirus (COVID-19)?
if you have an existing health insurance policy, a coronavirus claim will be handled by the insurance company expeditiously. It will go through a thorough review by the claim review committee and decided if it will be accepted.
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