The reason “Health Insurance” is important for you
Health Insurance in the first place is an assurance given by the insurance company that provides compensation for illness in return to the premium. The premium is the amount paid by the insured for the selected policy.
The other kinds of insurances are:
Health insurance is the most prioritised because of the extending medical expenses. According to a survey by WHO about 78% of India’s medical expenses are met by selling assets or loans. About 3.2% of people are below the poverty line and are unable to take up treatments due to the expenses.
A health insurance pays off for the expenses of an insured. The term provider is used to denote the hospital or doctors. Insured is the person who has an insurance and the company is the insurer. The insured is required to pay the company on a regular basis once the policy is signed. This can be retrieved during an emergency. It can be directly paid to the hospital or reimbursed after a claim. There will be a cover limit for every policy. The insured can only avail the amount within the years insured.
Types of health insurances
There are 3 major types, namely:
Individual health insurance
.If you are not married, this is the best health insurance available in the market. He/she can select the best-suited policy. The greater the premium, the larger the coverage limit will be. This will benefit only the individual.
Family float plan
The special term is for individuals who are looking to insure themselves. This is a single insurance cover for a family and any member of the family has the right to claim. More than one individual can also be benefitted and it is much cheaper than the individual plan.
Unit-linked health plan
This is a mix of investment as well as insurance. The percentage of the amount paid by the insurer is taken for the policy and the rest is invested in companies. This turns out to be useful because the health insurance is allowed to claim even after crossing the cover limit. The individual gets the benefit of the invested amount.
Some insurers in India:
- Star Health and Alliance
- Bajaj Alliance General
- Apollo Munich Health
- Future Generali India
- National Insurance Co.Ltd
Common claims by health insurances
Health insurances are beneficial for all hospital expenses. Some common services are:
- Outpatient charges
- Maternity expenses
- Paediatric services
- Pharmaceuticals and medicines
- Hospital Room expenses
- Lab test and Xray expenses
- Ambulance fee
Benefits of health insurances
A health insurance is very essential to face the unexpected financial risks of medical treatments. Therefore, several policy providers give cashless facilities to consumers. The insurance company bears with the treatment costs. Thus, individuals can have treatments at much lower costs.
Health insurances are very helpful to the families that wouldn’t be able to bear sudden medical emergencies. When there is health insurance, the member of the family can undergo treatment without disruption. It will reduce the risks of families spending their total income only on medical treatments.