Monday, 4 August 2014

Health Insurance - Complete Guide

What is Health Insurance?

Our health depends on a number of internal & external factors. An unexpected disease or medical emergency can cost an individual lakhs. Health Insurance policy is a contract between a policy holder & insurance company wherein the insurance company agrees to remunerate the policy holder all the expenses incurred by policy holder for hospitalization and treatment of specified diseases.

Why do I need Health Insurance?

A sudden disease or hospitalization can cost an individual lakhs of rupees. Since our health depends on environmental as well as lifestyle factors, we can get afflicted with some health disorders any time. It is very disheartening to see our savings completely eroded by health issues facing us or our family. Withdrawing money from long term investments for health treatment may also lead to losses. SO it is very wise to buy a health insurance policy.
The risk of paying lakhs for hospitalization and other medical treatment costs can be covered by a health insurance policy costing less than `10,000 for an individual. A policy for entire family costs around `30,000. This small premium saves you from a huge dent in your financial savings.

Types of Health Insurance:

Individual: Only one individual is covered under this type of policy. People generally buy individual health insurance policies with sum insured of `5 lakhs to `10 lakhs.
Family Floater: These policies cover the health expenses of the entire family. The sum insured is applicable for expenses of entire family combined & any or all members can use it to cover his/her health expenses. People generally buy family health insurance policies with sum insured of `10 lakhs to `15 lakhs. The premium for family floater plans is higher since it covers more individuals and the risk for the company is higher.

What should one look for in a health insurance policy?

Due to the abundance of companies offering health insurance policies it is very confusing for a customer to select the appropriate health insurance policy. Insurance companies offer various health insurance policies with various kinds of benefits, & various terms and conditions. Some of the features in a health insurance policy an individual or family should look out for are:
Exclusions: All health insurance policies exclude some diseases from cover temporarily or permanently. One needs to check which the types of diseases excluded from a policy. If the exclusion list of a policy is huge and irrational, it is a policy to avoid.
Limits on room rent reimbursement: Many insurance policies limit the hospital daily rent reimbursed. This may lead to the customer shelling out a considerable portion of expenses himself. It is advisable to purchase a policy with no rent ceilings.
Day Care Surgeries: Due to technological advancements, many medical treatments do not need hospitalization. One needs to check whether the health insurance policy covers important day care surgeries & which are the ones it excludes.
Coverage of pre-existing diseases: After some years of policy holder buying the same policy, the health insurance policy also covers pre-existing diseases. One should check after how many years it is covered.
Network Hospitals: Cashless hospitalization is available only in network hospitals. One should check the availability of network hospitals in one’s locality & in other places.
Coverage of health, wellness & fitness expenses: Some policies cover expenses incurred for gymnasium membership, yoga, various fitness & health related activities. Since a person normally incurs these expenses, reimbursement of these expenses helps to bring the premium paid in the policy down.
Maternity Benefit: It is available in some family floater health insurance plans. A young couple purchasing a family floater plan should compare the gestation period to be covered for maternity benefits. The couple should also compare the limits on the maternity expenses covered.

Which health insurance policy should I buy?

Please click on the link below to see our analysis of top health insurance plans available in the market.

Where can I buy health insurance?

Our team has a knowledge of the various insurance products available in the market. Our experts can handpick the optimum product fulfilling all your requirements and also help you in all the later processes.
If you want free consulting or want to buy an insurance policy, click here to fill a form & we will call you.
Don’t worry, we will not share your contact details with any Insurance company or other telecallers.

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