The term health insurance (popularly known as Medical Insurance or Mediclaim) is a type of insurance that covers your medical expenses. The concept of health insurance is new in India but its awareness is growing fast. Health insurance comes in handy in case of severe emergencies. Life is unpredictable; insurance can make it safe and secure from bearing huge financial loss. The contract is renewable annually.
Health insurance is affordable and carries the assurance and freedom from insecurities that threaten now and then. The type and amount of health care costs that will be covered by the health plan are specified in advance
Benefit depends on the policy you choose and the coverage it provides. Here is a list of basic coverage provided by most of the health policies.
It helps securing a better future by paying a fraction as an expense today called the premium.
It provides financial security to the family members.
You can avail tax benefits on the premium paid under section 80D of the Income Tax Act.
No claim bonus.
The best factor, you can also opt for health insurance policies even after the age of 60
It covers your hospitalization and medical bills
It reduces saving huge amount of financial losses, risk of financial breakdown in case of expensive medical and post-illness care
Individual
Floater
Health is an important aspect of our lives. Today the awareness is rising and the response is positive. More people are interested in owning health insurance. The researchers discover each year new illnesses and disorders. This means our health is at constant risk and is wise to get insured. Health Insurance is a necessity and a measure which helps overcome huge losses. It might be an expense today, for a safe and insured tomorrow.
Day Care Procedures like Medical tests, medicines and related expenses.
Domiciliary Treatment – Medical Expenses incurred person for availing medical treatment at his home, which would otherwise have required hospitalization.
Hospital rooms, Nursing, ICU Charges.
Doctor, surgeon, Anaesthetist, Medical Practitioner, Consultants, Specialists fees.
Organ donor expenses – In patient medical expenses incurred on the insured & the organ donor for surgery for the organ transplantation.
Pre & Post hospitalization medical expenses
Ambulance Facility
Hospital Daily cash Benefit
Age is a major factor that determines the premium, the older you are the premium cost will be higher because you are more prone to illnesses.
Previous medical history is another major factor that determines the premium. If no prior medical history exists, premium will automatically be lower. However, if you had suffered from specific illness the premium may turn out to be expensive.
The premium cost also depends on the work environment of the insurance buyer. Supposedly the premium of a pilot will be more expensive than that of a teacher, or premium of a miner will be expensive. This is because the job of a pilot and a miner are more hazardous, thus they are more prone to disorders and risks than a teacher.
Term of the policy helps in determining the premium, the longer the term the cheaper is the premium and vice versa.
Claim free years can also be a factor in determining the cost of the premium as it might benefit you with certain percentage of discount. This will automatically help you reduce your premium.
Compare prices and features before buying. One policy can cost over 3 times the other!
If you have a family, go for a Family floater policy. It is more economical and gives higher coverage for each member of the family.
Do not always adopt a policy with a cashless tie up with a hospital nearby. Insurance companies can empanel all good hospitals. Rather look for a policy that fulfils your requirements adequately.
Find out all the hospitals that your insurance company has empanelled with and understand what their specialization is, so if you are in need you can use the appropriate hospital, rather than just one all the time.
Be truthful and accurate in your declarations on the proposal form. That will only ensure payment when you have a genuine claim.
If you already suffer from a disease, take the necessary precautions. Always act as if you are uninsured, even though you may be insured.
