Get an Insight of the Health Insurance Benefits

Health Insurances 185 views

What is Health Insurance?

When it comes to health insurance, this type of insurance covers the medical expenses incurred by the insured. Moreover, it gives you cover against medical expenses such as for the treatment of illnesses. Yes, in case you fall sick, it provides you with the financial stability for funding your medical expenses. However, without having a health insurance, it would not be wrong to say that an unfortunate medical emergency can make you and your family financial week.

Significance of Health Insurance

Having a health insurance is really important as it helps you in many ways, and one of them is by minimizing your medical expenses. However, one thing that needs to be mentioned here is the fact that with cutting-edge technology and expensive medical equipment, it is absolutely not everyone's cup of tea to afford the high rise medical expenses. Thus, here medical insurance plays a pivotal role in managing your expenses.

Once you have a health insurance, it is a safeguard against the unforeseen illnesses or accidents which includes the cost of some expenses related to tests, hospitalization, operations and so on. Your health insurance provides you cover for medical care or give you the compensation against medical expenses.

Benefits of Health Insurance

  • There are various advantages of health insurance that make it so important to for an individual to have.
  • You have the benefit of getting health care facilities at reasonable rates.
  • You don't need to worry regarding any immediate medical expenses.
  • You will get the benefit of having a wide network of hospitals, where cashless facility is available for any treatment.
  • In case you have any medical condition in present, it also gets included within the policy.
  • If any unfortunate accident or illness occurs, you need not to worry about the expenses.
Must Read  Be wary of factors that can raise your health insurance premium

Features of Health Insurance

  • Pre & Post Hospitalization
  • Cashless Treatment
  • 'Lifetime Renewability
  • Pre-Existing Ailments
  • Sun-Limit

Components Involved in Health Insurance

Not only one, but there are many components involved in health insurance that you should be aware of.

Premiums: Premiums can be defined as the regular payments that you make  in order to keep your policy alive/active. The premium payment that you pay for your health insurance includes the coverage. The insurer use these premiums in order to provide the cover to the claimant.

Deductible: The certain amount that you need to pay through your pocket is known as deductible. Yes, the insured needs to pay the deductibles in case of different insurances. Moreover, the higher deductible you pay, the lower your premium will be.

Co-insurance: A certain percentage of the expense on medical care needs to be paid by you, and the rest is guaranteed by the insurer. Usually in a co-insurance, the 80/20 split is made between the insurer, and the insured will pay for the expenses.

Co-payment: Co-payment can be referred to as the amount that you must pay from your pocket, before the insurer pays for the coverage.

For your reference here is a list of few insurance providers:

Insurance ProviderCoveragePre & Post Hospitalization Expense CoverCo-payRenewabilityPre-Existing Disease Cover
Cigna TTK Health InsuranceUp to 4 family members( 2 adults & 2 children)60 days pre and 180 days post hospitalization20% if insured person is over 65 yearsLifetimeAfter 4 years
Star Health & Allied InsuranceUp to 4 family members( 2 adults & 2 children)30 days pre and 60 days post hospitalization20% for 61- 65 years oldLifetimeAfter 4 years
Apollo Munich Health InsuranceUp to 6 family members( with up to 2 adults)60 days pre and 180 days post hospitalizationNilLifetimeAfter 3 years
Max Bupa Health InsuranceUp to 4 family members( 2 adults & 2 children)30 days pre and 60 days post hospitalization20% if insured person is over 65 yearsLifetimeAfter 2 years
Bharti Axa General InsuranceUp to 4 family members( 2 adults & 2 children)30 days pre and 60 days post hospitalizationNilLifetimeAfter 4 years
Must Read  Opt for Daily Hospital Cash Plan to spend on day-to-day hospitalization expenses