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Monday, April 12, 2021

What is the scope of a Health insurance cover?

Health Insurance is important for your future to be monetarily protected for all the medical expenses.

Is health insurance really important? What exactly is a health insurance policy? How should I avail one?. These are some of the general questions that can pop up in your mind when it comes to Health insurance. So in this article, we are going to guide you to understand health insurance better and also why and how is it necessary to acknowledge the importance of a health insurance cover.

What is Health Insurance?

Health insurance cover is an agreement between you and the insurance company. According to this agreement, the insurance company agrees to undertake a guarantee of compensation for medical expenses in case you fall sick or any mishap. Generally, insurance companies make tie-ups with the leading hospitals so that they can provide free of cost treatment to the insured. In case the insurance companies don’t have any tie-ups with hospitals then they have to reimburse the cost of the expenses of the insured.

Importance of Health Insurance

With changing time and growing market, day by day the cost of expenses is rising up. It has become extremely important to avail a health insurance cover for you and your family so that you are monetarily prepared for any mishap. Just imagine, you are the only bread earner of your house and one fine day you fall sick, all your medical expenses and also the house expenses would be upon you. For an Indian household who save penny by penny from little-little things, such a mishap would be like a hole in the pocket. so to secure your and your family’s future medical requirement, you should buy a health insurance cover. One thing that you should always remember is that your health insurance should cover all of your medical costs and expense. such as consultation fees, costs towards medical tests, ambulance charges, hospitalization costs, and even post-hospitalization recovery costs.

What are the benefits of having a Health insurance policy?

  • Treatment in zero cost – You can treat yourself or your family at zero cost if you have a health insurance cover. This is because the insurance company works in collaboration with various hospitals. Here is a link where you can check out the list of network hospitals based on the insurer, city, and state.
  • Pre and post hospitalization cost coverage – The insurance company also covers your pre and post-hospitalization charges for up to 60 days. The duration can differ depending upon the insurance plans you have purchased.
  • Transportation charges – Insurance companies also make sure that they cover the cost of charges paid to the ambulance.
  • NCB (No Claim Bonus) – This is the bonus element which will be paid to you if you haven’t filed a claim for any treatment in the previous year. For more information regarding NCB, click here.
  • Medical or Health Checkup – Medical checkups are also one of the major benefits provided by insurance policies. Free health checkups are also covered by some of the insurers based on your previous NCBs.
  • Tax Benefit – The premiums which you pay for Health insurance are tax-deductible under section 80D of the Income Tax Act.

Types of Health Insurance

  • Individual Health Insurance – This type of policy covers only your ( individual) health expenses and hospitalization expenses. The age of the insured determines the monthly premiums.
  • Family Health Insurance Plan – This policy gives the privilege to an individual to include all his or her family members under a single cover. The family health insurance plan offers a fixed sum for the family members which can be availed by all the members of the family or by any individual of the family.
  • Senior Citizen Health insurance Plan – This policy is meant for senior citizens. Usually, citizens over 60 years of age are can avail of this policy for protection from health-related issues.
  • Maternity Health Insurance Plan This policy is meant for pre and postnatal care costs. All the costs during delivery such as ambulance, pre-medication, post-medication are covered under this policy.
  • Surgery and Critical Illness Insurance Plan – This policy covers the cost of treatment against critical illness. It can be kidney failure, paralysis, cancer, heart attack, Brain Surgery, etc. The premium applicable to these types of policies is very high because the amount of treatment costs is also very high in such cases.
  • Personal Accident Plan – This policy covers all the costs of the treatment or hospitalization when there is a mishap such as an accident. Such policies have various covers based on the amount of premium.
  • Unit Linked Health Plan – These plans offer you a great combination of both insurance and savings plan at the same time. In this policy, you can build a corpus which later can be used for the expenses that are not covered by the insurance policy.

Some of the Best Health Insurance Policies in India

Now you know the types of health insurance policies. So here we have mentioned some of the best Insurance policies in India with respect to the Insurance companies, health plan provided, the sum insured, and Network hospitals. This list would also give you an example of the types mentioned above.

Insurance CompnaiesHealth PlansSum Insured Network Hospitals
Religare Health InsuranceCare Health Plan4 lakh – 6 crore4987
Max Bupa Health InsuranceCompanion Individual Health Plan3 lakh – 1 cr4115
Star Health InsuranceFamily Health Optima Insurance Plan1 lakh – 25 lakh9880
HDFC ERGO Health InsuranceHealth Optima Restore Plan3 lakh – 50 lakh4721
SBI Health InsuranceArogya premier Policy10 lakh – 30 lakh6000
Bajaj Allianz Health InsuranceHealth Guard Plan2.5 lakh – 50 lakh4000
ManipalCigna Health InsuranceProHealth Plus Plan1 lakh – 25 lakh9800
Star Health InsuranceSenior Citizen Red Carpet Health Insurance Plan10 lakh – 30 lakh6000
Royal Sundaram Health InsuranceLifeline Supreme Plan5/10/15/20/50 lakh5000
Aditya Birla Health InsuranceActiv Assure Diamond Plan10 lakh – 30 lakh5850

Here are the takeaways

  • Health insurance cover is an agreement between you and the insurance company according to which they provide you guarantee of compensation for medical expenses in case you fall sick or any mishap.
  • To protect your future against all the medical expenses, its very important that you buy a health insurance policy.
  • Having health insurance benefits in various ways. such as zero-cost for treatment, hospitalization, transportation. It also provides you with free medical and health checkups.
  • It’s extremely important to know the purpose behind buying a health insurance policy. Your purpose would determine and help you to choose between the types of health insurance covers.

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Mayuresh Patil
My Instagram says I am silent-ink, My Facebook says I am a Newsy Guy. And My Gmail says I am an Utter Chaos. To sum up, a combination of Creativity + Simplicity. Also, never underestimate the power of words.

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