Know Health Insurance Plans And Their Benefits

Health insurance is an agreement between a company and consumer in which the company agrees to pay all or some of the insured person’s healthcare costs in return for monthly premium payments. This contract is usually for one year during which the insurer will be paid by the insurance company for his expenses related to illness, injury, pregnancy or preventive care. Know the benefits of various health insurance plans and make an informed decision. Secure your future Learn more about health insurance policy today.

Key Points Of Health Insurance

Health insurance pays for most medical and surgical expenses incurred by the insured in return for a monthly premium payment. Generally, a higher monthly premium lowers the out-of-pocket costs to be insured.

How Do Health Insurance Plans Work?

A medical A health insurance policy is an agreement between the insurance company and the insured to cover the costs of the insured's medical expenses if the insured person becomes ill or injured and needs emergency care. Medical insurance reimburses the policyholder for certain medical costs, including those associated with hospitalisation, surgeries, treatments, illnesses, accidents, and injuries.

A medical insurance policy is an agreement between an insurance company and the insured to cover the costs of the insured’s medical expenses if the insured becomes ill or injured and needs emergency care. Medical insurers reimburse policyholders for certain medical costs associated with hospitalisation, surgeries, treatments, illnesses, accidents, and injuries.

Benefits of health insurance

Tax Benefits: Health insurance provides a range of tax advantages under Section 80D.

Savings: It protects savings while assisting in combating medical inflation.

Coverage: It helps cover hospital costs.

Convenience: effortless and simple procedure

Types of Health Insurance

Individual health insurance: Individuals who want to safeguard themselves from financial uncertainty in the event of a medical emergency due to an unexpected illness, an accident at work, or while driving, purchase

Women-Specific Health Insurance: Health insurance tailored specifically for women is created to meet the insurance needs of women in different age groups. Plans shield women from the medical costs associated with pregnancy retirement, newborn care, child education, etc.

Family floater health insurance: individuals who want to protect themselves against potential financial instability that arises from any family member who requires hospitalisation. Some people purchase individual policies for each member of their family, which is an expensive practise.

Senior Citizen Health Insurance: This is health insurance designed specifically for senior citizens that offers extra benefits as well as financial protection for illnesses and accidents that affect them more frequently than younger people. A senior citizen enjoys more benefits from a senior health insurance plan than from a regular individual health insurance plan.

Disease-specific health plans: disease-specific insurance plans that include things like heart disease, cancer, and diabetes are of interest to people who are looking for extensive coverage for a particular illness. Those who have a regular health insurance plan or corporate health can choose this option because these plans may not always provide enough coverage for particular diseases.

Critical Illness Health Insurance Though regular hospitalisation and treatment costs are heavy, they are nothing in comparison to the costs associated with treating serious illnesses. On diagnosis of certain critical illnesses, certain health insurance policies provide significant payouts.

Top up health insurance Plan- A top up or super top up health insurance plan makes people to increase the sum that was insured in base policy to compensate the difference if in case hospital costs are more than plan. If a single hospitalisation occurs under the base health insurance policy, then the amount of the claim exceeds the deductible and the sum insured under the top-up health insurance policy comes into play. These plans handle each claim individually.

How to purchase health insurance

You can purchase medical and health insurance directly from an insurance provider’s online portal. A number of online discounts are available when you shop online at lower prices. Online purchase of a policy saves a lot of time as the policy is purchased instantly and requires no paperwork.

The process of buying an online health insurance policy is described below.

Visit  the health insurance website and select the section related to health insurance

Under the sub heading of health insurance select the policy you want to buy.

Under Policy you want select to buy online tab to move on the new screen.

Calculate and find the premium that you have to pay for insurance coverage.

Provide your personal information like your name, correspondence address, phone number and medical history.

Pay the premium using available payment options, and you will get a copy of the policy paper at your registered email address shortly.

Eligibility for Health Insurance Policy

Minimum age: Anyone between the age groups of 18 and 65 can purchase a health insurance policy, which, depending on the insurer, can occasionally reach 70 or higher. A child whose age is from 16 days to 18 years is also covered in health insurance cover.

Pre-existing Medical Conditions: If you purchase a health insurance policy after the age of 45, then you need to undergo a few medical exams or you might need to submit a list of pre-existing medical conditions prior to the approval of your application.

Aspects to be kept in mind before selecting a health insurance

Hospital network: patients who have insurance can receive care at hospitals in the network for free. The policyholder can receive financial assistance in certain situations without having to adhere to any reimbursement policies. It is advised to choose health insurance from companies with the largest network of hospitals.

Selecting an IRDAI-recognised insurance provider must follow the norms of the Insurance Regulatory and Development Authority, which is in charge of the expansion and oversight of insurance firms and oversees the insurance industry in India.

Ratio of Claim Settlement: While selecting an insurance plan, keeping in mind the historical performance of the claim settlement ratio is crucial. The insurance company must respond abruptly to process claim requests and must provide necessary assistance on time.

Brand Reputation: When doing an evaluation of various health insurance companies, do not select based on premium estimates but rather the company’s reputation as a whole in the event of an emergency.

Criteria used to select an insurance company

Coverage: It includes a long list of medical ailments and conditions. When choosing a comprehensive health insurance policy, you must take the number of illnesses and disorders into consideration. It is advisable to reduce the list of illnesses covered by medical insurance in order to reduce the cost of the premium.

Cashless claim settlement: making a cashless settlement must be carefully considered when buying a health insurance policy. When you are admitted to a hospital for a particular illness, your top priority should be getting the best care possible without worrying about money.


Know Health Insurance Plans And Their Benefits